The second largest known graphite deposit in Australia has been revealed at International Graphite’s Springdale Graphite Project, in Western Australia, following the release of a new Mineral Resource estimate.
The independent estimate is 3.4 times the previous estimate growing from 15.3Mt @ 6.0% Total Graphitic Carbon (TGC) to 49.3Mt @ 6.5% TGC @ 2% TGC cut-off.
Chairman Phil Hearse said the results from an extensive drilling campaign in 2022/23 had surpassed all expectations.
“Not only have we significantly increased the size of the Mineral Resource, 27% of it (by contained graphite) is now at an Indicated category which provides a strong foundation for future technical and economic studies,” Mr Hearse said.
“This is a huge achievement for the business and an important milestone as we drive to establish ourselves as one of the first vertically integrated producers of battery anode graphite. These results show that Springdale has the Mineral Resource base to underpin our mine to market vision for decades to come.
Managing Director and CEO Andrew Worland said: “We set out to upgrade the existing Mineral Resource and expand it.
“To expand it by almost three-and-a-half times, improve the overall grade, and have over a quarter now classified as Indicated, is testament to a well planned and executed program by our technical team.
“We have only scratched the surface at Springdale.
“So far, exploration has been limited to approximately 10% of the Springdale tenement areas. More than 80% of the aeromagnetic anomalies on a portion of our tenure has yet to be tested.
“It is notable that 10% of the new Mineral Resource estimate stems from an exciting new graphite discovery at Mason Bay, two kilometres east of Springdale. Further drilling will seek to expand this resource.
“Across our tenements, there is significant potential for further Mineral Resource growth to be defined if we follow the same exploration model.
“Graphite mineralisation at Springdale is fine flake and ideally suited to a streamlined flowsheet producing a single concentrate feedstock for downstream processing and the lithium-ion battery market.
“Our team is now working to optimise the mine development pathway, planning further infill and exploration drilling and integrating Springdale with the Company’s planned Graphite Battery Anode Facilities in Collie, Western Australia.”
Read the full ASX Announcement.