April 29, 2024 – AustChina Holdings Limited (ASX: AUH), a leader in lithium exploration, is thrilled to announce that it has received the necessary permits and will soon begin its maiden drill program at the Chenene Lithium Project in Tanzania. This significant milestone follows the completion of all requisite government and regulatory approvals.
Key Highlights:
- Mobilization of Drill Rig: The drilling contractor is engaged and the drill rig is scheduled to mobilize to the site within the next 7 to 10 days.
- Expert Oversight: Negotiations are in their final stages with a reputable South African geological firm to supervise the onsite drilling operations.
- Initial Drilling Focus: The initial drilling will consist of 8 holes targeting four prime exploration sites, where pegmatite rock chips have previously assayed up to 1.08% Li2O.
- Expansion Potential: Depending on the visual assessments and assay results of the core, the drilling program may be expanded in depth and scope.
Chief Executive Officer, Andrew Fogg, commented: “We are very pleased that Cassius Mining has received the government and regulatory approvals to permit drilling and with a drill contractor now engaged, we expect the rig to be mobilized to site within the week. With four defined targets with rock chip samples up to 1.08% Li2O, we look forward to putting holes in the ground with the aim of providing further confirmation of lithium mineralisation.”
Corporate and Financial Outlook: This drill program forms part of AustChina's due diligence under the exclusive Binding Heads of Agreement with Cassius Mining Limited. The results from this program will guide the decision on whether to proceed with the acquisition of the tenements. AustChina has the option to extend the due diligence period if further analysis is deemed necessary.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
