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Quantum Graphite Ltd.

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Summary

Project:

Uley

Deposit:Uley 2
Location:Australia
Commodities:Graphite
Date:7/15/2019
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Resource Increase/Upgrade
Report details:15-7-2019: Quantum Graphite Ltd. announces a Resource Estimation report for its Uley 2 deposit at the Uley project. Mineral resource update - 39% increase in total resources. Quantum Graphite Limited (QGL) is pleased to announce the upgrade to the Uley 2
Resources:(Resource, Total): 6.3Mt @ 11.1% TGC at Uley 2
CP/QP:[Resources]: Vanessa O’Toole (Wicklow Resources Pty Ltd.)
ABSTRACT:Quantum Graphite Limited (QGL) is pleased to announce the upgrade to the Uley 2 Mineral Resources estimate (MRE). This upgrade (July 2019 MRE), reported in accordance with the JORC Code (2012), represents a substantial increase to the MRE completed in May 20151 . The Technical Report summarising the work undertaken in respect of the resource estimation is attached to this release. The July 2019 MRE comprises 6.3Mt @ 11.1 % TGC, for 697kt of TGC at a 3.5% TGC cut-off. This includes 5.0Mt @ 11.2% Measured and Indicated material for 560kt of TGC (79% of the total Resource). The deposit was previously constrained by Mineral Resource outlines based on mineralisation envelopes prepared using a 3.5% TGC cut-off. After statistical analysis, the cut-off was adjusted to 2% TGC as this likely represents the break between ‘ore’ and waste. The July 2019 MRE confirms the continuity of mineralisation to the south and underpins the increase in Uley 2 Mineral Resources. Importantly the mineralisation remains open along strike to the south and east and at depth, well within the company’s Mining and Retention leases. As indicated in previous releases, the stronger geophysical response continues to be a significant factor of higher-grade mineralised areas. Future drilling programs are designed to target the extensive geophysical anomalies along the plunging anticline to confirm the presence of conductive graphite layers. The company has not revised the Exploration Target previously announced1 however the July 2019 MRE confirms the continued exploration to the south west and east. The oblique view of Uley 2 set out below displays the main mineralisation envelopes and drilling and clearly illustrates the areas of future exploration.

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