Blackearth Minerals have grown its Maniry graphite project’s total mineral resources estimate to 40 metric tonnes at 6.5 per cent total graphitic carbon as exploration of the Razafy Northwest deposit continues to bear fruit in Madagascar.
Diamond drilling at the deposit revealed shallow high-grade graphite zones with an indicated and inferred mineral resource of 5.3Mt at 8.5 per cent TGC — providing an exciting boost to a high-grade graphite inventory which could considerably increase the mine’s lifespan.
This follows a significant jump from the deposit last month, and the Perth-based explorer is still not satisfied, with near surface mineralisation remaining open and evidence of even higher grade material lying within.
The company said it will continue to invest in and explore Razafy to unlock the area’s true potential.
“The more we explore in the area, the more we are excited about the real potential of the area and the value enhancement it can ultimately bring,” managing director Tom Revy said.
“Since listing the company in January 2018, we have developed a resource base of over 40 million tonnes from zero, and will continue to build on this existing resource.”
The company will continue exploring the area ahead of a DFS planned for October.
BEM’s Australian Stock Exchange-listed share price was trading at 9.9c today (1:41 pm UTC+8 hours).