Western Mining Network's (ASX:WMN) initial graphite drilling...

Western Mining Network's (ASX:WMN) initial graphite drilling program is progressing well at the Tamboli Project in South East Sulawesi, Indonesia.

Data from the geological mapping, topographic, and geophysical surveys have been used for strategic drill hole locations, with exploratory core-drilling consisting of four initial holes.

Upon completion, results will be used to determine a systematic drilling program.

In June, WMN entered into a Heads of Agreement with Milestone Link, providing WMN with rights to acquire 75% of the Tamboli graphite project.

Should exploration be successful, an industrial park and graphite beneficiation plant will be constructed in the immediate area to offtake the majority of production.

The ultimate project aim envisages quarry mine feed to a standard flotation mill with product used in factories to be established within the proposed industrial estate, where road and sea access is simple.

Upon completion of the acquisition of Milestone, WMN shall issue 50% of existing shares, with another 5% upon WMN reaching a market cap of $50 million, another 5% upon a WMN market cap of $80 million, and a final 10% upon a WMN market cap of $100 million.

WMN remains modestly capitalised, relative to the market cap targets within the deal structure, at just $20 million.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.