Black Rock to pick up another asset

Published at Oct 13, 2015, in Mining

Shareholders of Black Rock Mining (ASX:BKT) could know as soon as Wednesday which asset BKT has gone to market for.

It filed a trading halt request with the ASX in intraday trade today, saying that it was on the verge of an asset acquisition.

“The company is in the process of finalising an asset acquisition and the trading halt is requested until an announcement is made to the market,” it said.

It said the announcement should be made before the start of trade on Wednesday, with the ASX agreeing to the request for a halt.

News of a potential acquisition could add further excitement for the ASX-listed graphite player, which recently got a bump on the back of promising drill results at its flagship Mahenge tenure in Tanzania.

Late last week it announced the results of its latest drilling and confirmed its plans to have a maiden JORC resource in the bag by the end of the year.

It received assay results back from drilling at the Ulanzi prospect, with nine holes out of 17 returned with hits including:

  • 92m @ 8.5% total graphitic carbon (TGC) including 12m @ 14% TGC
  • 52m @ 10.4% TGC including 8m @ 13.81% TGC
  • 32m @ 9.25% TGC including 10m @ 16.32% TGC

The assay results mean 1000m of the strike drill tested so far is consistently grading at about 10% TGC.

BKT said the remaining assays could be returned by the middle of this month.

The results from the initial nine holes were enough for BKT to confirm that it would drill another 30 holes into the Ulanzi prospect by the end of the year, with drilling due to start late this month.

News of the potential acquisition has the potential to add longer-term prospectivity to the menu for BKT, with the remaining assays, further Ulanzi drilling and the JORC resource estimate to fill news flow for the rest of 2015.

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