ASX-listed Quantum Graphite has delivered a solid lift to its graphite resources on the Eyre Peninsula in South Australia. Recent drilling near its hefty 6.3 million tonne Uley 2 resource grading 11.1 per cent total graphitic content, or “TGC” has now defined an additional 0.9Mt going 6.6 per cent TGC at its newly delineated Uley 3 deposit. Mineralisation at Uley 3 remains open at depth and along strike in two directions, according to the company.
The two deposits now combine for a serious 7.2Mt at 10.5 per cent TGC for some 757,000 tonnes of contained TGC.
Quantum says the maiden resource at Uley 3 confirms continuation of mineralisation to the east of Uley 2.
The drilling at Uley 3 targeted a previously identified geophysical anomaly known as the ‘Eastern Conductor’. The new Uley 3 resource lies along strike in a northerly direction from drilling undertaken in 2015 along the Eastern Conductor.
Extensive geophysical survey data and structural information from the 2015 drilling was a key factor in determining the locations for the drilling that delineated the Uley 3 resource, according to the company.
Drill hits from the Uley 3 resource drilling include 10.7 metres grading 12.8 per cent TGC, 7.5m at 10.0 per cent TGC and 4.5m going 12.4 per cent TGC.
Quantum has been using geophysical conductive anomalies, such as the Eastern Conductor, as a guide for locating potential graphite mineralisation at its 100 per cent owned landholding. The successful drilling at Uley 3 appears to validate the company’s exploration model.
Uley 2 and Uley 3 both lie in the northern end of Quantum’s tenure along a primary electromagnetic target defined by the company – the “Uley horseshoe structure”.
Quantum says the structure is one of several “mineralised lenses” identified at its acreage through regional and local geology and interpretation of key data, including surface electromagnetic conductivity and total magnetic intensity data.
According to the company, stronger geophysical responses are a key cog for locating higher-grade mineralised areas and an effective method for designing drill programs to confirm the presence of conductive graphitic layers.
Curiously, Quantum appears to have identified several other primary electromagnetic targets at its landholding, with some seemingly larger than the Uley horseshoe structure.
A recent research report by the International Energy Agency, an independent energy policy advisor for governments around the world, concluded that by 2040 demand for graphite could, incredibly, soar by as much as 2,500 per cent as the world transitions toward a clean energy future.
Quantum already boasts plenty of graphite at Uley 2 and Uley 3 and with multiple priority targets yet to be tested, the Melbourne-based explorer could end up with even more.
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