BlackEarth Minerals (ASX:BEM) reports it has received further ‘high-grade’ assay results from its Razafy Northwest diamond drilling at its 100% owned Maniry Graphite Project in Southern Madagascar.
The company reports the ‘outstanding’ assays received to date from Razafy NW have confirmed the continuity not only of the graphite mineralisation at depth and along strike but also the high-grade nature of the resource.
As a result, BlackEarth believes it is advantageous to integrate the Razafy NW area into the definitive feasibility study (DFS) as “initial priority feed”.
Additional assay results intersections include:
- 3m at 8.14% TGC incl. 10m at 11.36% TGC (MNDD118)
- 25m at 6.45% TGC incl. 8.1m at 10.16% TGC (MNDD130)
- 8m at 13.98% TGC incl. 8m at 18.60% TGC (MNDD130)
- 95m at 8.18% TGC (MNDD134)
Commenting on the results, BlackEarth Managing Director Tom Revy said: “The current and expanding data base on the Razafy NW area has certainly surpassed our initial expectations; exploration activities are continuing in the area.
“Our new approach to accelerate its development as part of the current DFS is a critical component towards ultimately achieving project development finance.”
“Our new approach to accelerate its development as part of the current DFS is a critical component towards ultimately achieving project development finance”
Applications have been sent to the Madagascan Mining authorities to expand the current mining license (ML 5394) to include a broader area including the Razafy NW Resource.
The key benefits of this approach will be to position the project to start up with higher grade material; take advantage of the rising price of natural graphite concentrate; and, provide potential project financiers an optimum payback period.
BlackEarth reports that in order to integrate the Razafy NW material into the current DFS, the study is now likely to be completed in October 2022.
As part of current study activities, an updated Razafy Resource will be released to the market shortly.
Images: Blackearth Minerals NL