Mozambi hits major graphite discovery
Published on: | by finfeed
Mozambi Resources (ASX:MOZ) has found a major new graphite discovery at its Namagale prospect in Tanzania, with mineralisation occurring from surface and intercepts measuring at up to 100 metres.
MOZ has been drilling the Namangale prospect in order to test an 1800m electromagnetic anomaly consistent with graphite schists.
It drilled a total of 12 holes at the prospect, with large intercepts of up to 100m hits.
These included hits of 100m, 94m, 75m, 73m, 47m, and 35m over an area measuring 960m in width.
While assays are due back in a month, MOZ said the majority of mineralisation was logged as medium and high grade with coarse flake graphite.
Better yet, it said, the mineralisation occurred from surface.
“The results confirm mineralisation occurs over a very substantial thickness from surface and is coincident with the large EM anomaly defined by a survey conducted earlier in October,” managing director Alan Armstrong said.
“The width and thickness of the mineralisation shows the Namangale Prospect hosts a very large amount of graphite mineralisation.”
He said further drilling at Namagale would now be fast-tracked in order to prove up a large JORC-compliant resource “in the coming months”.
The drilling program will focus on an area 400m to the north east, while diamond drilling will also firm up the coarse nature of the graphite mineralisation hit.
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.