- Bass Metals (BSM) has recorded a 41 per cent increase to the mineral resource for its Graphmada Mining Complex in Madagascar
- The graphite project’s resource now sits at 20.2 million tonnes at 4 per cent total graphite carbon for 815,000 tonnes of contained graphite
- Bass considers this a key milestone in developing the project into a globally significant large flake graphite supplier
- Despite being pleased with the resource upgrade, Bass will undertake further drilling to expand Graphmada’s mineral resource once more
- Company shares have dropped 7.14 per cent and are trading at 0.7 cents
Bass Metals (BSM) has recorded a 41 per cent increase to the mineral resource for its Graphmada Mining Complex in Madagascar.
Graphmada’s mineral resource now sits at 20.2 million tonnes at 4 per cent total graphite carbon (TGC) for 815,000 tonnes of contained graphite.
This marks a significant increase to the former mineral resource which sat at 14.3 million tonnes at 4 per cent TGC for 574,000 tonnes of contained graphite.
The mineral resource update comes from mapping, exploration and shallow auger drilling to 10 metres below the surface.
“This significant upgrade in the resource base of the company is another key milestone in the development of this commercially proven resource and is another step closer to Bass’ aim to establish the company as a globally significant large flake graphite supplier,” CEO Tim McManus said.
Despite being highly encouraged with the resource upgrade, Bass will continue undertaking extensive drilling to expand the Graphmada Mining Complex for large-scale mining and processing to develop advanced carbon products.
The company has already commenced deeper drilling starting from a 10-to-50-metre depth, which is aimed at further increasing Graphmada’s mineral resource.
Company shares have dropped 7.14 per cent and are trading at 0.7 cents at 12:06 pm AEDT.