Highlights
• JORC Proved and Probable Ore Reserves now estimated at 131.7Mt – an increase of 41.6% from the 93Mt reported in April 2020 DFS
• Average lithium grade increased by 3.1% from 1.58% to 1.63% Li2O while tin grade of 990 ppm remains the same but reports a 41% increase in contained tin metal to 130.3kt.
• Ore Reserve estimate contains 65.0Mt of Proved Category and 66.6Mt of Probable Category Ore Reserves
• Life of Mine extended to 29.5 years based on a 4.5Mtpa operation underpinned by the Ore Reserves – an increase of 47.5% from April 2020 DFS
• The Roche Dure ore deposit continues to impress as potentially the largest standalone global hard rock lithium asset based on Proved and Probable Ore Reserves
AVZ Minerals Limited (ASX:AVZ, “the Company”) is pleased to announce the completion of an upgraded JORC Code compliant Ore Reserve estimate for the Manono Lithium and Tin Project (“Manono Project”), as the Company transitions its Manono Project into development.
AVZ’s Managing Director, Mr. Nigel Ferguson, said: “This is a fantastic result for the Manono Project, with a 41.6% increase in mineable reserves, a 3% increase in head grade from 1.58 to 1.63% Li2O and a 47.5% increase in the Life of Mine (“LoM”), which was essentially capped at just under 30 years due to limitations predicting economic factors beyond this time frame.
“Just one third of the mineral resources at Roche Dure is converted to Ore Reserves and extracted over the LoM, largely due to the lack of data and costings for replacing processing equipment and certainty forecasting SC6 prices beyond the current LoM”.
“Improvements in both CAPEX and OPEX figures from our optimised engineering studies have also contributed to this significant Ore Reserve increase, with details on these study areas to be reported soon.”
“In addition, ongoing studies are allowing us to fine-tune the quantum of necessary funds required to bring the mine into production.”
“The upgraded JORC Ore Reserve estimates along with our optimised engineering studies and ongoing funding studies, have delivered a major step forward for the Company as we strategically advance the Manono Project towards a full bankable status in the near future.”
The Ore Reserve estimate was prepared by experienced and prominent mining engineering consultancy, CSA Global.
The Ore Reserve has been estimated in conjunction with the optimised DFS for the project and is underpinned by that study.
SOURCE: AVZ Minerals
DATE: APRIL 16, 2021