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- Metals Australia (MLS) has reported its maiden JORC resource at the Lac Rainy Graphite Project in Quebec, Canada
- The resource is estimated to sit at 13.3 million tonnes at 11.5 per cent total graphitic carbon (TGC)
- The mineral resource at the project has provided significant potential for the development of a long life, high-grade graphite operation
- Past drilling completed at Lac Rainy has only tested 1.6 kilometres of the four-kilometre strike
- Director of Metals Australia, Gino D’Anna, says the maiden resource estimate shows the efforts the company has put into the project, over the last 18 months
- Metals Australia is up 100 per cent on the market this morning, selling shares for 0.2 cents each
Metals Australia (MLS) has reported its maiden JORC resource at the Lac Rainy Graphite Project in Quebec, Canada.
The mineral resource and Ore Reserves are estimated at 13.3 million tonnes at 11.5 per cent of total graphitic carbon (TGC), with an indicated and inferred for 1.529 million tonnes of contained graphite, using a five per cent THC cut-off.
The mineral resource at the project has provided significant potential for the development of a long life, high-grade graphite operation.
Past drilling that has been completed at Lac Rainy has only tested 1.6 kilometres of the 4 kilometres strike. Metals is planning an extensional drilling program to further grow the resource base and to test high priority targets.
Director of Metals Australia, Gino D’Anna, says the maiden resource estimate shows the efforts the company has put into the project, over the last 18 months.
“When we acquired Lac Rainy, it was a greenfield exploration project. Today, Lac Rainy possesses a significant high-grade resource which remains open along strike
as well as down-dip and plunge, indicating significant exploration upside,” he said.
Lac Rainy is located in northern Quebec approximately 20 kilometres south
of Fermont and 10 kilometres northeast of another graphite project, Lac Knife.
A detailed metallurgical and mineralogical test work on Lac Rainy is being undertaken by SGS Canada and is expected to be completed shortly.
“This will be the catalyst for the company to commence its first round of product specification test work, including spheronization test work and electrochemical exfoliation test work,” Gino said.
“We will then build this into a scoping study and commence our graphite marketing program,” he added.
The company believes Lac Rainy has the potential to deliver attractive economics due to its size, high grades and surface outcrop.
Metals Australia is up 100 per cent on the market this morning, selling shares for 0.2 cents each at 11:11 am AEST.
