Its graphite exploration plan holds promise as the Balama North prospect is located close to Syrah Resources' very large and high grade Balama graphite deposits.
The asset is also next to known graphite mineralisations and AMG Advanced Metallurgical Group (NYSE: AMG, AMG) at Ancuabe.
Triton has identified target zones following detailed analysis of the aeromagnetic and radiometric data, as well as regional geology of the North Balama licence.
The results suggest that graphite mineralisation is continued on the North-East trend, extending up from the high grade graphite deposits at Syrah Resources' tenements.
Accordingly, the company has categorised the various target zones into priority levels 1 through 5, with level 1 being the highest priority.
The initial exploration focus will be on the first two levels of targets zones.
The priority targets will enable a cost effective and efficient mapping, trenching and drilling program.
Triton is also undertaking further analysis of the Ancuabe prospects to potentially refine and categorise the identified anomalous zones.
The Company executed a Joint Venture Agreement with Mozambique company Grafex Limitada to acquire the highly prospective land. Grafex is the sole beneficial legal holder of five graphite prospecting license applications, covering approximately 920 square kilometres.
Under the terms of the Joint Venture, Triton can earn up to an 80% interest in the Grafex portfolio of projects over a two year period, earning an initial 49% interest with an exploration expenditure commitment of $0.5 million.
Triton will have to make an investment of $1 million in expenditure commitments to earn the 51% interest in the Project over this two year period.
It will also have to issue up to 15 million ordinary Triton shares to Grafex as well as issue 10 million unlisted Triton options at $0.05 each.
Triton now also has a five kilometre Area of Interest around all Project licenses, which increases its access to the surrounding and highly prospective land previously identified by the aeromagnetic and radiometric data analysis.
Additionally, it also holds the exploration License 5380 at Ancuabe located due west AMG's mining license (granted in November 2012), covering the historic Ancuabe mine.
The Balama North project is close to the high grade and very large graphite deposits held by Syrah Resources. Syrah's share prices have gone up by almost 475% in the last year, from $0.48 a share a year ago to closing at $3.19 yesterday.
The Balama North project is also close to essential infrastructure including electrical supply and communications that will help keep project costs low.
The planned redevelopment and expansion of both the Pemba port and airport facilities will ensure that resource projects such as Triton's are able to advance projects rapidly.
Although early days, there is significant sizzle re-building around Triton as it sketches its exploration plan and the potential of its Balama North prospect given the closeness to Syrah's massive deposits and the relatively puny market value currently attributed to Triton of just $6 million.
There is further upside to Triton's graphite fortunes with the approval of remaining three licences imminent.
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