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Triton Minerals Hits Graphite Averaging 20% At Nicanda Hill

Triton Minerals (ASX:TON) shares are expected to firm at the open following the company intersecting multiple high-grade graphite zones from reverse circulation and diamond drilling at the Nicanda Hill prospect in the Balama North project, Mozambique.

Significantly, all drill holes continued to show substantial visible flake graphite and roscoellite from surface to end of holes, with most open at depth.

These latest drill results continue to provide a platform for a rapid progression and creation of JORC resource at Nicanda Hill.

Diamond and reverse circulation drilling results returned stronger and more continuous graphitic mineralisation to the North, including 10 metres at 19.6% graphite carbon (GrC) within 142 metres at 10.2% GrC.

Multiple high grade zones have now been confirmed by drilling assays over a 3.2 kilometre strike length.

Diamond drill hole (GBND0017) intersected 275 metres of graphite mineralisation from surface, and adding to the potential the hole finished in graphite mineralisation and therefore remains open at depth.

There were also multiple high-grade graphite drill intercepts across the Nicanda Hill mineralisation footprint of up to 25.2% GrC.

Drilling highlights:

- 142 metres continuous at 10.2% GrC (GBNC0034), including 36 metres at 15.2% GrC, and 10 metres at 19.6%GrC;

- 137 metres total at 10.1% GrC (GBNC0026), including 22 metres at 12.6% GrC, and 8 metres at 15.9% GrC; and

- 144 metres continuous at 10.4% GrC (GBNC0029), including 20 metres at 15.5% GrC.

All drill holes continue to show substantial visible flake graphite and roscoellite from surface to end of holes, with most open at depth.

Brad Boyle, managing director, commented: "The continued interception of strong graphitic and vanadium mineralisation on the initial wide-spaced drilling grid reinforces the company's belief that the Nicanda Hill prospect will become one of the world's largest multi-element project.

"Further, the interception of graphite mineralisation of grades up to 25.2%, also continues to validate the extension of the previously identified high grade zones that are present along the entire mineralisation strike length of 4.8kms and can be seen from surface to depths in excess of 400 vertical metres.

"These latest drill results continue to provide a solid foundation for the rapid progression and creation of the JORC 2012 resource at Nicanda Hill."

Drilling program

Triton has now completed around 70% of the current exploratory drilling program on the Nicanda Hill prospect, with 45 reverse circulation drill holes and 23 diamond drill holes finished.

About 30% of the drilling assays have been received, with the remainder to deliver near-term and ongoing newsflow.

Trenching

Costean trenching confirms continuous visible flake graphite and roscoellite at surface over a horizontal width of 220 metres across Nicanda Hill.

Analysis

Triton's latest drilling results intersected multiple high-grade graphite zones at the Nicanda Hill prospect in the Balama North project.

The company's shares are expected to open higher.

Significantly, all drill holes continued to show substantial visible flake graphite and roscoellite from surface to end of holes, with most open at depth.

The results add to the potential that it will become one of the world's largest multi-element projects.

Share price catalysts and news flow appear strong with:

- Initial metallurgical and petrographic testwork on-schedule for completion shortly.

- Only 30% of the reverse circulation and diamond drilling assay results having been received, ensuring strong near-term newsflow.

The company had $4.45 million in cash at the end of June 2014.

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