Syrah Resources (ASX: SYR) is poised to soon reveal news in relation to a drill hole assay result from its wholly owned Balama Graphite Project in Mozambique, with the company granted a trading halt by the ASX today.
The company has been making rapid progress at the project and is set to release first assays following the completion of 15 diamond drill holes in the western portion covering an initial strike length of over 1 kilometre.
The western area of Balama was selected for initial drilling as the mineralisation was expected to be relatively high grade based on the reconnaissance trenches in this area which ranged from 11% total graphitic carbon (NYSEMKT:TGC) in Trench 6 to 23.3% TGC in Trench 2.
Each of the 15 holes, which ranged from 250 to 320 metres in length, began and ended in graphite mineralisation. Every hole, except one, returned graphite mineralisation down the entire length.
Syrah now expects to deliver a substantial maiden Resource for Balama before the end of 2012, compared to the previous estimate of the March quarter 2013.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Thursday 30 August.
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