Peninsula Mines Ltd (ASX:PSM) has been granted a key exploration and mining tenement at its Gapyeong Graphite Project 50 kilometre east of Seoul in South Korea.
The Gapyeong 125-3 tenement covers the bulk of the known strike length of the high-grade graphitic unit.
Channel sampling and initial drilling are being planned to test for continuity of the high-grade graphite surface mineralisation.
Results averaged more than 16% TGC
Peninsula’s managing director Jon Dugdale said: “Now that the key tenement at Gapyeong is granted we are planning an initial drilling program to confirm the continuity and thickness of this very high-grade graphitic unit, before continuing drilling to define a high-grade graphite resource for potential development.”
Rock ship and channel sampling from March 2018 at Gapyeong averaged more than 16% total graphitic carbon (TGC).
The samples were taken from a highly conductive electromagnetic (EM) target measuring over one kilometre in strike length.
READ: Peninsula Mines begins graphite resource drilling program in South Korea
Subject to final access agreements with local landholders, the drilling will commence following the initial drilling program at the Eunha Graphite Project in Korea which is in progress.
Targeting a flake-graphite concentrate product from Gapyeong
Previous metallurgical concentrate results of 95.4% TGC have confirmed that a saleable flake-graphite concentrate can be produced from the Gapyeong graphitic unit.
Pricing for a >95% TGC, <150µ produce is US$800 per tonne.
A >5 kilogram composite sample is now being generated for down-stream spherical graphite testing in Germany.
Spherical graphite product is priced at US$3,300 per tonne and can be sold to lithium-ion battery anode manufacturers in South Korea.