Fourth High Grade Graphite Discovery At Springdale Graphite Project – ‘Mason Bay’

International Graphite Limited (ASX:IG6) (IG or the Company) has received assays for the first 15 reverse circulation (RC) drill holes at the previously undrilled exploration target Mason Bay (formerly known as SDE_1) approximately 2km east of the existing Springdale Mineral Resource (see Figure 2).

HIGHLIGHTS

• Assays for 15 reverse circulation (RC) drill holes show strong graphite results from a previously undrilled exploration target Mason Bay (formerly SDE_1) located ~2km east of the existing Springdale Mineral Resource (refer Figure 1 and Table 3).
• Flotation work on samples from Mason Bay show 95%+ graphite concentrate and recoveries exceeding 93%.
• A total of 60 RC holes completed at Mason Bay for ~5,056m. Average hole depth 84m.
• Standout assay results¹ for the first 15 holes assayed include:
  • 15m @ 11.3% Total Graphitic Carbon (“TGC”) from 38m downhole (SGRC0075).
  • 16m @ 11.7% TGC from 13m downhole (SGRC0076).
  • 6m @ 13.3% TGC from 31m downhole (SGRC0076).
  • 19m @ 8.4% TGC from 55m downhole (SGRC0076).
  • 9m @ 17.3% TGC from 33m downhole including 4m @ 29.3% TGC from 34m downhole (SGRC0077).
  • 5m @ 9.7% TGC from 82m downhole (SGRC0077).
  • 2m @ 9.2% TGC from 59m downhole (SGRC0078).
• Drilling has now been completed with a total of 12 diamond and 261 RC infill and exploration holes drilled since June 2022 for ~20,465m.

International Graphite Managing Director and CEO Andrew Worland said: “Mason Bay is our fourth discovery since we started drilling at Springdale in mid-2022. The fact that it is so close - only 2km east of the existing Springdale mineral resource - makes it particularly exciting.

“Initial flotation tests on samples from Mason Bay drilling² demonstrate that it is ideal for producing high grade graphite concentrate with excellent recoveries.

“This reinforces our confidence that Springdale, including Mason Bay, has all the attributes necessary for a highly competitive concentrate operation -- consistent, shallow mineralisation, with high grade graphite zones and outstanding flotation characteristics.

“We expect to revise the mineral resource estimate for the Springdale Graphite Project as soon as we have the remaining assays for both Springdale and Mason Bay.

“We also see significant opportunity for more graphite discoveries at Springdale in the future. Anomalies to the north of the existing mineral resource (see Figure 2) cover an area similar in size and are yet to be tested.”

Figure 1: Location of International Graphite projects

Figure 2: Airborne electromagnetic survey (AEM) image showing conductive material in relation to resource areas and new targets at the Springdale Graphite Project

The drilling program at Mason Bay consists of 60 RC drill holes for approximately 5,056 metres. It is one of seven high priority exploration targets identified by the airborne electromagnetic (AEM) survey.

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