Black Rock Mining declares largest resource in Tanzania
Black Rock Mining (ASX:BKT) has declared it has the biggest JORC graphite resource in Tanzania and the highest grade flake in the country.
Releasing its maiden JORC resource for its Mahenge project in Tanzania today, the company said that as a result of drilling over six months, it was able to declare a maiden resource of 131.1 million tonnes at an average grade of 7.9% total graphitic carbon.
It said that this makes it the fourth largest graphite resource in the world, as well.
About 40% of the total resource is within the higher ‘indicated’ category, with the rest falling in the less sure ‘inferred’ category.
The resource also contains a high-grade portion of 37.6Mt @10.2 TGC, or 16.6Mt @11.1% TGC.
This, BKT told investors, opens the possibility of an earlier payback period once production gets underway.
“The large Mahenge mineral resource offers significant flexibility for potential development into a long life (+30 year) mining operation,” it said in a statement.
“It has potential to be mined from multiple zones at low strip ratios, high-graded to accelerate capital payback in early years and can be scaled up in the future due to the large resource.”
The company has yet to undertake a pre-feasibility study on the project though, with it telling shareholders that it is slated to release a scoping study next month with a PFS due some time after that.
Paying homage to the company’s exploration team and shareholders, BKT chairman Steven Copulos said that the JORC resource was justification for its strategy.
“This large-scale maiden resource is an excellent outcome for Black Rock Mining shareholders and justifies our commitment to explore the Mahenge region,” he said.
“The large resource with significant higher-grade portions and straightforward metallurgy are the key building blocks for the current scoping study.”
But while the company will move into scoping study and PFS mode, the drillbit won’t stop for BKT.
Over April and May it is planning on testing the eastern flank of Ulanzi, the flagship deposit, to define additional zones.
It is hoping to move more resource from the ‘inferred’ category to the ‘indicated’ by doing so – saying that while the overall resource would go up as a result of the drilling the main aim of the drilling would be to shore up its reserve.
BKT also said that it would focus on finding near-surface high-grade targets.
Short-term positions in small, early stage ASX companies,
with high potential and near term price catalysts.
Focusing on resource exploration, early-stage tech, and biotech.
Exceptional opportunities across a broad range of
early-stage growth sectors with strong management.
Seeking 1,000% plus returns across medium to long-term holds.
Longer-term positions in a variety of sectors.
Seeking strong management where traction is established and have entered into a growth phase.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.