Info below thanks to gbgirl on HC.
Would you risk investing in another AVZ?
Klaus Eckhof – the man who spearheaded AVZ Minerals’ (ASX:AVZ) Manono lithium project acquisition in 2017 — is acquiring ground next door via his new company, AJN Resources.
Former market darling AVZ is now a cautionary tale of the dangers of developing projects in the Third World.
But it was once an emerging lithium behemoth thanks to its world class Manono project in the DRC, which contains the biggest and second highest grade undeveloped deposit in the world — 401Mt (132Mt reserves) at (1.65%).
Monstrous. No wonder everyone wants a piece.
Now Eckhof’s CSE-listed AJN Resources is a neighbour.
The CSE, or Canadian Securities Exchange, is an alternative to the TSXV for microcaps and emerging companies.
$AJN signs binding term sheet to acquire 70% in highly prospective #lithium deposit, PR 15282, located on the #Manono trend, #DRC
Extrapolation of #Manono #pegmatites suggest they could continue onto PR 15282!
Read full announcement here
https://t.co/JILJL7hws9 pic.twitter.com/GcCxJcmfsw
— AJN Resources (@AJN_Resources) June 2, 2023
The ground is ~7km northeast of the northern extension of the Manono pegmatites and 15km northeast of Manono centre.
AJN reckons the 13km-long Manono peggie swarm continues under cover into its new ground.
Field work is expected to commence within the coming weeks.
“We are extremely excited about this latest acquisition which potentially covers 10km of highly prospective ground with good potential to host lithium bearing pegmatites under surficial cover,” Eckhof says.
“Historically, mining and exploration was concentrated on the exposed spodumene bearing pegmatites around Manono which cover a strike length of approximately 13km and little focus was placed on following the extension of these pegmatites under cover to the northeast.”
Interesting fact: current AVZ MD Nige Ferguson was a director at AJN until mid 2022, which is about the time all that drama for AVZ kicked off.
AJN will give $50,000 to vendor Palm to conduct six months of due diligence. If it decides to go ahead with the deal, AJN can acquire a 51% indirect interest for $250,000 and a 10.5% company stake.
AJN can acquire another 19% for $5.25m cash and 4m shares.