17th Jul 2014 12:09
LONDON (Alliance News) - Graphite production and exploration company StratMin Global Resources PLC Thursday said exploration results at its Loharano property confirms the presence of a new graphite region at the deposit.
StratMin, which has assets in Madagascar, said four recently excavated pits at the Mahefadok prospect in the northern part of its Loharano property have revealed significant graphite mineralisation at depth.
These pits were excavated over a north-south distance of approximately 70 metres and the company's in-house laboratory analysis of the pit samples included a three metres space at 7.04% total carbon.
The company said the mineralisation occurs roughly 500 metres from two other possible regions, which could mark a possible extension of the find and so StratMin has decided to start a new exploration programme on the Mahefadok prospect and the units to the south to establish the length of the mineralisation.
It said the exploration programme will take place in the coming months and will include geological observations, pitting and trenching, along with possible ground geophysical surveying.
"Our exploration efforts have confirmed the presence of significant graphite mineralisation beyond the Loharano deposit and we expect that the forthcoming systematic exploration will result in the delineation of additional graphite resources," Managing Director Manoli Yannaghas said in a statement.
StratMin shares were up 1.7% to 9.02 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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