Archer Exploration's (ASX: AXE) new drilling results have demonstrated continuity of high grade graphite mineralisation in the northern portion of its Campoona Central deposit in South Australia.
Drilling was designed to build on February’s maiden JORC Inferred resource estimate for Central Campoona of 520,000 tonnes at 11.6% TC at nominal cut-off grade of 5% TC.
The 28 holes drilled in the March program have now infilled the Central Campoona footprint, which will allow a resource estimate update by June this year.
Archer's maiden resource was limited to depths of around 50 metres, and latest round of infill drilling was extended to a vertical depth of 100 metres.
In addition to confirming the continuity of mineralisation, the drilling also confirmed that the mineralisation remains open at depth and thickens at depths from 40-60 metres.
Central Campoona, one of the Campoona project’s five zones of high grade graphitic schists located thus far, lies 1.8 kilometres south of Archer's Campoona Shaft graphite deposit.
Campoona Shaft itself carries a total mineral resource of 2.23 million tonnes at 12.3% TC for 293,900 tonnes of contained graphite.
One diamond drill hole was also completed to supply samples for metallurgical evaluation.
Archer appears to be a "value" graphite play with substantial resources and a capitalisation of under $15 million.
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