Tanzanian graphite developer Black Rock Mining Limited (ASX:BKT) has posted a 25% increase in its JORC compliant Measured Mineral Resource for the Mahenge Graphite Mineral Resource – making it one of the world’s largest.
The upgrade is backed by assay results from a 2019 infill metallurgical drilling and bulk sampling programme.
The release of the updated Resource is part of the company’s ramp up on Project execution activities designed to provide high confidence to customers and financiers on the planned production output over the first 10 years of operation from the Ulanzi open pit.
MD and CEO, John de Vries, said the 25% increase in Measured Mineral Resource effectively confirms that 100% of the likely loan life is now underpinned by Measured Resource.
Drilling and bulk sampling was completed on the Ulanzi orebody in 2019 but held in storage for final customer qualification.
This material was only recently assayed and used as an ore feed and processed in China and Canada as part of Black Rock’s 500 tonne qualification processing plant campaign, refer ASX announcement 6th December 2021.
· The global Mineral Resource Estimate for the Mahenge Graphite Project is 213.1M tonnes at 7.8% TGC (Previously 211.9 Mt @ 7.8% TGC). This makes it the fourth largest JORC Mineral Resource globally and it is still open along strike;
· Mineral Resource in the Measured category is now 31.8Mt and Indicated at 84.6Mt, combined representing 55% of the total Mineral Resource;
· 25% increase in the measured Mineral Resource at Mahenge is the largest Measured Mineral Resource of any graphite developer globally;
· Within this Mineral Resource is a higher-grade portion of 43.8Mt @ 10.8% TGC;
· Project de-risking achieved by:
- Delivering the highest grade zones to date and further increasing mineral resource category quality;
- (ii) Metallurgical test work indicates that 99% TGC concentrates can be processed through a relatively simple flotation process for a low energy, and low risk operation;
- (iii) Test work supported by real world data through commercial scale processing of over 600 tonnes of graphite ore through three pilot plant and customer qualification programs; and
- (iv) End-product validation. Independent testing by the company’s offtake partners confirmed that battery grade spherical graphite and high quality expandable graphite can be made from Mahenge concentrates for commercial sale.
“As part of our ramp of activities associated with completing engineering design for Mahenge Module 1 we have completed assays on metallurgical drill core and bulk samples specifically taken to support final qualification of the project,” Mr de Vries said.
“Processing of these samples is an outcome of POSCO’s equity investment of 15% of the Company. It is pleasing to see that as a result of the increased confidence in Ulanzi, and an outcome of this campaign, Mahenge now has the largest Measured Mineral Resource of any graphite developer or operation globally.
“This directly translates to reduced investment risk for debt and equity investors, with the first 10 years of production (Ulanzi Module 1 and 2) now underpinned entirely by Measured Mineral Resource.
“As part of the Investment Framework Agreement signed with the Government of Tanzania on the 13th of December 2021, the combined Mineral Resource and Ore Reserve of ML611/2019 (Ulanzi) and ML619/2019 (Cascades) will be merged into a single Special Mining Licence to be issued as part of the process.
“We look forward to working with Government of Tanzania in developing the world class Mahenge project.”
For further information please visit: https://blackrockmining.com.au/
