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Syrah Resources Ltd.
Summary
| Project: | Balama | |
|---|---|---|
| Deposit: | Balama | |
| Location: | Mozambique | |
| Commodities: | Graphite-Vanadium | |
| Date: | 11/15/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 15-11-2016: Syrah Resources Ltd. announces a Resource Estimation report for its Balama deposit at the Balama project. Reserves increased by 40% since the previous estimation. Syrah Resources (ASX.SYR) is pleased to announce that it has finalised a Mineral | |
| Resources: | (Reserve, P+P): 114.5Mt @ 16.6% TGC for 18.6Mt of flake graphite contained | |
| CP/QP: | [Resources]: Jeremy Witley (MSA Group Pty Ltd.) | |
| ABSTRACT: | Syrah Resources (ASX.SYR) is pleased to announce that it has finalised a Mineral Resource and Ore Reserve upgrade for the Mualia Zone, Balama West, which was completed in accordance with the guidelines of the JORC Code (2012). The Probable Ore Reserve estimated by The MSA Group Pty Ltd (MSA Group) is based on the optimised open pit mine plan for the Mualia Zone, whilst taking into consideration the same mine planning parameters used for the Balama East and West open pits in the Feasibility Study completed by Snowden Mining Industry Consultants in May 2015. Since Inferred Mineral Resources are not used in Ore Reserve estimates, the Probable Ore Reserve is based on, and inclusive of, Indicated Mineral Resources only. The Mualia Probable Reserve estimation, based on the Resource of the same zone (Table 2), is displayed in Table 1. The open pit containing this reserve is 450m wide, 800m long and an average of 100m deep, with a stripping ratio of 1.24:1. The updated Proved and Probable Ore Reserve for the overall Balama Project now totals 114.5 Mt at 16.6% TGC for 18.6 Mt of contained flake graphite. This comprises a 40% increase in the Proven and Probable Reserves of 81.4Mt @ 16.2% TGC previously reported (ASX release dated 29 May 2015). Figure 1 shows a comparison of the Balama Ore Reserves against the published reserves of Australian and Canadian listed graphite companies. Executive Chairman Jim Askew commented: “The significant increase in reserves at Balama adds to what is already a Tier 1 scale graphite deposit. The high grade, simple metallurgy and quality of graphite concentrate it will produce assures that this orebody will have a presence on the world stage for many decades. When Syrah selected an initial scale of production at some 350,000 tonnes per annum of 95% to 99% graphite concentrate and began construction last year, the project design allowed for future expansion capability. Any consideration of future expansion will have to take account of product demand and pricing, thus our present focus will remain to deliver Balama into commissioning Q2 2017 and review expansion possibilities subsequently. | |
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