Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) said it has completed the latest exploration and resource drilling programme at its two Madagascan flake graphite projects.
An updated Competent Persons Report (CPR) is now being prepared by SRK Consulting and is expected to be published in the near term.
As part of the programme, Tirupati carried out 5,000 metres of diamond core drilling, 26,000 metres of auger drilling and 360 running metres of six to eight metres depth trenching across the two projects.
At present, Tirupati’s two projects in Madagascar, Vatomina and Sahamamy have resources of 18.4Mt and 7.1Mt at grades of 4.6% and 4.2% respectively.
Shishir Poddar, executive chairman, said: “We expect the updated CPR to show a material increase in our resource numbers underlining the long-term potential of our currently operating and expanded projects in Madagascar.
"It is significant to note that the completion of current exploration phase reduces our cash use towards exploration and the team and our resources will be further focussed on achieving our goal of achieving EBDITA positive results at the corporate level in the immediate term.”