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Margosa Graphite Ltd.
Summary
| Project: | Pathakada | |
|---|---|---|
| Deposit: | Ridee Ganga | |
| Location: | Sri Lanka | |
| Commodities: | Graphite | |
| Date: | 6/26/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-6-2020: Margosa Graphite Ltd. announces a Resource Estimation report for its Ridee Ganga deposit at the Pathakada project. Updated Mineral Resource Estimate for Project. Emerging Sri Lankan graphite producer, Margosa Graphite Ltd (“Margosa” or the “Com | |
| Resources: | (Resources, I+I): 1.724Mt @ 76.32% TGC (1.316Mt CG) | |
| CP/QP: | [Resource] Chris Grove (Measured Group Pty Ltd.) | |
| ABSTRACT: | Emerging Sri Lankan graphite producer, Margosa Graphite Ltd (“Margosa” or the “Company”) is pleased to release its new MRE for the Company’s Ridee Ganga Vein Graphite Project, at Pathakada, Sri Lanka. A global JORC 2012 MRE totalling approximately 1,724,610 tonnes, at 76.32% TGC and approximately 1,316,190 tonnes of contained graphite was estimated by the Company’s independent mining and resource consultants, Measured Group, Brisbane, Australia. This resource upgrade represents a 331% increase in tonnes to the maiden MRE completed by the Company in March 2019 in accordance with JORC Code (2012). In addition, Indicated category Resources have been increased four-fold, which further enhances the Company’s confidence in the viability of the Project. This forms the basis of the progressing Feasibility Study that will now look at underground mining opportunities to deliver greater production and processing optionality. Mineral Resource Estimate The MRE finalised on 30 April 2020, which in accordance with the JORC 2012 Code, utilised geological data from 8,652 metres of diamond core drilling from 49 holes (Table 1). The first drilling campaign (2013) has been disregarded due to QAQC investigations which included six diamond drill holes. | |
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