Manono Lithium Project Drilling Program HIGHLIGHTS
Initial resource drilling program progressing very well. Drilling completed up to 27 May
2018 is 9,452 metres of the initial 20,000 metre program.
Samples from holes MO18DD006, MO18DD007 and MO18DD008 are at Perth ALS
Laboratory, with holes MO18DD009 to MO18DD014 expected by next week.
Agreement with JNS Capital Corp entered into for provision of marketing and
promotional services in North America.
A revised Top 20 shareholder listing will be available on Company website by end of
the week.
AVZ Minerals Limited (ASX: AVZ) is pleased to provide an update on exploration of the
Manono Lithium Project in the Democratic Republic of Congo, including progress of the initial
20,000m resource drilling program.
Drilling is progressing well on the resource drilling program with four drill rigs continuing to
work 24/7. Drilling to date has completed 9,452 metres of the initial 20,000 metre program.
The tables included at Appendix 1 summarise the weekly production to date and status of the
drill holes.
A summary of work completed includes:
Logging, marking up, orientating, RQDs etc. continues.
Cutting and sampling of MO18DD028 is complete and MO18DD029 is in progress.
ALS are starting preliminary work for MO18DD017 018.
ALS representative is to arrive soon to commission the site preparation laboratory
to assist in easing congestion and bottle-necks.
Data entry of all the drill plods continues.
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JNS Capital Corp Agreement
The Company has entered into an initial six-month engagement, with a further six-month
period on execution of a renewal agreement, with JNS Capital Corp for the provision of
marketing and promotional services in North America. Part of the consideration for the
services will be in the form of 3 million Performance Rights, which will vest based on
achievement of share price targets and are similar in structure to recent management
incentives. The Performance Rights shall vest in three equal tranches upon the following
milestones being achieved:
1) Tranche 1 shall vest if the 10-day volume weighted average share price (VWAP) for
the shares on the ASX is A$0.34 or higher during the vesting period;
2) Tranche 2 shall vest if the 10-day VWAP for the shares on the ASX is A$0.40 or higher
during the vesting period; and
3) Tranche 3 shall vest if the 10-day VWAP for the shares on the ASX is A$0.44 or higher
during the vesting period.
The vesting period for the Performance Rights is from 15 November 2018 to expiry on 15 May
2019. An Appendix 3B is attached.
hotcopper.com.au/...RTLKhOROKAxjvTDYC6wu7zxSZoeFjke92GA%3D%3D