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Metallica Minerals drills up hints of a major graphite find


Metallica Minerals’ (ASX:MLM) Esmeralda graphite project in Queensland has confirmed its potential to host a large-scale deposit after new drilling intersected 49 metres of visible graphite mineralisation.

This result was recorded from a depth of 72 metres and followed a previous hole which encountered 120metres of visible graphite mineralisation at a depth of 68 metres.

The work is believed to indicate potential for lateral continuity of more than 1.2 kilometres across the 750-square-kilometre project.

When considered with promising historical data, the latest results suggest that the targeted graphitic granite breccia might extend much further to the west and remain open to the east.
Preliminary assay results for the two holes are expected towards the end of November.

Igneous or hydrothermal-style graphite deposits, such as Esmeralda, are rare.

The more common metamorphic-style graphite deposits make up about 95% of the world’s known graphite deposits.

Hydrothermal-style graphite deposits are typically of high purity graphite in either flake or crystalline form. Examples of this style of mineralisation include the high-grade, narrow-vein Sri Lankan deposits and the Albany graphite deposit in Canada.

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Quick facts: Metallica Minerals Limited

Price: 0.012 AUD

Market: ASX
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