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Metals Australia intersects graphite in every hole


Published 02-MAY-2019 14:27 P.M.


2 minute read

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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.

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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.

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S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (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 and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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