Armadale Capital Plc Exploration Update: Trenching Intercepts Wide Zones of High Grade Graphite
June 21 2017 - 2:00AM
UK Regulatory
TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
21 June 2017
Armadale Capital Plc ('Armadale' or 'the Company')
Exploration Update: Trenching Intercepts Wide Zones of High
Grade Graphite
Armadale, the AIM quoted investment company focused on natural
resource projects in Africa, is pleased to announce that a
trenching programme at its Mahenge Liandu Graphite Project in
Tanzania ('the Project' or 'Mahenge Liandu') has intersected high
grade, coarse flake mineralisation over a width of 73m.
Overview
-- Trenching programme at Mahenge Liandu has intercepted wide zones of
high grade graphite from surface
-- Initial trenching results further underpin the prospectivity of the
Project for coarse flake graphite mineralisation
-- Three additional trenches currently being excavated to support
structural modelling of the deposit and prioritise higher grade
areas
of mineralisation for drilling
-- Bulk sampling completed with samples now in transit to Dar es Salaam
for transportation to Australia for processing into
concentrate
-- Pad construction advancing to allow drilling to commence in the near
future - drill rig now on site
-- To view pictures taken from the Mahenge Liandu project showing the
trenching and pad construction see Armadale's website at
www.armadalecapitalplc.com
Nick Johansen, Director of Armadale said, "Our trenching
programme has highlighted the high grade coarse flake
mineralisation at Mahenge Liandu and importantly has demonstrated a
mineralised zone of 73m in width. This, combined with the
consistently encouraging test work returned from the Project which
has shown that purity of up to 99.99% graphitic carbon can be
achieved from graphite concentrates, reinforces our view that
Mahenge Liandu has the potential to be a strategically important
high grade graphite mining operation.
"Our immediate focus now is to continue the trenching programme,
which will support the structural modelling of the deposit, and
initiate our 2017 drilling campaign. The drill programme, which has
been subject to delays due to the unusually late wet season and
resultant extensive road repairs required, is being undertaken with
the objective of increasing both the quantum and confidence
category of our maiden resource of 40.9Mt @ 9.41% TGC. This
resource was declared in December 2016 and will in turn allow a
scoping study to commence. We are anticipating a strong pipeline of
news flow over the coming weeks and months as we implement our
exploration and development plans and prove up Mahenge Liandu as a
significant new graphite discovery."
Table 1. Initial trenching results at Mahenge Liandu
Trench_ID From To Thickness Lithology Visual graphite %
LDTR0005 0 67 67 Gneiss
LDTR0005 67 140 73 Graphitic Schist 10 - 15%
Competent Person statement
The information in this announcement that relates to exploration
results is based on information compiled by Mr Matt Bull, a
competent person, who is a Member of the Australian Institute of
Geoscientists. Mr Bull has sufficient experience which is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a competent person as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Bull consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
**ENDS**
Enquiries:
Armadale Capital Plc +44 20 7236 1177
Tim Jones, Company Secretary
Nomad and broker: finnCap Ltd +44 20 7220 0500
Christopher Raggett / Simon Hicks
Joint Broker: Beaufort Securities Limited +44 20 7382 8300
Jon Belliss
Press Relations: St Brides Partners Ltd +44 20 7236 1177
Susie Geliher / Charlotte Page
Notes
Armadale Capital Plc is focused on investing in and developing a
portfolio of investments, targeting the natural resources and/or
infrastructure sectors in Africa. The Company, led by a team with
operational experience and a strong track record in Africa, has a
strategy of identifying high growth businesses where it can take an
active role in their advancement.
The Company owns the Mahenge Liandu graphite project in
south-east Tanzania, which is now its main focus. The Project is
located in a highly prospective region with a high-grade JORC
compliant inferred mineral resource estimate of 40.9Mt @ 9.41% TGC.
At least 32Mt of this resource has an average grade of 10.47% TGC,
one of the largest high-grade resources in Tanzania, and work to
date has demonstrated Mahenge Liandu's potential as a commercially
viable deposit with significant tonnage, high-grade coarse flake
and near surface mineralisation (implying a low strip ratio)
contained within one contiguous ore body.
Other assets Armadale has an interest in include the Mpokoto
Gold project in the Democratic Republic of Congo and a portfolio of
quoted investments.
More information can be found on the website
www.armadalecapitalplc.com
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170620005782/en/
This information is provided by Business Wire
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