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International Graphite Ltd (ASX:IG6) is making significant strides at the Springdale Graphite Project, Australia's second-largest graphite deposit, with recent drilling results from the Mason Bay deposit highlighting exceptionally high-grade graphite.
The latest drilling campaign, which involved ten diamond drill holes, primarily aimed at geotechnical assessments to aid in mine planning and permitting. Additionally, the data gathered will support the design of the concentrator plant process. The drilling results have revealed notable graphite grades, underscoring the project's potential.
One of the most impressive results from the campaign was 11 meters at 14.3% total graphitic carbon (TGC) from a depth of just 10.4 meters. This result included two particularly high-grade intervals: 1 meter at 21.3% TGC and 3.1 meters at 26.5% TGC. Such findings demonstrate the exceptional quality of the graphite at Mason Bay, enhancing the project's overall attractiveness.
The high-grade graphite is located at shallow depths and within oxide/weathered rock, which could lead to lower mining costs. This is consistent with findings from the January scoping study, which suggested that the shallow, high-grade nature of the mineralization at Springdale contributes to its economic viability.
Andrew Worland, CEO and Managing Director of International Graphite, commented on the results, expressing enthusiasm about the project's development. He noted that the increasing amount of graphite discovered at Springdale positions the project as a significant player in the global market for lithium-ion batteries and the industrial and defense sectors. The Mason Bay deposit, a new discovery in 2023, aligns with the broader potential of the Springdale project, which has only partially been explored. Approximately 25% of the targets identified in previous aeromagnetic surveys have been drilled, indicating substantial potential for future discoveries.
In addition to the standout result, other noteworthy results from the Mason Bay drilling include:
- 3.6 meters at 22.1% TGC from a depth of 23.0 meters, with a high-grade interval of 3.2 meters at 24.2% TGC from 23.4 meters
- 3.1 meters at 9.9% TGC from a depth of 41.6 meters
- 6.11 meters at 11.4% TGC from a depth of 60.9 meters
- 3.9 meters at 10.6% TGC from a depth of 72.8 meters
- 10.5 meters at 6.1% TGC from a depth of 13.1 meters
- 33.2 meters at 12.0% TGC from a depth of 36.5 meters
- 6.7 meters at 6.1% TGC from a depth of 65.0 meters
International Graphite has also completed an additional six diamond-drilled holes at the Springdale Central deposit, with results from this drilling expected in the near future. The continued exploration and infill drilling are anticipated to extend the mine life and further define the project's potential.
