- Latest results have boosted the growth potential of BlackEarth Minerals’ wholly owned Maniry Graphite Project.
- The encouraging assay results have extended the recently announced high-grade intersections in the Razafy Northwest area.
- The final assay results expected in October would assist in updating BlackEarth’s resource inventory, scheduled to be released in December quarter.
BlackEarth Minerals NL (ASX:BEM) is in a sweet spot as latest results have validated the enormous potential value of the Razafy Northwest area at the Maniry graphite project in southern Madagascar.
In May this year, the Company commenced a diamond drilling program targeting the shallow high-grade Razafy Northwest area.
In late-August, the Company announced the intersection of high-grade graphite mineralisation over wide intervals in line with previous trenching results.
Previously reported high-grade intersections extended
In a significant update, the Company has announced the latest high-grade assay results, which have extended the previously reported intersections at Razafy Northwest.
The intersections following the extension now include:
- 32.7 metres at 16.3%TGC (from 5 metres) including 15.3 metres at 25.2%TGC
- 39.9 metres at 9.4% TGC (from 3 metres) including 16.0 metres at 14.12%TGC
- 38.2 metres at 11.9% TGC (from surface)
- 25.8 metres at 12.9%TGC (from 17 metres)
A lens through recent metallurgical progress
The preliminary metallurgical test work undertaken at ALS Perth included testing of six samples produced from the diamond drilling program at Razafy Northwest, with head grades ranging from 3.64% to 20.82%TGC.
The Company reported on excellent results shown by the first pass metallurgical test work. Meanwhile, initial flotation tests achieved high-grade concentrate 98.4%TGC, and the recoveries generally remained above 90%.
Razafy NW area exhibits enormous potential
In his comment on the latest Razafy Northwest drilling outcomes, BlackEarth Managing Director Tom Revy indicated that these results demonstrate the enormous potential value present in the northwest area.
He stated that the Maniry deposit, due to increased widths, continuity of high-grade and metallurgical results, is comparable to the best projects in the world.
The project is sensitive to feed grade, and the results received so far from the Razafy Northwest area demonstrate the potential to significantly enhance the total project economics.
Source: BEM update, dated 22 September 2021
Final results from the Razafy Northwest drilling campaign are anticipated to be reported in early October. The results will be used to update BlackEarth’s resource inventory, which will be released to the market in Q4 2021.
In addition, the Company intends to finalise a New Resource Model following the receipt of the final results.
Stock performance - Following the significant update, BEM shares rose by around 4%, trading at AU$0.14 on 22 September 2021.