Syrah Resources (ASX: SYR) has been granted a trading halt by the ASX pending an announcement on assays from its wholly owned Balama Graphite Project in Mozambique, with the company placed in pre-open.
The company recently demonstrated saleable grades of graphite from the project through initial metallurgical testwork.
Results showed grades in excess of 95%C at recoveries up to 87% of contained carbon. Importantly, the grade has the potential to be further enhanced into a very high grade product in excess of 97%C.
Balama has already differentiated itself from graphite deposits in Canada, Europe and Australia through its large tonnage potential, high grade and coarse flake size, which is being revealed through exploration and metallurgical work.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Thursday 19 April.