BlackEarth Minerals anticipate significant amounts of high-grade graphite following confirmation of mineralisation along strike and at greater depth at the Maniry project in Madagascar, East Africa.
The find can provide further upside for the company fast-tracking its project to the Bankable Feasibility Study stage for a total cost of less than $6 million.
The Razafy North West prospect’s follow-up results are likely to form part of the inventory to be included in the company’s soon-released definitive feasibility study.
The critical commodities specialist has continued mine life optimisation works, targeting 2500 tonnes of premium concentrate for burgeoning end-user markets each year.
With premium grades commanding up to US$2300 a tonne, the company confirms the quality of the resource.
“Every new tonne of high-grade material we add to our inventory has the potential to increase project value for our shareholders,” managing director Tom Revy said.
While awaiting assays, BlackEarth will shortly commence surface trenching on the western end of the drill lines.
The company plans to complete the Maniry BFS in 2022.
BEM’s Australian Stock Exchange-listed share price has risen 11.54 per cent today, selling at 14.5c (11:47 am UTC+ 8 hours).