AustChina Holdings Ltd – Drilling Progressing at Chenene Lithium Project, Tanzania

AustChina Holdings Limited ("AustChina") is pleased to announce significant progress in its drilling program at the Chenene Lithium Project in Tanzania. The program has already completed six of the planned eight diamond core holes, targeting high-priority lithium exploration areas.

Highlights: 

• AustChina’s drilling program at the Chenene Lithium Project in Tanzania is progressing, with six holes completed.
• Initial diamond core drilling (first of 4 high-priority lithium exploration targets) consists of 8 holes (ASX Release titled “Drilling Commences at Chenene Lithium Project, Tanzania - Amended Announcement” – 21st June 2024) and is expected to be completed by mid-July 2024.
• Initial batch of drilling samples sent to SGS Mwanza laboratory for preparation ahead of analysis at SGS South Africa with results anticipated to be available during August 2024.
• AustChina entered an Exclusive Binding Heads of Agreement to conduct due diligence to ascertain if they wish to move forward and acquire the four licenses from Cassius Mining (ASX Release titled “Option to acquire Chinese“Option to acquire Chenene Lithium Project” – 7th March 2024).

Drilling Project Details: 

• The initial drilling program consists of eight high-priority targets, focusing on diamond core drilling to assess lithium potential.
• Borehole positions are accurately marked and recorded, with sample analysis set to confirm the mineral assemblages and quantities in the pegmatite cores.
• Ongoing drilling may expand beyond the initial eight holes based on preliminary findings.

Geological Overview: 

• The Chenene Lithium Project is situated in the NW-trending Chenene Hills of 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.

Chief Executive Officer, Andrew Fogg, commented:
“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 energized, and we are looking forward to receiving the assay results of the drilling samples from SGS South Africa during August 2024.”