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Triton Minerals Intersects Monster 316m Of Graphite At Nicanda Hill

Triton Minerals' (ASX:TON) drilling continues to demonstrate the world class potential of its Balama North graphite project in Mozambique, intersecting 316 metres of cumulative width of graphite mineralisation in one hole at the Nicanda Hill prospect.

Notably, the diamond hole finished in graphite mineralisation and remains open at depth.

The mineralisation appears visually similar to graphite schist intersected in previous diamond drilling on the prospect, which could potentially host between 480 million tonnes (Mt) and 800Mt of graphite carbon mineralisation.

Graphite mineralisation at Nicanda Hill has now been intersected over a strike length of 1.75 kilometres between drilled holes and trenches.

"This diamond drill hole has again confirmed the world class potential of the Balama North project," managing director Brad Boyle said.

"To intercept an astounding 316 metres cumulative width of graphite mineralisation in a single drill hole and this mineralisation remains open at depth is a very exciting result.

"The potential of the Nicanda Hill prospect continues to rapidly expand as the drilling has already identified exceptional graphite widths and extents. The extents of the graphite mineralisation intersected in drilling, continues to correlate well with the zone of high electrical conductivity defined by the VTEM survey data.

"If Triton is able to show continuity of graphite mineralization in this zone then this project could establish new benchmarks for world-class graphite deposits.

"The next question for Triton is just how big will the graphite mineralisation zone at Nicanda Hill prospect become, as true extent of this zone is yet to be fully drill tested and realised?"

Reverse circulation and diamond drilling is continuing at the Nicanda Hill prospect.

This is expected to provide the data needed to estimate a Resource for this prospect by early 2015.

Drilling Details

The latest drill hole at Nicanda Hill indicates the mineralised zone is likely to deepen beyond the 316 metres, further northeast where the zone is open.

This is based on oriented diamond core from previous drilling and the most recent GBND0001 that shows the graphite schist generally dips to the northwest with local folding evident.

Horizontal width of the graphite mineralisation at surface is 750 metres and remains open to the northwest.

Triton has completed nine reverse circulation holes and one diamond hole in the current program, which has expanded the depths and width of the defined graphite mineralisation zone on the Nicanda Hill prospect, with the zone remaining open to the north, south and west.

Results to date continue to correlate well with the VTEM survey data.

Inversion modelling of the VTEM data interpreted the graphite mineralisation to extend beyond 150 metres depth below surface.

This is supported by the deep intersection of graphite mineralisation in GBND0001, which exceed the company's original target expectations.

In addition, the company is yet to drill on of the ridge of Nicanda Hill, which has an elevation of more than 50 metres above the collars of the drilled holes.

Drilling at Nicanda Hill is designed to test the width and potential continuity of the interpreted graphitic zone as suggested by the conductive zones identified in VTEM survey.

Triton is looking to extend the known extents of the graphite mineralisation on the Nicanda Hill prospect with further drill testing of the 5 kilometre long high electrical conductivity zone defined by the VTEM survey data.

Analysis

The one drill hole GBND0001 at Nicanda Hill was a monster graphite intercept. On this alone, the stock should open markedly higher and be value accretive to Triton's market value in the medium term.

Were this to continue it begs the question: could it alone become one of the largest graphite deposits?

Ongoing drilling is expected to define various continuous high grade graphite mineralised zones at Nicanda Hill, so the odds look promising.

This can be seen by the Inferred Resource of 103 million tonnes at 5.52% graphitic carbon, the fourth largest deposit by gross tonnage globally, at the Cobra Plains prospect.

Ongoing diamond drilling will provide further share price catalysts and it is likely that the exploration target of 480Mt and 800Mt at Nicanda Hill may prove conservative.

Another key catalyst is the expected estimation of a Resource for this prospect by early 2015.

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