PLD Corporation (ASXLD) will trade higher today after advising that a new graphite target has been identified at the Rocky Gully Project, which covers an area of 1,200 square kilometres in the Albany Fraser Belt, Western Australia.
A historical mining operation of graphite, including a flake component, operated within the prospective unit. While the historical mining operation will be excised from the tenement upon grant, 70 kilometres of prospective stratigraphy remains to be tested.
Rocky Gully West is host to the F1 graphite target which is reported to have contained flake graphite and appears to have been historically mined with export presumably via the nearby Port of Albany, located within 100 kilometres via sealed roads.
No recent exploration or activities for graphite has been carried out within the tenement area.
To the East of the Rocky Gully project, three other graphite occurrences are reported, while the Munglinup Graphite Deposit contains a previously reported resource 200 kilometres to the north east.
A detailed geochemical and geophysical program is now being planned to further evaluate the graphite potential of the Rocky Gully Project and will commence once the tenement is granted.
The company is primarily exploring for nickel-copper deposits, similar to Sirius Resources' (ASX:SIR) Nova-Bollinger deposit.
Here, PLD has approval for up to 3,000 metres of drilling, which is to commence shortly.
PLD has a market cap. of circa $3.9 million.
LD) will trade higher today after advising that a new graphite target has been identified at the Rocky Gully Project, which covers an area of 1,200 square kilometres in the Albany Fraser Belt, Western Australia.
