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A mineral exploration company, Metals Australia Ltd (ASX: MLS) on 23 April 2019 announced that it has successfully completed six drill holes in the maiden diamond drilling campaign at the Lac Rainy Graphite Project. With this six new drill holes, a total of 11 drill holes are completed as of now at the Lac Rainy Graphite Project in Quebec, Canada.
These diamond drilling intersected multiple thick zones of graphite near the surface. The initial sample through the drilling has been sent to the laboratory for assay. The company has come across graphite at each drill hole.
At DDH LR19-06, the drilling intersected multiple zones of graphite which are open at depth. Drilling from 31.5 metres to 49.9 metres deep led to the discovery of 18.4 metres thick graphite. The results of the samples are still pending.
From the same hole, drilling from 77.55 metres to 81 metres deep led to the discovery of 3.45 metres thick graphite.
At DDH LR19-07, the drilling intersected multiple zones of graphite. Drilling from 5.96 metres to 25.5 metres led to the discovery of 19.4 metres thick graphite. The results of the samples are still pending.
From the same hole, drilling from 41.8 metres to 46.2 metres deep led to the discovery of 4.4 metres thick graphite.
At DDH LR19-08, the drilling intersected multiple zones of graphite. Drilling from 7.83 metres to 55.5 metres deep led to the discovery of 47.72 metres thick graphite. The results of the samples are still pending.
At DDH LR19-09, the drilling intersected multiple zones of graphite. Drilling from 9.5 metres to 84.7 metres deep led to the discovery of 75.2 metres thick graphite. The results of the samples are still pending.
At DDH LR19-10, the drilling intersected multiple zones of graphite. Drilling from 44.9 metres to 71.0 metres deep intersected 26.1 metres thick graphite. Another drilling from the same hole was done from 76.5 metres to 79.5 metres deep, which led to the discovery of 3.0 metres thick graphite. Another drilling from 119.6 metres to 183.0 metres deep came across 63.4 metres thick graphite.
Similarly, DDH LR19-11 intersected multiple zones of graphite. Drilling from 3.0 metres to 14.0 metres deep met 11.0 metres thick graphite. Another drilling from the same hole was done from 63.5 metres to 78.4 metres deep, led to the discovery of 14.9 metres thick graphite. Another drilling from 84.0 metres to 99.3 metres deep resulted in 15.3 metres thick graphite.
Mr. Gino DâAnna, the Director of Metals Australia, stated that once the results of the samples are received, a further program of detailed metallurgical and mineralogical test work will be completed on selected samples. This detailed metallurgical and mineralogical test work will support the discussions of the company with the potential end-user groups. He also highlighted that in the current program, the remaining drill holes are designed in such a manner to test the western extension of the strike zone at Lac Rainy.
In the last six months, the shares of MLS have generated a negative return of 50%. However, the stock has delivered returns of 33.33% in the previous five days. By the end of the trading session on 23 April 2019, the closing price of the shares of MLS was A$0.002. MLS holds a market capitalization of A$5.38 million and approximately 2.69 billion outstanding shares.
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