TIDMTGR
RNS Number : 4961P
Tirupati Graphite PLC
18 February 2021
18 February 2021
Tirupati Graphite plc ('Tirupati' or the 'Company')
Commencement of Second Stage Exploration and Drilling Programmes
at Vatomina and Sahamamy Projects, Madagascar & Appointment of
SRK Consultants
Tirupati Graphite plc, the fully integrated, revenue generating,
specialist graphite producer and graphene developer with operations
in Madagascar and India, is pleased to announce the commencement of
its Stage II exploration and drilling programme ('Stage II
Programme') across its primary flake graphite projects in
Madagascar. The Company is also pleased to announce that SRK Mining
Services (India) Private Limited ('SRK') will oversee the Company's
Stage II Programme and update and upgrade its current Mineral
Resource Statement ('MRS') for the Vatomina and Sahamamy Projects
in Madagascar under the current Competent Person's Report, which
was contained in the Company's listing prospectus. SRK is a
consulting practice of international mining consultants SRK
Consulting.
Stage II Programme Highlights
-- Commencement of Stage II exploration and drilling programme;
-- Stage II Programme to target enhancing global resource base by:
o increasing geological confidence in areas currently
categorised as Indicated and Inferred Mineral Resources, and;
o establishing additional Mineral Resources in areas previously
identified by SRK as Exploration Targets and open extensions.
-- Across Vatomina and Sahamamy Projects over a period of six
months, the Stage II Programme will include:
o c.10,000 metres of auger drilling;
o c.1,000 metres of trenching, and;
o c.5,000 metres of diamond core drilling.
Mineral Resource Update Overview
-- Tirupati and SRK to undertake a Resource Definition Exploration Programme to culminate in;
o an updated geological model;
o updated Mineral Resource Estimates, and;
o an updated Mineral Resource Statement ('MRS') in accordance
with JORC Code (2012)(1)
-- The Company is targeting an MRS update that will be followed
by multi-disciplinary studies on;
o mining, geotechnical, hydrogeological, processing and
infrastructure, and;
o economic, marketing, legal and Environmental & Social
Governance ('ESG') factors.
-- Tirupati aims to update the current SRK CPR, published in
June 2020, later this year and which was contained in the Company's
listing prospectus.
(1.) The Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves, 2012 Edition
Shishir Poddar, CEO of Tirupati Graphite, said, "In line with
our rigorous step by step strategy, we continue to multitask work
programmes and progress the development timelines of our primary
flake graphite projects in Madagascar in a cost effective and time
efficient manner across our portfolio. Through engaging SRK to
oversee the implementation of our Stage II Programme, as well as
aid us in carrying out a Resource Definition Exploration Programme,
we have committed to enhancing our Mineral Resource base at
Vatomina and Sahamamy, which will further underpin our ambitious
development plans for our primary operations in Madagascar.
"We feel confident that SRK's expertise and professionalism will
allow us to take advantage of the previously identified Exploration
Targets and open extensions in order to establish additional
Mineral Resources at the projects. With our in-house capabilities
including a diamond core drilling rig and the expert geological
team, we plan to deliver the additional exploration activities at
industry-low costs, creating shareholder value on a continued
basis. I look forward to updating the market on our progress with
both the Stage II Programme and with updating our global resource
base."
Further Information
In line with the Company's modular development strategy across
its divisions, Tirupati is commencing its Stage II exploration and
drilling programme across its primary flake graphite projects in
Madagascar. The programme will include c.10,000 meters of auger
drilling, pitting and c.1,000 meters of trenching alongside diamond
core drilling of c.5,000 metres in each project over a 6-month
period.
Working alongside the Company's geological team lead by Mr. Uday
Pratap Singh who is a qualified and
experienced geologist with over 35 years of diversified
experience in the mineral resource industry, SRK has been engaged
to undertake specific exploration activities which include:
-- Designing a comprehensive exploration programme aiming to
upgrade the geological confidence in the areas currently reported
as Indicated and Inferred Mineral Resources;
-- Designing a comprehensive exploration programme aiming to
upgrade the geological confidence in the areas previously reported
as Exploration Targets as the term is defined by the JORC Code
(2012);
-- Defining and undertaking multi-disciplinary techno-commercial
level studies on mining, geotechnical, hydrogeological, processing,
infrastructure, economic, marketing, legal and ESG factors;
-- Overseeing and periodic monitoring of exploration and
drilling activities and supporting the Company's database
management, and;
-- Compilation of data for future reporting of an Ore Reserve
estimate in accordance with the JORC Code (2012) and updating the
CPR on the Vatomina and Sahamamy Graphite Projects in
Madagascar.
The Company's Stage I exploration and drilling programme
represented around 25-30% of the mineralised zone across the two
projects and included 8,822m of auger and diamond core drilling,
pitting and trenching to a depth of 50m. Based on the exploration
data available as on 1 June 2020, SRK produced a geological model
leading to the Mineral Resource statements in accordance with the
JORC Code (2012) on Vatomina and Sahamamy published in SRK's June
2020 CPR as follows:
Table 1: SRK Mineral Resource Statement Vatomina Graphite
Project, Madagascar, in accordance with the JORC Code 2012 as of
1(st) June 2020
Resource Category Quantity (Mt) Grade (TGC(2) %)
Measured - -
-------------- -----------------
Indicated 3.2 4.3
-------------- -----------------
Inferred 15.2 4.7
-------------- -----------------
Total Mineral Resource 18.4 4.6
-------------- -----------------
Table 2: SRK Mineral Resource Statement Sahamamy Graphite
Project, Madagascar, in accordance with the JORC Code 2012 as of
1(st) June 2020
Resource Category Quantity (Mt) Grade (TGC%)
Measured - -
-------------- -------------
Indicated 1.4 4.10
-------------- -------------
Inferred 5.7 4.20
-------------- -------------
Total Mineral Resource 7.1 4.20
-------------- -------------
(2.) Total Graphitic Carbon
In addition to the Mineral Resources reported in the June 2020
CPR, SRK identified various Exploration Targets, as the term is
defined in the JORC Code (2012), in Vatomina and Sahamamy, as
presented below:
-- Vatomina - Exploration Target estimated to be 8Mt-10Mt with an average grade of 3-4%GC.
-- Sahamamy - Exploration Target estimated to be 5Mt-7Mt with an average grade of 4-5% GC.
SRK had made certain recommendations including a closer spaced
drilling programme be undertaken to upgrade the geological
confidence of the Mineral Resources, and that such exploration
programme should be synchronised with the project development
milestones. The Company is now taking forward the recommendations
by SRK in their June 2020 CPR as part of its ongoing and proactive
risk and cost management approach.
**S **
For further information, please visit
https://www.tirupatigraphite.co.uk/ or contact:
Tirupati Graphite Plc
Puruvi Poddar +44 (0) 20 3984 9894
Optiva Securities Limited (Broker)
Daniel Ingram +44 (0) 20 3137 1902
---------------------
St Brides Partners Ltd (Financial PR)
Isabel de Salis / Cosima Akerman +44 (0) 20 236 1177
---------------------
Notes
Tirupati Graphite Plc is a revenue-generative, multi-asset,
multi-jurisdictional, fully integrated producer and developer of
high-grade natural flake graphite, speciality graphite and
graphene, which captures the entire value chain. With a unique set
of properties, graphite has diverse applications with multiple
growth streams and graphene forms the new generation of 2D
materials. In support of this, the Company places a special
emphasis on "green" applications, including renewable energy
generation, energy storage and composites, and is committed to
ensuring its operations are sustainable as well.
The Company's operations include primary mining and processing
in Madagascar, where the Company operates two key projects,
Sahamamy and Vatomina; 3,000 tpa of high-quality flake graphite
concentrate with up to 96% purity is currently being produced and
sold to customers globally, and this is planned to increase to
81,000 tpa by 2024 as per the Company's modular medium-term
development plan.
In India, through Tirupati Speciality Graphite Private Limited
('TSG'), with whom the Company has a binding acquisition agreement
subject to regulatory approvals, Tirupati processes and produces
speciality graphite for use in hi-tech applications like
lithium-ion batteries, fire retardants and composites. Its
specialty graphite processing operations include the 1,200 tpa
Patalganga Project, which was commissioned in July 2019 to
manufacture and sell CARBOFLAMEX(R), a trademarked fire-retardant
expandable graphite product. At the next stage of development,
Patalganga shall further be expanded to 4,800 tpa capacity with
capabilities to also produce high purity and micronised graphite,
so increasing market and product reach by 2021. TSG has developed
unique green processing technologies for manufacturing these
advanced materials.
After establishing itself in the specialty graphite markets
through the Patalganga Project, an additional 24,000 tpa specialty
graphite processing facility is to be established in two 12,000 tpa
phases. The plant will produce expandable, high purity, micronised
and spherical graphite. The west coast of India has been chosen as
the location and a detailed feasibility study has been completed.
TSG is also in the process of establishing the Tirupati Graphene
and Mintech Research Centre, a state-of-the-art R&D centre
focussed on manufacturing graphene, developing its applications,
and further providing environmentally friendly technologies
consultancy for mineral processing.
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