Syrah Resources (ASX: SYR) has been granted a trading halt by the ASX today pending the release of an announcement regarding interim drilling results from its wholly owned Balama Graphite Project in Mozambique.
The company recently intersected almost 288 metres of high grade graphite mineralisation from surface at Balama, with further exploration upside that the mineralised zone is likely to continue for some depth beyond what has been discovered so far.
Drilling is reinforcing the project's high grade nature, with graphite similar in grade to what was previously discovered in overlying trench T5, which averaged 12.7% graphitic carbon.
The graphite flakes also appear to be predominately coarse to very coarse in size, which is extremely promising as coarse flake graphite generally attracts higher sales prices.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Friday 1 June.
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