With the announcement today of additional assays results from our National Instrument (NI) 43-101 graphite resource drill program on the Molo deposit, we continue to outline a potential deposit size of 80-120* million tonnes with an average grade of between 5 and 8% carbon (C).
We continue to report wide widths and good grades - drill hole MOLO-12-10 intersected 207 metres of graphite, grading 6.55% carbon. We have now reported just over 50% of our drill holes, and will continue to report assay results as we receive them.
Our NI 43-101 compliant graphite resource is expected by this November, which will be part of the Preliminary Economic Assessment (PEA) expected in December of this year. DRA Mineral Projects will author the PEA Study and will include in it, a preliminary mine design with a capacity of 150,000 tonnes per year graphite production. The mine will be constructed in 50,000 tonne modules, which will allow it to be scalable when the off-take demands from the various new technology applications that require natural graphite begin to manifest in the marketplace.
When it does, the Green Giant project will be ready. Today’s news release also speaks to the “Molo East” - a graphite-bearing fold of similar dimensions to the Molo deposit, located immediately to the east and attached to the Molo deposit. The “Molo East” will not be part of Energizer’s upcoming NI 43-101 resource statement as it was not drill tested, however, the Company believes that additional graphite mineralization would be easily obtainable at Molo East.
Please take a minute and read our press release in its entirety by clicking here.
Best Regards,
Brent Nykoliation Vice-President, Business Development Energizer Resources Inc.
*Cautionary Statement - The potential quantity and grade of the Molo deposit is conceptual in nature and there has been insufficient assay data received at this time to properly define a mineral resource in accordance with NI 43-101 requirements. Although the Company sees no reason why a compliant mineral resource could not be defined, there is no guarantee that further exploration will result in the Molo being defined as a mineral resource. The potential quantity and grade of the Molo is being determined through the progression of exploration and the assays received. To date, the company’s exploration activities include airborne geophysical surveys, ground geophysics, mapping, drilling and trenching. The deposit target range is based on drilling and trenching results obtained to date. rss20 twitter
MGY Price at posting:
6.4¢ Sentiment: Buy Disclosure: Held
