Mozambi Resources (ASX:MOZ) is raising up to $20,000 through an...

Mozambi Resources (ASX:MOZ) is raising up to $20,000 through an offer of 20 million options to limited invitees determined by the company.

Proceeds will be used to list both the new options and the 133,499,999 existing options in the same class.

The options are exercisable at $0.02 expiring 31st December 2017.

Earlier this week, the company unveiled plans to carry out initial exploration work on two highly prospective graphite licences in Mozambique that it has the option to acquire.

The current owner of licences 6140L and 6142L had advised that all conditions precedent to granting of these licences have now been met.

These licences are in close proximity to existing world class graphite and vanadium deposits held by Triton Minerals (ASX:TON) and Syrah Resources (ASX:SYR).
   
License 6142L is contiguous with Triton’s Nicanda Hill Project (1.46 billion tonnes at 10.7% graphitic carbon and 0.27% V2O5) and 5 kilometres north of Syrah’s Balama Project (1.15Bt at 10.2% graphitic carbon and 0.23 % V2O5).

In addition, recent exploration results 30 kilometres to the north of Licence 6142 by Metals of Africa (ASX:MTA) highlight the prospective nature of the wider Balama- Montepuez region of Mozambique.

Post granting of the licences, Mozambi will carry out the following fieldwork:

- Trenching;
- Rock Chip Sampling;
- Mapping;
- Potentially Ground Geophysical Surveys; and
- Drilling Program.

This fieldwork will be aimed at accessing the potential that license area 6142L contains a continuation of the same stratigraphic unit hosting the Balama and Nicanda Hill graphite Resources.

Work at defining targets on license area 6140L will occur concurrently and the company hopes to identify priority targets that will then be drill tested in order to define JORC Resources.