Triton Minerals' (ASX: TON) shares have been on a tear recently, with the stock jumping another 13.6% to $0.125 Wednesday on massive volume of 23.8 million shares - following some impressive graphite results from its Balama North project in Mozambique.
The value of Triton has now more than doubled in the past month. Yesterday the stock hit a new 12-month high of $0.17.
Triton shares moved higher after drilling intersected near surface high grade material of up to 28.6% graphite.
Widths and grades were impressive and demonstrate the possible scale of the graphitic mineralisation at Balama North.
The initial two hole diamond drill program at Nicanda Hill confirmed multiple zones of high grade graphitic material over significant widths with notable intersections including:
- 14.7 metres at 18.7% Weighted Average Graphite Carbon from 3.3 metres including 1 metre at 24.9% graphite and 1 metres at 28.6% graphite;
- 40 metres at 14.2% graphite from 88.1 metres including 7 metres at 18.9% graphite and 10 metres at 20.1% graphite; and
- 12.3 metres at 12.3% graphite from 19.3 metres including 1 metres at 25.5% graphite and 15.5 metres at 11.2% graphite from 33.8 metres.
Balama North is located along strike to Syrah Resources' (ASX: SYR) massive Balama East Deposit, that is acknowledged as the largest known graphite deposit in the world. Construction at Balama East is expected to start once the wet season ends about April 2014.
Syrah's last share price was $2.90, and before the company made the Balama East discovery a couple of years ago - it traded at less than $0.10.
Triton Minerals' MD Brad Boyle PRESENTING IN SYDNEY. Click here for further details and to register.
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