Triton Minerals (ASX:TON) shares are up again today to an intraday high of $0.16, bringing gains over the last month to more than 80%, as it continues to progress its Balama North graphite project in Mozambique.
Triton shares were trading at $0.088 in early May, and last traded at $0.155.
The potential of Triton's Nicanda Hill prospect at Balama North has continued to rapidly expand after recent reverse circulation drilling intersected a massive 220 metre intersection from surface .
Based on surface mapping and drilling the mineralised zone is likely to continue for some depth beyond the 220 metres.
Nicanda Hill prospect could potentially host between 480Mt and 800Mt of graphite carbon mineralisation.
Chairman Alan Jenks had late last month noted the drilling results to date were just the start towards unlocking the potential of this very large world class graphite project, which is yet to be fully demonstrated and realised.
He added the company believed that Balama North could host multiple, very substantial world class graphite deposits.
Should the drilling program confirm the continuity of the graphite mineralisation throughout the prospect, then Nicanda Hill has the potential to be a monster deposit.
The next key price catalysts for Triton are results from the current diamond drilling program testing the full depth of the mineralisation zone, which are expected by the end of June 2014.
A JORC Resource for Nicanda Hill is anticipated by early 2015.
There is a massive exploration target of 730Mt to 1,200Mt for Triton's Nicanda Hill, Charmers and Black Hills prospects, and the company is still capitalised at a modest $36 million.
Look at the boxes checked by Triton at its Balama North Project:
- 103Mt Inferred Resource at Cobra Plains Graphite Deposit (Fourth Largest by tonnage globally);
- Multiple high grade large flake graphite and vanadium mineralisation zones identified throughout the Balama North Project;
- 10 kilometres strike of high grade flake graphite and vanadium mineralisation located at Cobra Plains Deposit and Nicanda Hill prospects;
- Nicanda Hill potential to become substantial, high-grade flake graphite deposit;
- High grade large flake graphite also identified at Ancuabe Project;
- Predicted strong future global demand for flake graphite and vanadium; and
- Lowly valued against peers: potential re-rating upside.
Is it any wonder Triton shares are flying?
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