Mozambi Resources extends major discovery at Namangale
Published on: | by finfeed
Mozambi Resources (ASX:MOZ) extended its already major graphite discovery at Namangale in Tanzania to a strike length of 1.2km, and is now aiming to extend it further to 2km.
The ASX-listed company told the market today that an ongoing reverse circulation and diamond hole drilling campaign had extended the effective strike length of the Namangale deposit from 800m to 1.2km.
Intercepts from RC drilling included hits of up to 79m, with diamond drilling including hits of 93.1m.
While assays have yet to be returned, MOZ said mineralisation had been logged as “medium or high grade” with coarse graphite observed.
It also said all mineralisation was either intersected from surface or began at shallow depths.
“The results confirm mineralisation occurs over a very substantial thickness from surface and our early modelling is showing a significant size graphite deposit at Namagale,” MOZ managing director Alan Armstrong said.
The drilling was done to test a large electromagnetic anomaly which was measured at 1.8km in length, with 48 RC holes now done for 2517m. The anomaly strikes to the north east with similar intensity to the areas already drill tested, with MOZ saying this opened up the possibility of further extensions.
To test the theory, Armstrong said further drilling would now be fast-tracked in order to define a JORC resource at Namangale.
It will now aim to undertake two more lines of drilling to expand the potential strike length to 2km, but MOZ said there was a possibility there could be more to the north and south.
In other MOZ news, it took two short holes at its Chidya deposit, with the company reporting large graphite mineralisation being intersected from near surface in both holes.
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.
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.