Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Quantum Graphite (QGL) has announced further details in relation to the Uley 2 Mining Study and Ore Reserve Estimate
  • This Ore Reserve Estimate represents the last of the main studies required for finalising the Definitive Feasibility Study for the Uley Graphite Project
  • The total Ore Reserve Estimate is 4003 tonnes at a graphitic carbon grade of 11.89 per cent
  • Quantum also reported on its estimated total costs for the operations at Uley 2, which will be roughly $20.3 million
  • The company will begin considering project funding proposals for Uley 2 once it has secured sufficient off-take arrangements
  • Company shares are down 21.5 per cent today and are trading at 5.1 cents each

Quantum Graphite (QGL) has announced further details in relation to the Uley 2 Mining Study and Ore Reserve Estimate.

This Ore Reserve Estimate represents the last of the main studies required for finalising the Definitive Feasibility Study for the Uley Graphite Project.

The project is located in Uley which is 23 kilometres southwest of of Port Lincoln on the Eyre Peninsula in South Australia. The mine, however, has been under care and maintenance since production halted in the early 1990s.

Historically, the open-cut mine was capable of producing up to 14,000 tonnes of graphite concentrate annually.

Uley 2 sits within the greater Uley Graphite Project and consists of five tenements which Quantum has a 100 per cent interest in.

Further details build on the solid economics of Uley 2 which is expected to deliver lower quartile operating costs compared to similar mineral assets.

The total Ore Reserve Estimate is 4003 tonnes at a graphitic carbon grade of 11.89 per cent.

The optimisation for the pit design and mine plan was undertaken on material exclusively classified as Measured and Indicated Mineral Resources, on a 3.5 per cent TGC cut-off.

No material classified as Inferred Mineral Resource was utilised for the pit design or mine plan.

The process plant will accept run-of-mine ore and liberate graphite particles through crushing and grinding. The flotation and polishing sections will be the critical processing functions for recovering graphite, upgrading the graphite flake to maximise purity, and maintaining coarse flake size as much as possible.

Quantum also reported on its estimated total costs for the operations at Uley 2, which will be roughly $20,299,369.

The operating costs estimate for processing the graphite ore ($5,030,000) is based on treating 500,000 tonnes per annum of ore to produce 55,000 dtpa of saleable flake concentrate.

Quantum expects to begin consideration of project funding proposals for Uley 2 once it has secured sufficient off-take arrangements to support future sustainable operations.

Company shares are down 21.5 per cent today and are trading at 5.1 cents each at 1:34 pm AEDT.

QGL by the numbers
More From The Market Herald
Reach Resources (ASX:RR1) - Non Executive Director, Matthew O'Kane

" Reach Resources (ASX:RR1) set to acquire Critical Elements

Reach Resources (RR1) has entered a conditional Binding Heads of Agreement (HoA) to acquire all the shares in exploration company Critical Elements.
American Pacific Borates (ASX:ABR) - CEO, Henri Tausch (right)

" American Pacific Borates (ASX:ABR) further progresses US listing

American Pacific Borates (ABR) has further progressed its listing on Nasdaq exchange, expected in early 2022.

" Artemis Resources (ASX:ARV) reports “impressive” gold and copper findings

Perth-based explorer, Artemis Resources (ARV), has announced reportedly high-grade gold and copper shoots at its Carlow copper-gold prospect in WA’s Pilbara region.

" Kingwest Resources (ASX:KWR) extends Sir Laurence gold discovery

Kingwest Resources’ (KWR) Sir Laurence gold discovery, located within its Lake Goongarrie Project, has grown to over a one-kilometre strike length.