- International Graphite (IG6) increases the total Springdale MRE 3.4 times the previous estimate to become the second-largest graphite deposit in Australia
- The total MRE grows from 15.3Mt at six per cent TGC to 49.3Mt at 6.5 per cent TG
- Of that, 27 per cent lies in the indicated category
- The company has only explored 10 per cent of the tenement to date
- IG6 shares are down 5.26 per cent, trading at 18 cents at 2:34 pm AEST
International Graphite (IG6) has significantly increased the Springdale total mineral resource estimate (MRE), ranking it as the second-largest known graphite deposit in Australia.
The independent estimate is 3.4 times the previous MRE, and IG6 Chairman Phil Hearse said the results have surpassed all expectations.
“Not only have we significantly increased the size of the Mineral Resource, 27 per cent of it (by contained graphite) is now in an indicated category, which provides a strong foundation for future technical and economic studies,” he said.
“This is a huge achievement for the business and an important milestone as we drive to establish ourselves as one of the first vertically integrated producers of battery anode graphite.”
The total MRE has grown from 15.3 million tonnes (Mt) at six per cent total graphitic carbon (TGC) to 49.3Mt at 6.5 per cent TGC.
Additionally, 27 per cent of this estimate lies in the indicated category.
To date, only 10 per cent of the tenement area has been explored, along with testing just 20 per cent of the selected exploration targets.
The combined drilling to date at International Graphite’s Springdale project comprises 44 diamond drill holes and 390 reverse circulation/air-core holes for 30,107 metres at an average depth of 69 metres per hole.
IG6 shares were down 5.26 per cent, trading at 18 cents at 2:34 pm AEST.