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Triton Minerals Off To Encouraging Start With 60 Metre Graphite Intercept

Jul. 29, 2013 10:17 PM ET
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Triton Minerals (ASX: TON) has encountered significant graphite mineralisation in the first drill line at the Balama North project in Mozambique located near the world class high grade graphite deposit held by Syrah Resources (ASX:SYR), with a 60 metre intersection.

Drill core will be formally analysed to confirm the visual estimates.

Early visual comparisons suggest that the graphitic mineralisation located in Target 1 Area show a number of similar characteristics to mineralistion found at Syrah's world class high grade graphite deposits located at Balama.

Syrah has recently announced that their Balama deposits have an Inferred Resource of 1.15 Billion tonnes containing 10.2% of Total Graphitic Carbon and 0.23% of Vanadium.

Triton commenced a reverse circulation drilling program on License 5365 in mid July 2013, in order to test the width and continuity of a zone of graphite identified and showing in a minor creek to the north of License 5365.

Triton managing director Brad Boyle said, "This is an exciting start to the drilling program.

These initial results have exceeded our expectations; given this was the secondary target on the program, behind the 3.75kms of extensive graphitic outcropping identified in the north east portion of Target 1 Area."

Target 1 is the same area where the original graphitic mineralisation outcropping, with a strike length of around 3.75 kilometres was located, with the area also hosting the additional outcropping over a strike length of around 100 metres.

Triton has now completed six drill holes on Line 3, with encouraging intersections of graphite bearing rocks. Drill hole TMBC0005 intersected multiple zones containing graphite for a cumulative drilled width of 61 metres.

Triton estimates the drill core has an approximate weighted average of 5% graphite based on visual graphite abundance estimations and 2% estimated graphite cut off.

The adjacent drill hole TMBC0006 intersected similar geology for a cumulative drilled width of 50 metres.

Triton estimates the drill core has an approximate weighted average of 4.9% graphite based on visual graphite abundance estimations and 2% estimated graphite cut off.

Drill core will be formally analysed.

Initial interpretation of these drill results indicate that the graphitic mineralisation zones appear to become thicker the further west.

Additional drilling is required along the extension of drill line number 3, to further test and better understand the width, depth and direction of this graphitic mineralisation zone.

Triton said it is very is encouraged by these preliminary results, given recent graphitic outcropping discovered in a small creek near drill line number 1, which is located approximately 2.2 kilometres to the north east of drill line number 3.

It is looking to demonstrate the graphite continuity over a 3 kilometre strike length with the use of the four planned drill lines.

Triton also notes heading in a south west direction along the sub-structure there is another 1.5km of land before reaching the next license boundary, which subject to the current drilling results could also be drilled to test the strike continuity of the graphite.

The graphitic mineralization style in the drill holes appear to be consistent with that found in the 3.75kms strike of graphitic outcropping located near Narcanda and is situated approximately 4.5 kilometres to the north east on the same sub-structure as that of drill line number 3.


These initial drill results are significant given that Syrah's Balama graphite deposits are located a short distance to the south west of the graphitic mineralization zones which were highlighted with drill line number 3.

These results support the company's original interpretation and suggest that the graphitic mineralisation has developed along the same sub-structure which extends in a north-east direction from Syrah's Balama high grade graphite deposits.

Thus, providing Triton further confidence in the prospectivity of the Balama North project and the potential to locate high grade graphitic mineralisation.

Given the robust results in the last two holes on drill line number 3, additional preparation work is now under way to extend this drill line in a north westerly direction.

Whilst this preparation work is being completed on drill line number 3 the RC drill rig was moved up to and has now commenced work on drill line number 2, located approximately 900 metres to the north east. Again, this new drill line will be testing the strike length of this graphitic mineralisation zone.

The current exploration and drilling program is being carried out on the granted License 5365, which has been approved by the Mozambique government agencies and by local stakeholders. This program is the first known drill testing for graphite on License 5365.

Up to 32 drill holes spaced approximately 50 metres apart on drill lines spaced between 0.9 and 1.2 kilometres are planned to delineate the graphite zone. The holes are designed to drill with a nominal 60 degree dip toward the southeast to intersect the graphitic units with an interpreted northwesterly dip.

The program is expected to be completed by mid-August and analytical results are anticipated late September. All maps and cross sections are shown using the WGS84 spheroid and datum in Zone 37 South and drill holes are located using hand held GPS units.

Triton cautioned that the true width of the graphite-bearing zones can not be accurately determined at this initial stage of drilling and the estimates of graphite content made during qualitative logging by geologists in the field and therefore should be considered speculative in nature.

Drill samples are currently being collected for all intersected graphite zone and for geochemical analyses to quantitatively determine graphite content and other geochemical characteristics rocks.

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