Discovery Africa (ASX: DAF) has discovered flake graphite up to 49.9% during due diligence carried out on the Tanzania Graphite Project.
DAF has executed a Memorandum of Agreement for the proposed acquisition of up to 80% of Hatua Resources, which holds rights to four graphite exploration licences in southern Tanzania.
Various high grades were identified, with the average sampled being 15.27% total graphitic carbon from various outcrops of graphitic schists on all four licences
DAF is also focused on the exploration and development of the Kitgum Graphite Project in Uganda, the Area 51 Graphite Project in Namibia, and the Brandberg Lithium Project in Namibia.
The due diligence team are completing the geological, technical and legal assessment of the projects and on Hatua Resources
Further updates will be supplied following full completion of the due diligence process.
With the current positive market sentiment towards graphite, DAF's market valuation of $8 million has room to expand.
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