On 5 April 2019, the company announced that it had issued 140,000 fully paid ordinary shares today, i.e. on 5 April 2019, at an issue price consideration of $58,800. The purpose of issuing the ordinary shares is an Exercise of 140,000 unlisted options.
On 4 April 2019, the vertically integrated advanced material company, Talga Resources Ltd (ASX: TLG) has provided an update on the diamond core drilling program in-progress at the Niska prospect, which forms a part of the TLG’s flagship Vittangi graphite project situated in northern Sweden region.
The drill program is directed towards a series of prominent electromagnetic anomalies under shallow cover, situated between 1-2km northeast along strike of the Nunasvaara JORC (2012) resource of 12.3Mt @ 25.5% Cg (as announced on ASX in April 2017). The purpose of the program is tenement maintenance and resource potential growth.
The initial drill holes situated at Niska North had successfully intersected Nunasvaara-type graphite beginning from near the surface, in 2 separate units with an unanticipated easterly dip. In subsequent drilling, numerous ‘scissor’ holes have demonstrated true widths of 60-75m from the western unit and 15-20m from the eastern unit.
The Western unit width has surpassed the widest drilled hole, in overall Vittangi project till date. The drilled hole is above thrice times the average width of the Nunasvaara resource, which is at present, the subject of a pre-feasibility study.
At Southern Niska prospect, one kilometre from Niska North, there are 9 drill holes which have successfully intersected Nunasvarra-type graphite units up to 25m in true width covering around 100 m strike. Niska North and South’s graphite mineralisation interception till date is open at depth and along strike. The drilling work is progressing at Niska North at present, concentrating on defining the Western unit on 25 to 50m sections covering 200-300 m strike.
Mr Mark Thompson, MD, TLG said that the Niska’s closeness to the present Nunasvarra resources and the visual similarity of the core and significant width lengths has surpassed by a huge margin, from the previous drillings at the Vittangi project till the reported date. This denotes that Niska has huge possibilities for substantial discovery in the future. The company is looking ahead to evaluate outcomes and other test work to establish Niska’s potential to provide development and growth options in sync with TLG’s business strategy.
On the company’s next move front, the ongoing drilling would be concentrating on defining maiden mineral resources for both Niska North and South. The core from the concluded drill holes would be transported to Scott Geological in Mala for analysis after the remaining drill program ends.
The initial assay results are anticipated to be obtained in May 2019. The first resource approximation for both Niska North and South is anticipated before the end of the June 2019 quarter. Other core samples will be accelerated to TLG’s processing. The product technology teams would test its suitability to generate lithium-ion battery anodes and graphene products. Outcomes of these tests will be notified to the market by the company, as soon as they are available to them.
Recently, the company had announced that its anode had attained an exceptional freezing temperature performance.
The stock of the company is currently trading at A$0.610 (as on 5 April 2019, 3:19 PM AEST), up by 3.4%.
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