The Conversation (0)
Syrah Resources Ltd. (ASX:SYR) announced its first quarter results for the period that ended on March 31, 2013. Highlights include the announcement that Balama as the largest known graphite deposit in the world, with Balama West Inferred Resource of 564 Mt @ 9.8% TGC & 0.21% V2O5 at a 5% cut off.
Highlights:
- Announcement of the Balama West Inferred Resource of 564 Mt @ 9.8% TGC & 0.21% V2O5 at a 5% cut off, with the combined high grade zones alone making up an Inferred Resource of 157 Mt @ 17.1% Total Graphitic Carbon (TGC) & 0.43% V2O5 at a 5% cut off
- Balama is the largest known graphite deposit in the world and will grow significantly once a resource is calculated for Balama East (exploration target of 300-400 million tonnes at 11% TGC). Mineralisation remains open in all directions
- The Ativa Zone at a grade of 21% TGC is amongst the highest grade deposits recorded for flake graphite globally
- The Balama Scoping Study results are anticipated to be announced within 2 weeks. Also, the Balama East resource is anticipated to be announced within 2-3 weeks.
- Completion of 8,800 m of aircore drilling at Fungoni mineral sands prospect has led to an Exploration Target of 5 to 10 Mt @ 4-6% Heavy Minerals. Preliminary analysis shows high concentration of zircon and rutile
- On Syrah’s northern Tanzanian Mineral Sands tenement block, a 4,584km aeromagnetic survey and reconnaissance field work confirmed that there are extensive medium to high grade heavy mineral accumulations with high tonnage potential particularly in the zone from South Tanga to Tajiri – a distance of 60km
- Preparations are underway to spin out the mineral sands portfolio into a separate vehicle to be listed on the ASX.
Click here to read the Syrah Resources Ltd. (ASX:SYR) press release
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