Mozambi Completes Tenement Deal, Targets Early-October Drilling

Published at Sep 21, 2015, in Small Caps

Mozambi Resources (ASX:MOZ) now has its foot on graphite tenements the size of a small country, and said drilling at its flagship Chiwata prospect would be underway in the first week of October.

MOZ picked up four more tenements in a previously announced deal struck with a local mining company – as previously reported on Finfeed.

It told the market this morning that the addition of the four tenements to its portfolio brought MOZ’s total holdings up to 1995 over 11 tenements.

Crucially, the portfolio addition also doubles the amount of prospects MOZ has to explore for, with the Chidya and Namangale prospects joining the Chiwata and Masasi prospects.

Mapping, trenching, and rock chip sampling has been carried out at the incumbent prospects, which confirmed high-grade jumbo graphite flakes ahead of further drilling.

MOZ will carry out similar work on the new Chidya and Namangale prospects, focusing on known areas of outcropping. A ground electromagnetic survey will also be conducted on the new prospects in coming weeks.

Meanwhile, MOZ said preparations to drill the more advanced Chiwata prospect are gearing up with construction of an access track now complete.

Initial drilling will focus on a 4km strike, which was effectively quadrupled from 1km after a geological mapping and ongoing pitting program.

A ground EM survey is scheduled to start at Chiwata over the coming days ahead of drilling in the first week of October.

The project

The Chiwata prospect lies 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.

Map showing MOZ’s new tenements

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.

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