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Metals Australia Ltd.
Summary
| Project: | Lac Rainy | |
|---|---|---|
| Deposit: | Lac Rainy | |
| Location: | Canada | |
| Commodities: | Graphite | |
| Date: | 6/15/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-6-2020: Metals Australia Ltd. announces a Resource Estimation report for its Lac Rainy deposit at the Lac Rainy project. Initial Resource Estimate for Project. Metals Australia Ltd (ASX: MLS) (Metals Australia or the Company) is pleased to announce the | |
| Resources: | (Resources, I+I): 13.3Mt @ 11.5% TGC | |
| CP/QP: | [Resource] Simon Coxhell (CoxsRocks Pty Ltd.) | |
| ABSTRACT: | Metals Australia Ltd (ASX: MLS) (Metals Australia or the Company) is pleased to announce the maiden JORC (2012) resource at its 100% owned Lac Rainy Graphite Project located in Quebec, Canada. The Mineral Resource has been prepared in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, (“JORC Code (2012)”) and is estimated at 13.3Mt at 11.5% TGC in the category of Indicated and Inferred for 1.529Mt of contained graphite, using a 5% TGC cut-off. The mineral resource at Lac Rainy offers significant flexibility for potential development into a long life, high-grade graphite mining operation. Lac Rainy has the potential to be mined using open cut mining methods with low strip ratios, with more than 90% of the current global resource defined within the first 100m Drilling completed to date has only tested the first 1.6km of the approximate 4km of strike along the Main Carheil Graphitic Trend with the SE and NW strike extensions and the recently discovered West Carheil Graphitic Trend still to be drilled. The Company is currently planning an extensional drilling program to further grow the resource base and drill test some of the other high-priority targets which have been identified. The deposit at Lac Rainy remains open to the north and south along strike, as well as down-dip and plunge, indicating significant exploration upside and drill ready targets. | |
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