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Graphex Mining Ltd.
Summary
| Project: | Chilalo | |
|---|---|---|
| Deposit: | Chilalo | |
| Location: | Tanzania | |
| Commodities: | Graphite | |
| Date: | 8/28/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-8-2019: Graphex Mining Ltd. announces a Resource Estimation report for its Chilalo deposit at the Chilalo project. Updated mineral resource estimate for project. Graphex Mining Limited (ASX: GPX) (‘Graphex’ or the ‘Company’) is pleased to report a subs | |
| Resources: | (Resource, I+I): 67.3Mt @ 5.4% TGC at project total | |
| CP/QP: | [Resources]: Andrew Scoging (KlipStone Pty Ltd.) | |
| ABSTRACT: | Graphex Mining Limited (ASX: GPX) (‘Graphex’ or the ‘Company’) is pleased to report a substantial increase in the Mineral Resource estimate at its Chilalo Graphite Project, located in south-east Tanzania, as detailed below in Table 1. The Company completed a 22-hole (totalling 2,083m) infill diamond drilling program designed to underpin the upcoming Definitive Feasibility Study. Results have successfully delivered a substantial conversion of Inferred Resources into the Indicated Mineral Resource category, which now stands at 10.3Mt grading 10.5% TGC – a 73% increase in the Indicated category from the previous estimate2 . Given the Project’s exceptional economics and that the mineralisation for the Indicated Mineral Resource is estimated to be continuous from surface to an approximate vertical depth of 150m, the Company expects a strong conversion of Mineral Resources to Ore Reserves upon completion of the upcoming Definitive Feasibility Study, expected in Q4 2019. Graphex’s Managing Director, Phil Hoskins commented: “We are extremely pleased that infill drilling has significantly upgraded our confidence in the Chilalo deposit with the latest results representing a 73% contained graphite increase in the Indicated Resource category. We are confident that the expected increase in Ore Reserve3 will significantly extend the mine life and underpin project financing. Further to this, we are confident Chilalo has the potential for further extensions to mine life given the substantial strike length of untested, high-quality electromagnetic targets on our tenements. | |
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