International Graphite (ASX:IG6) says the latest drilling results from its Springdale Graphite Project in Western Australia pave the way for an updated Mineral Resource Estimate.
The company reports that these final drill results add more evidence of an ‘exceptional’ discovery at Mason Bay, which represents one of 4 new graphite deposits identified during the company’s ‘sensational’ 2022/2023 drilling program.
International Graphite, which has a $29.07 million market capitalisation, says the new results come from 34 reverse circulation (RC) drillholes completed to an average depth of 77 metres.
Key results from the Mason Bay area include hole SGRC0240 with 11m @ 11.7% total graphitic carbon (TGC) from 47m, including 2m @ 21.9% from 53m; and hole SGRC0251 with 18m @ 10% TGC from 12m including 3m @ 29.5% TGC from 22m.
Other key results from both the Springdale Central and Springdale Western areas include hole SGRC0212 with 3m @ 19.1% TGC from 40m, including 2m @ 27.5% TGC from 40m; and hole SGRC0236 with 15m @ 12.4% TGC from 8m, including 5m @ 29% TGC from 9m.
International Graphite Managing Director and CEO Andrew Worland says with these new results, the company now has the necessary data to finalise an updated MRE for Springdale, which is expected to be available within a fortnight.
Worland says: “The assay results from both infill and exploration drilling are clear evidence of the enormous graphite potential of our landholdings at Springdale.
We started with an aeromagnetic survey highlighting 7 possible targets. So far, we have only drilled on 4 of these, and each one has returned graphite mineralisation.
“The assay results from both infill and exploration drilling are clear evidence of the enormous graphite potential of our landholdings at Springdale“
Assay results have been exceptional from the new zones at Springdale Central, which is immediately adjacent to the existing resource, and from Mason Bay, which is just 2km to the east.
We still have large tracts of prospective land to explore, which makes us very excited about the potential for Springdale to support our plans for a long-term mine-to-market graphite operation in Western Australia.”
International Graphite is an ASX-listed graphite producer focused on building Australia’s capability in critical battery minerals, as well as establishing a new ethical supply of battery anode graphite to support the global revolution in clean energy.
The company’s Springdale Project is located about 25km east of the township of Hopetoun and 150km from the major export port of Esperance in Western Australia.
International Graphite had $2.7 million cash at hand as of 30 June 2023, according to its latest quarterly report, though it received another $900,000 in advance research and development funding subsequent to the end of the quarter.
Write to Adam Drought at Mining.com.au
Images: International Graphite
