- Quantum Graphite (QGL) completes a drilling program, including drill hole rehabilitation, at the Eastern Corridor in South Australia
- QGL encounters “significant” graphitic intersections, consistent with earlier discoveries, east of the proposed Uley 2 pit
- The company expects to receive the first batch of results next week
- Shares have closed flat at 5.1 cents on October 22
Quantum Graphite (QGL) has wrapped up a drilling program and rehabilitated drill holes at the Eastern Conductor in South Australia.
The company undertook extensional drilling immediately east of the proposed Uley 2 pit and reportedly encountered significant graphitic intersections consistent with earlier discoveries.
The latest intercepts include a hit from 76.3 metres to 76.9 metres, which is visually estimated as more than 20 per cent total graphite content (TGC).
Another hole returned an intersection from 36.8 metres to 38.2 metres, estimated visually as 15 per cent TGC.
The company’s Managing Director, Sal Catalano, said the board was pleased with the Quantum team’s efforts and accomplishments.
“Managing personnel and equipment originating from four different states was quite a challenge but performed professionally without compromising the achievement of key technical objectives,” he said.
“We’re delighted with what we’ve seen and look forward to the laboratory results.”
The first set of results from the program is expected next week, and QGL said these would have a significant impact on the Uley 2 expansion strategy.
In particular, the option to extend Uley 2 to the east reportedly carries several advantages, including being a quick route to a low-cost extension of the pit.
Notably, QGL said work completed to date suggested the Eastern Corridor model was closely related to that of Uley 1.
The company is continuing to assess and interpret the geological and structural model of the Eastern Conductor and its relationship to Uley 2 and 1.
Quantum Graphite shares closed flat at 5.1 cents on October 22.