Discovery Africa (ASX: DAF) is further expanding its graphite portfolio with the execution of a Memorandum of Agreement to acquire up to 80% in Tanzania’s Hatua Resources.
Hatua holds the rights to four exploration licences covering 416 square kilometres in Tanzania that are highly prospective for graphite mineralisation including outcrops of course flake graphitic schist identified at numerous localities.
Notably, the tenements are along strike from Syrah Resources’ (ASX: SYR) Nachingwea Project.
The region has high quality infrastructure including access via mainly sealed roads from the coastal
The licences overlay the graphite prospective Mozambique Mobile Belt with graphitic schists located both within and surrounding the area.
At the Injaa Hill project area outcrops of graphitic schist have been mapped by the Geological Survey of Tanzania extending 800 metres by 150 metres and represent near term targets ready for trenching and drilling.
Early reconnaissance mapping identified high grade seams of graphite in the other project areas.
The company’s due diligence will further assess the results of previous exploration programs carried out on the projects area with the aim of increasing the potential of mineralisation previously identified on the projects and to define additional targets.
Discovery had earlier this week executed a heads of agreement to acquire up to 100% of Consolidated African Resources (CARL), which holds Exploration Licence 1025 near Kitgum in Uganda that is prospective for graphite.
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