Infill drilling at the Razafy resource, which included 600m of geotechnical drilling has been completed at BlackEarth’s Maniry Graphite Project in southern Madagascar, where mineralisation has been identified below current pit levels.

Hits of 10.5m at 8.97% TGC from 22m and 9.3m at 9.19%TGC from 54.7m have been described by the company as an integral component of the Maniry definitive feasibility study (DFS) due for completion in mid-2022.

The DFS base case currently includes the Razafy and Razafy Northwest resources, though ongoing drilling has the potential to identify further high-grade resources at depth and along strike at Razafy NW.

This could in turn deliver improvements to both net present value and internal rate of return, both measures of a project’s profitability. Very attractive updated project financials were recently announced: NPV US$230M and IRR 86%.

Maniry currently has an Indicated resource just shy of 10 million tonnes grading 7.7% total graphitic carbon, or 758,000t of contained graphite.

That’s a lot of graphite: Data to facilitate resource update

BlackEarth (ASX:BEM) managing director Tom Revy said the importance of consistency in product to off takers through final metallurgical variability test work will be demonstrated shortly.

“This data will be used in the development of the company’s Measured resource expected to be announced in coming months,” he said.

“The Razafy resources sit within the BEM’s granted 40-year mining lease and within the project’s exploration target of 260-380Mt at 6-8%TGC.”

Looking ahead

Revy highlighted that while assays have been received for two holes – RAZ13-13 and RAZ 13-25, the identification of continuing graphite mineralisation at depth across both Razafy lenses has the potential to materially add to the project’s mine-life.

Modelling and data interpretation has kicked off with a measured resource expected to be produced in coming months.

The completed program is expected to add a material increase to BEM’s inventory resource.




This article was developed in collaboration with BlackEarth Minerals, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.