BlackEarth Minerals NL (ASX:BEM) expects to increase the proposed mine life of Maniry Graphite Project in Southern Madagascar thanks to a 63% increase in the total mineral resource, which now stands at 37.6 million tonnes at 6.4% total graphite content (TGC), with shares trading higher.
This increase was achieved with an upgrade to the inferred and indicated resource at Razafy prospect, which now holds 25.7 million tonnes at 6.2% TGC.
The Razafy prospect remains open along strike and down dip, offering the potential to add further tonnes to the overall inventory of defined graphite resources – currently some 2.4 million tonnes of contained graphite.
Project holds “exceptional potential”
“The success at Maniry of discovering and continual upgrading the mineral resources at Maniry is testament to the exceptional potential that exists at the project,” BlackEarth Minerals managing director Tom Revy said.
“This updated and expanded mineral resource will be incorporated into the current Maniry definitive feasibility study (DFS) and has the potential to significantly increase the proposed mine life for Maniry.
“Work continues on the Razafy Northwest area with an updated mineral resource expected ahead of the completion of the Maniry DFS. All assays from recent drilling in the area have now been received.”
Shares higher
Securities have been as much as 20.75% higher intra-day to $0.099 and have climbed from $0.065 at the market close on June 23.
BlackEarth Minerals is a vertically integrated graphite developer with advanced mining projects in Madagascar and several base metal prospects in Western Australia.
The company holds the flagship Maniry Graphite Project which is in Southern Madagascar, with a bankable feasibility study (BFS) underway and a focus on products which are in high demand.
BlackEarth is reviewing several downstream value-added graphite processing opportunities.