Metallica Minerals (ASX:MLM) has kickstarted a reverse circulation (RC) drilling program at its Leo Grande Graphite Gold Project (LGGP) within the Clermont tenement in Queensland.
Metallica, which has a $24.95 million market capitalisation, says the drilling will comprise 5 RC holes totalling 300m at the Leo Grande prospect, with the aim of the drilling to twin historical RC holes noted to have ‘moderate, strong, to very strong’ graphite mineralisation.
This is expected to quantify the graphite content in the holes and facilitate the assessment of the exploration potential of the project for economic graphite mineralisation.
Drilling is expected to be completed in 3-5 days, with assays due back in late January 2024. No exploration has been undertaken on the Leo Granda prospect since the 1990s.
Metallica reports that subject to the identification of ‘significant’ amounts of graphite in the holes, it will move forward with further drilling at the prospect to determine the extent of the deposit and define a resource.
The company will also complete diamond drilling to determine if the graphite can be extracted from the mineralised mylonite and to understand the nature and characteristics of the graphite to confirm if it can be used to manufacture of lithium-ion batteries.
Metallica Minerals Executive Chairman Theo Psaros says: “Our strategy has always sought to have a project that would not take attention from the main focus being to deliver the Cape Flattery Silica Sand Project but could follow on in later years.
Graphite is a crucial element in the electrification of Australia, and it is a major component in battery manufacture, and like silica sand, it is denoted as a critical mineral by the Queensland Government.”
“Graphite is a crucial element in the electrification of Australia, and it is a major component in battery manufacture, and like silica sand, it is denoted as a critical mineral by the Queensland Government”
The Clermont tenement is held as a joint venture (JV) between PGE Minerals, a wholly owned subsidiary of Metallica Minerals, and Chalcophile, a wholly owned subsidiary of Diatreme Resources (ASX:DRX).
Metallica Minerals is an Australian developer focused on delivering high-purity silica sand to a diversified global customer base.
As of 30 September 2023, the company had $5.67 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Metallica Minerals
