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Kanuka Lithium Production Update: JV On Track to Complete in February
▪ All draft joint venture agreements and associated joint venture incorporation documentation prepared and circulated for finalisation, with execution and receipt of all consents and approvals expected by 28 February 2018;
▪ The Kanuka Lithium Project Joint Venture is located just 5km immediately south of AVZ Mineral’s ‘world-class’ Manono Lithium Project and 20km east of the Company’s Kitotolo Lithium Project;
▪ The Kanuka Lithium Project Joint Venture, is to be held 51% by Force and focussed on two contiguous granted Mining and Exploration Licenses that cover an area of approx. 194km2 and where joint venture partner Mining Mineral Resources SPRL operates a well-established tin and tantalum mining, processing and export operation;
▪ Current and historic mining in the license areas has exposed a number of pegmatites, with one identified in the current main mining area being in excess of 3kms long and greater than 200 metres in width and which remains open along strike on a NE-SW trend and is typical of other pegmatites identified in the region;
▪ The Kanuka Lithium Project Joint Venture strategy is to seek to rapidly delineate an economic lithium resource as a stepping stone to accelerating the development of a commercial lithium mining and processing operation that will immediately benefit from the excellent infrastructure already in place of an established mining operation, with power, mine camp and offices as well as its own airstrip and proven logistics capabilities; and
▪ Planning has already commenced for the initial exploration and drill program which will immediately target the exposed pegmatite in the current main mining area to define the depth extensions of the exposed pegmatite and grade of lithium mineralisation in fresh rock with drilling now expected to commence by the end of March 2018.