BlackEarth just hit grades up to 48 per cent at its Maniry graphite project
Exceptional grades of up to 48 per cent graphite from rock samples in an under-explored area will expand the footprint of the BlackEarth Minerals’ Maniry Graphite Project in southern Madagascar.
BlackEarth (ASX:BEM) managing director Tom Revy said the company now had to turn these exceptional drilling results into a compelling business case – “and reward for our shareholders should follow”.
“BlackEarth’s next short-term hurdle is completion of the Scoping Study by the end of this year with the ultimate goal of delivering large flake graphite into the premium market,” he said.
The exceptional assay results came from a number of outcrops within 2km of the 11 million tonne Razafy graphite resource.
56 rock chips were taken — most returned grades of more than 10 per cent total graphitic carbon (TGC), with two results of more than 40 per cent TGC.
These zones of high-grade mineralisation will be systematically explored during the upcoming trenching program at Maniry due to kick off this month.
The results of this program are expected to be reported towards the end of the year.
The BlackEarth share price is currently 12.5c, and has traded between 8.4c and 25c over the past year.
Global production of flake graphite is a long way from meeting demand, which has increased due to its use in fire retardants and in battery technologies for the emerging electric vehicle industry.