Resource at Ancuabe imminent for Triton
The owner of the worlds largest flake graphite deposit, Triton Minerals, is gearing up for 6 months of positive news flow on the back of achieving a number of serious milestones in the first half of 2016.
The company is aiming to complete the DFS on the Balama North project by mid year and produce a maiden graphite resource for the Ancuabe project sometime this quarter. Both projects are in Mozambique.
Triton says its Balama North DFS will now be positively impacted and upgraded with the inclusion of recent drilling results that show massive graphite intersections at its flagship project.
These include 197.5m at 4.6% graphite and 108m at 5.1% graphite with selective zones within the project averaging nearly 13% total graphitic content.
The massive Balama North project already boasts 1.45b tonne grading 11.1% total graphitic content.
As part of the Environmental and Social Impact Assessment, the final Environmental Pre-viability Report and Scope Definition has now been formally submitted to the Mozambique authorities for Balama North.
The company also says it will produce a maiden graphite resource for the exciting Ancuabe project to the east of Balama North in the first quarter of 2016.
Ancuabe excited the market late last year after Triton released some exceptional results from the project showing significant mineralization associated with the holy grail of graphite exploration - jumbo flake graphite.
Every hole in that drilling campaign hit mineralization which was evident over true widths of 100m.
Triton are one of the few graphite hopefuls with a binding off take agreement already in place.
The company says that its 100 000 tonne a year off take agreement with Chinese owned Yichang Xincheng Graphite could be worth up to $100m a year to them.
Importantly, Yichang Xincheng Graphite are an end user rather than a broker which significantly de-risks the deal.
Triton recently received a helping hand from the Australian Federal Government by way of a $460 000 cheque as part of the Government’s Research and Development Tax Incentive Scheme in relation to its 2014 calendar year activities.