Kibaran Upgrades Mineral Resource at Epanko Graphite Project

Kibaran Resources Ltd. (ASX:KNL) announced an upgrade to the mineral resource for its Tanzania-based Epanko graphite project, commenting that a “significant proportion” of the indicated mineral resource has now been moved to the measured category.

Highlights include:

• Mineral Resource estimate for the Epanko deposit has now been upgraded and re-classified as Measured and Indicated (M+I)
• 62% of the Mineral Resource estimate is now M+I which totals 14.5 Mt at 9.8% TGC for 1.4 Mt of contained graphite
• 46% of M + I Mineral Resource estimate classified as Measured
• The Mineral Resource supports the previously announced expanded production scenario which would involve producing 100,000tpa of concentrate over 20 years with no further exploration required
• Upgraded Mineral Resource estimate will be the basis for the BFS which is nearing completion

The company’s press release also states:

The Mineral Resource upgrade and re-classification is based on the increased confidence gained from results of metallurgical testwork carried out on 7 diamond drill holes as part of the Bankable Feasibility Study (BFS).

The BFS remains on schedule and the Company expects to receive the first draft from GR Engineering by the end of June. Kibaran will review the BFS over the month of July, prior to announcing the detail of the study.

It is important to note that a substantial amount of graphite mineralisation exists within the reported Mineral Resource at lower TGC cut-off grades as follows:

• 5% Cut-off grade, a total 89.2 Mt at 7.4% TGC for 6,614,300 tonnes of contained graphite
• 6% Cut-off grade, a total 75.6 Mt at 7.7% TGC for 5,845,200 tonnes of contained graphite
• 7% Cut-off grade, a total 48.3 Mt at 8.4% TGC for 4,070,300 tonnes of contained graphite

Click here to read the full Kibaran Resources Ltd. (ASX:KNL) press release.