Metals Australia intersects graphite in every hole
Metals Australia Ltd (ASX:MLS) has provided a promising update on the progress achieved with its maiden diamond drilling program at the company’s 100%-owned Lac Rainy Graphite Project in Quebec, Canada.
The company has continued to intersect near surface multiple wide high-grade graphite flakes with graphite intersected in every drill hole.
Metals Australia has successfully completed a total of fourteen drill holes to date.
The three additional drill holes which have been completed recently, have focused on the central portion of the strike extension to the north-west of the high-grade Lac Carheil prospect.
To date, the drilling has tested a total of one kilometre of strike at Lac Rainy, and given that graphite has been intersected in each hole, MLS is confident there is continuity of mineralisation at depth for more than one kilometre along strike.
The image below illustrates the semi-massive graphite flakes mineralisation intersected in DDH LR19-12 which intersected a zone of graphite mineralisation over a width of 26.6 metres graphite mineralisation (apparent thickness) at a depth extending from 3 metres to 29.6 metres.
Aiming to join all three zones
The Lac Rainy Graphite Project covers an area of more than 4,600 hectares representing 88 mineral claims and is contiguous with Focus Graphite’s property to the south-west, which hosts the Lac Knife Graphite Deposit, containing a Measured and Indicated Resource of 9.6 million tonnes at 14.77% Cg (contained graphite) and an Inferred Resource of 3.1 million tonnes at 13.25% Cg at a 3.0% Cg cut-off.
With a view to uncovering another large resource, Metals Australia will continue its exploration program with additional drill holes being positioned in the Western Carheil Graphite Zone.
The Phase II diamond drilling program at Lac Rainy will expand on the Phase I diamond drilling campaign with holes planned in the Central Carheil Graphite Zone with the objective being to join all three zones together, while also focusing on the depth potential and further strike extensions.
The drilling continues to affirm management’s belief that Lac Rainy is host to a potentially world-class high-grade natural flake graphite deposit.
Upcoming catalysts include the results of assays that are currently being laboratory tested.
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.