MOZ more than doubles strike length at Namangale
Published on: | by finfeed
Mozambi Resources (ASX:MOZ) now thinks its Namangale graphite prospect is “one of Tanzania’s largest graphite deposits” after more than doubling strike length at the project.
MOZ was able to do so as the result of ongoing reverse circulation and diamond drilling at the prospect, having now taken 61 RC holes for 3259m and 326m of diamond drilling.
Better yet, it said, mineralisation remains open in all directions, suggesting follow-up work next year could extend the strike length even further.
MOZ said that the drilling confirmed mineralisation at the project was a flat lying body, commencing near or at surface.
Managing director Alan Armstrong said the latest round of drilling results painted a very pretty picture.
“It is becoming clear to the company that the Namangale discovery is a very large mineralised system and is developing as one of Tanzania’s largest graphite deposits,” he said.
The results from the drilling are now being folded into an expected JORC resource, which is expected back closely after it receives assay results back from the lab.
The positive news has the potential to send MOZ shares higher today, with it recently being given a speeding ticket from the ASX partially because of the buzz being created by Namangale.
The Namangale Prospect is contained in one of the areas picked up by MOZ as part of a deal struck with a local mining company back in September.
It picked up the prospect for an initial $104,000 in cash, with it also picking up three other tenements.
The Namangale Prospect is part of the broader Nachingwea Project in the south east of Tanzania, which is quickly becoming a graphite hotspot in Africa.
A number of resource companies have declared resources nearby, including fellow ASX-listed company Magnis Resources (ASX:MNS), which has a project 60km to the north.
Graphite mineralisation in the province typically occurs in stratigraphic layers of graphitic schist within a package of high pressure metamorphic rocks which make up the Mozambique Mobile Belt.
This belt extends south into Mozambique, and is the belt being tapped by the likes of Syrah Resources (ASX:SYR) and Triton Minerals (ASX: TON), which have both identified graphite deposits of over 1 billion tonnes.