AustChina Holdings Limited (ASX:AUH) has made significant progress in its drilling program at the Chenene Lithium project in Tanzania.
The company has completed six out of eight planned diamond core holes, targeting high-priority lithium exploration areas.
The initial diamond core drilling program, focusing on the first of four high-priority lithium exploration targets, is expected to be completed by mid-July 2024.
The first batch of drilling samples has been sent to the SGS Mwanza laboratory for preparation, with analysis to be conducted at SGS South Africa.
Results are anticipated to be available in August 2024.
Andrew Fogg, Chief Executive Officer of AustChina, expressed satisfaction with the progress, stating: “We are pleased with the strong progress to date of our drilling program with six holes completed at the Chenene Lithium Project in Tanzania.
“The program team and on-ground personnel continue to be energised and we are looking forward to receiving the assay results of the drilling samples from SGS South Africa during August 2024.”
The Chenene Lithium Project is located in the NW-trending Chenene Hills, characterised by sheared granite within rolling plains of eroded granitic soils.
The project area features metamorphosed amphibolite schists and amphibolite gneiss rocks, with pegmatites hosted in these metamorphosed rocks of the Dodoma formation.
This drilling program follows AustChina’s entry into an Exclusive Binding Heads of Agreement to conduct due diligence on the potential acquisition of four licences from Cassius Mining, as announced on March 7, 2024.
As the drilling progresses, the company may consider expanding beyond the initial eight holes based on preliminary findings.
The results of this exploration program will be crucial in determining AustChina’s future steps regarding the Chenene Lithium project.
