Black Rock Mining (ASX:BKT) is awaiting highly prospective assays from the Epanko northeast lode at the Mahenge project, Tanzania, which drilled spectacular coarse flake graphite.
Mahenge has an initial Exploration Target of between 30 million and 60 million tonnes at 8% to 12% TGC.
Black Rock remains active at the project with two rigs conducting infill drilling, providing significant near-term news flow as the company moves towards its goal of delivering a JORC Resource before the end of 2015.
The first infill hole drilled an encouraging 120 metre graphitic schist interval from 10 metres, indicating that the broad zone of graphite underneath a previous hole has potential to add substantial tonnes.
Drilling from the initial 2200 metre program at Epanko North delivered:
- 48 metres at 8.4% TGC from 3 metres;
- 131 metres at 6.64% TGC from 3 metres including 90 metres at 7.11% TGC; and
- 58 metres at 7.13% TGC from 4 metres.
Proximity to world-class graphite asset
The area is highly prospective, with Black Rock's tenements contiguous to Kibaran Resources’ (ASX:KNL) Epanko orebody.
The tenements also have a similar geological setting and mineralisation style to Epanko, which is a world-class graphite asset.
Epanko has a JORC resource of 22.7 million tonnes at 9.8% Total Graphite Content (TGC) and covers just 20% of the project area.
Kibaran remains the only listed company globally with a binding offtake agreement with a partner outside of China.
Although only early days for Black Rock in Tanzania - the potential is intriguing.
The company remains well-funded after raising $3.5 million to fund its exploration activities and re-listing on the ASX at the end of March 2015.
The capital raising was oversubscribed, and adding to the cash pot in May an additional placement was finalised adding another $500,000.
Early stage drilling
Black Rock's early stage drilling has already confirmed extensive graphite mineralisation at Epanko north and Epanko northeast.
Mapping and sampling at the Cascade prospect has increased the strike length which has doubled to 1200 metres and up to 700 metres in width.
The 22 kilometre long Kituti structure is being mapped/sampled in detail to determine drilling targets and metallurgical samples are being collected from Epanko north for testing.
Mahenge Project
Mahenge is located in close proximity to transport infrastructure about 60 kilometres from Ifakara, which has a rail station and regional airport.
The TAZARA rail line runs to Dar Es Salaam’s port about 350 kilometres away. There is also access to grid power and water.
Analysis
Black Rock has a highly skilled team on the ground at Mahenge, who are capably managing two drill rigs at Epanko North and two separate exploration programs at Cascade and Kituti.
These exploration programs ensure constant news flow in the near-term.
Black Rock is focussed on identifying and securing graphite projects with economic potential.
The company is certainly exploring in the right area. Its neighbour is Kibaran Resources, whose tenements host the world-class Epanko deposit.
Black Rock's tenements are also in a similar geological setting to Epanko.
The current infill drilling program will help the company to establish its maiden JORC Resource before the end of 2015.
Black Rock is well-funded after raising $3.5 million to fund its exploration activities and re-listing on the ASX at the end of March 2015.
The capital raising was oversubscribed, and adding to the cash pot in May an additional placement was finalised adding another $500,000.
Next key catalyst:
Assays are pending from infill drilling which intersected spectacular coarse flake graphite.
With a market cap. of just circa $6 million, Black Rock is leveraged to exploration success.
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