- Quantum Graphite (QGL) announces the maiden mineral resource estimate (MRE) for its Uley 3 geophysical anomaly, located in South Australia
- The MRE for Uley 3 includes 900,000 tonnes at 6.6 per cent total graphite content (TGC), confirming the continuation of graphite mineralisation
- Importantly, the mineralisation remains open along strike to the south and north and at depth
- Quantum has drilled a total of 12 diamond core drill holes totalling around 890 metres at Uley 3
- On the market, Quantum shares are suspended and last traded at 5.1 cents per share
Quantum Graphite (QGL) has announced the maiden mineral resource estimate (MRE) for its Uley 3 geophysical anomaly, previously named the Eastern Conductor.
The MRE for Uley 3 includes 900,000 tonnes at 6.6 per cent total graphite content (TGC). This confirms the continuation of graphite mineralisation.
Importantly, QGL said the mineralisation remains open along strike to the south and north and at depth.
Quantum has drilled a total of 12 diamond core drill holes totalling around 890 metres at Uley 3.
Nearby is the Uley 2, which has also been subject to drilling this year.
The MRE, for Uley 3 and Uley 2, includes 0.9 million tonnes at 6.6 per cent total graphite content (TGC), for 59,000 tonnes of TGC at a 3.5 per cent TGC cut off.
Overall, at Uley 3 and Uley 2, a total of 151 diamond drill holes have been completed.
Uley 3 sits at the northern end of the Uley Project, located in the Eyre Peninsula, South Australia.
“Uley is one of several mineralised lenses indicated by the known regional and local geology and key data including interpretation of surface SIROTEM (electromagnetic conductivity) and TMI (total magnetic intensity) data,” the company explained.
On the market, Quantum shares are suspended and last traded at 5.1 cents per share.