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Graphex Mining Ltd.
Summary
| Project: | Chilalo | |
|---|---|---|
| Deposit: | Chilalo | |
| Location: | Tanzania | |
| Commodities: | Graphite | |
| Date: | 2/2/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 2-2-2017: Graphex Mining Ltd. announces a Resource Estimation report for its Chilalo deposit at the Chilalo project. 80% upgrade to graphite Resource at Chilalo. Graphex Mining Limited (ASX: GPX) is pleased to report that updated resource modelling follow | |
| Resources: | (Reserve, Prob.): 4.7Mt @ 11.0% TGC for 517Kt contained at Chilalo | |
| CP/QP: | [Resources]: Grant Louw, Andrew Scogings (CSA Global Pty Ltd.) | |
| ABSTRACT: | Graphex Mining Limited (ASX: GPX) is pleased to report that updated resource modelling following the recently completed 13 hole, 1,365m Reverse Circulation (RC) drilling program has confirmed a substantial increase in the Chilalo Mineral Resource. The increase in the Mineral Resource follows the discovery of two new zones of graphite mineralisation located adjacent to the north and south-west of the existing Chilalo Mineral Resource (see Figure 1). One of these is a new and separate zone of graphite mineralisation located approximately 300 metres north and running parallel to the existing Mineral Resource (see Figure 2). The other is located to the south-west (see Figure 3) of the existing Mineral Resource, confirming the continuation of mineralisation along strike. Both new zones remain open along strike. Graphex Managing Director, Phil Hoskins, commented: “We are pleased to have delivered such a significant increase in the high-grade Chilalo Mineral Resource and in doing so, further confirmed the outstanding prospectivity of our Chilalo tenements. The increase in the Mineral Resource is expected to extend the mine life and improve the project economics. This is an outstanding result, which combined with our ‘markets first’ approach to Chilalo’s development, is expected to yield an excellent outcome for shareholders. Our Chinese project partners place significant value in the exploration potential at Chilalo and this news will be welcomed by them as we seek to finalise negotiations for offtake and financing.” The success of this recent drilling, together with the recently announced identification of four strongly conductive, high-quality drill targets on the Mining Licence area2 , demonstrates the potential for the Chilalo Project to grow well beyond the scope of the initial mining operation proposed in the November 2015 prefeasibility study. | |
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