Ann: First phase of drilling completed at Koppio Graphite Deposit, page-2

Drilling at Koppio completed!

Some of my observations.

As I understand it the previous drilling was based upon an airborne Electromagnetic study.
After going over the Kookaburra Gully Extended drill results recently it dawned on me that previous management, thought it easier to drill holes, rather than get a more accurate ground based survey.
I am personally in the get better data, before you drill camp!
Time and time again this has proven to save money.
So well done current management for spending money on the recent ground based EM survey.

As mentioned in one of my previous posts the Koppio deposit remains open to the north and south
"From this graphic here you can see that there entire EM Signature and target drilling area is over 1KM in length But to date only around 500m of the Koppio deposit has been minimally tested. Another 200m of prime target lies to the south, and probably to a lesser degree another 300m to the north, where the graphite lens is thinner."
So excellent to see the focus on extending the deposit to the south. As can be seen there is a small gully that does not have a wheat crop on it due to the steepness of the slope. (its not that steep)
It would not surprise me if the three new holes south of KP 015,016 and 017 in particular are angled to test the graphite below the gully. The two holes located 160m south west of KP 015,016 and 017, are probably 50m from the boundary of where the EM signature begins to taper off, probably due to geological folding and the graphite layer dropping deeper below the surface.

From the release to the ASX

"Drill locations were sited on associated ground electromagnetic (EM) anomaly.
Geological logging recorded numerous potential high grade graphite intersections consistent with existing drill data"

Due to the outstanding accuracy of ground based EM studies when looking at near surface graphite deposits, most if not all of these holes will hit economic graphite.

Doing some back of the envelope numbers I am coming up with an extra 70,000t of contained graphite just from the drilling to the south, based on drill placement and previous results.
Its hard to know what assumptions were used for the previous inferred resource estimate. I suspect that the infill drilling will probably increase the width and depth of the known resource at the northern end in particular, and move more of the resource from inferred to indicated.

I think we are on track to get another 100,000t of contained graphite just from Koppio.

I believe best value for LML shareholders will be to get a medium size mine with a capacity of around 40-50,000t per annum up and running ASAP.

Shoring up resource estimates to provide an initial 7-10 year mine life, dusting off and upgrading the existing mine approvals and plan.. then going out to get finance.

Very interesting to see that Volkswagen are now investing in mining companies to accelerate junior explorers to become producers. Increasingly automakers are recognising that huge investment is needed in mine development now, to meet the demand of the future.

Volkswagen to invest in mines in bid to become global battery supplier

As 2023 draws to a close, it is predicted that existing stock piles of graphite will be depleted, resulting in significant shortages.

When you compare the market cap of RNU $533M and QGL $178M to LML $23M, and where they are on their journey. LML could certainly be at a similar trajectory to QGL by years end.