Talga Resources (ASX: TLG) has completed the maiden drilling program at its Raitajärvi Lake graphite project in Sweden that has increased its strike length to 650 metres from 300 metres.
The 28 diamond drill holes for 3,666 metres has also increased the known vertical extent of graphite mineralisation to 140 metres.
Talga’s drilling program had program targeted part of a 3,000 metre long multi-limbed electromagnetic anomaly where historical drilling by the Swedish Geological Survey in 1991-92 had intercepted predominantly coarse flake graphite and defined a JORC Inferred mineral resource of 0.5 million tonnes at 10.8% graphitic carbon.
Several holes also tested the central and eastern limbs as future growth targets, each intersecting graphite mineralisation. The deposit remains open along strike and at depth.
All drill samples have been transported to the laboratory and assay results from the first 10 holes are expected to arrive over the next two to three weeks.
The company had previously noted that all holes drilled had intercepted coarse flake graphite.
Talga has applied for a new exploration licence of about 14 square kilometres over the current licence to cover potential strike extensions of the deposit.
It had around A$1.7 million in cash at the end of December 2012 and is looking to raise up $3.1 million through a share purchase plan offering shareholders up to 16.32 million shares priced at $0.19 each.
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