- BlackEarth Minerals (BEM) gets the first lot of assays from diamond drilling at the Razafy NW resource area within its Maniry project in Madagascar
- Assays include 27.2 metres at 12.5 per cent total graphite carbon (TGC) and a higher grade of 14.5 per cent TGC over 15.9 metres
- Managing Director Tom Revy says the results verify the continuity of mineralisation and “further validate the high quality of our expanding graphite resource”
- BlackEarth Minerals expects further assays in the coming weeks and all results will be included in an upcoming definitive feasibility study
- Company shares are down 4.76 per cent and trading at 10 cents
BlackEarth Minerals (BEM) has received initial assays from diamond drilling at the Razafy Northwest (NW) area within its Maniry graphite project in Madagascar.
The company completed a follow-up 1670-metre drilling program at the Razafy NW resource which reportedly returned “outstanding” results and verified the continuity of graphite mineralisation.
Drill hole MNDD111 returned two best intersections of 27.2 metres at 12.5 per cent total graphite carbon (TGC) and 8.6 metres at 12.8 per cent TGC.
Additional results include 15.9 metres at 14.5 per cent TGC in MNDD110 and 6.7 metres at 10.7 per cent TGC in MNDD112.
Managing Director Tom Revy said the results “further validate the high quality of our expanding graphite resource.”
Mr Revy also said the results provide two major benefits for the company.
“Firstly, the additional resource grades and tonnages will be implemented in to our DFS study which should provide a substantial and material increase to our projected mine life and overall project economics,” he said.
“Secondly, our robust project economics and early stage mine development plans position us well to further develop our relationships with existing and proposed, new downstream processing ventures as we push forward with our commitment to become a major contributor of material to the battery power and EV markets.”
BlackEarth Minerals expects further assays in the coming weeks and all of the results will be included in an upcoming definitive feasibility study.
Company shares were down 4.76 per cent and trading at 10 cents at 1:09 pm AEST.