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Bass Metals (ASX:BSM) - CEO, Tim McManus (left) & Executive Director, Peter Wright (right)
CEO, Tim McManus (left) & Executive Director, Peter Wright (right)
Source: Finance News Network
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  • Emerging mineral concentrates producer Bass Metals (BSM) has found further evidence of large flake graphite (LFG) at its Graphmada project, giving investors hope of an expanded mineral resource
  • Bass conducted a shallow auger drilling program in the highly prospective Mangabe area of the Graphmada mining complex
  • While actual assay results are still pending, there was visual evidence of “extensive and pervasive” regolith-hosted LFG mineralisation in 14 of the 15 holes drilled
  • The company will further probe the site with a diamond drilling program to support the material expansion of the project’s mineral resource
  • Bass Metals is trading 33.3 per cent higher off the back of the good news, with shares priced at 0.4 cents each

Emerging mineral concentrates producer Bass Metals (BSM) has found further evidence of large flake graphite (LFG) at its Graphmada project in Madagascar, giving investors hope of an expanded mineral resource.

A complex situation

Bass conducted a shallow auger drilling program in the highly prospective Mangabe area of the Graphmada mining complex.

Mangabe lies between known LFG deposits at Mahela and Loharano, with a recent surface exploration program revealing several promising targets across 4.5 kilometres strike.

The company subsequently initiated the drilling program at the Mangabe site, consisting of 15 auger holes to a depth of 10 to 12 metres.

While actual assay results are still pending, there was visual evidence of “extensive and pervasive” regolith-hosted LFG mineralisation in 14 of the 15 holes drilled, giving the company substantial hopes of expanding the Graphmada mineral resource.

Next steps

The company will now expand upon the shallow auger drilling with a diamond drilling program to support the material expansion of the project’s mineral resource.

Once assay results are received from both programs, BSM will add them to the already substantial mineral resource estimate for the greater Graphmada mining complex.

The company believes there is significant value for shareholders in the expansion of Graphmada, given the project’s history of producing high-quality concentrates which are largely free of impurities — as evidenced by an unblemished sales record with zero penalties or rejections to date.

The Mangabe site also has considerable logistical upside, as it is located just two kilometres from the mining and processing infrastructure at Loharano, and sits next to the highway which runs to Bass’ Tamatave warehouse and logistics centre 110 kilometres to the north.

CEO Tim McManus says the Mangabe site has shown great initial promise.

“Mangabe is an exciting prospect for the company,” he enthused.

“We will continue to drill this project with the aim to determine the true extent of the project, as it remains open in all directions.”

Bass Metals CEO Tim McManus

The company will provide further updates as the assay results from the auger drilling become available.

Bass Metals is trading 33.3 per cent higher off the back of the good news, with shares priced at 0.4 cents each as at 3:30 pm AEST.

BSM by the numbers
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