Melbourne, Australia — 30 August 2012 – The results of the first test drilling undertaken in the Balama graphite mining project, which is situated in Cabo Delgado province of Mozambique, have confirmed the existence of high quality graphite in the area.
Macauhub News Agency reports that Australian company Syrah Resources has confirmed this in a statement issued here.
Noting that the drilling process had also found vanadium, which may be mined in addition to the graphite, Syrah Resources said that an initial estimate of the existing resources in the region was expected to be made public in November.
The importance of these first results is due to the fact that Balama Ocidental may be confirmed to be a world class graphite deposit and the ideal location for an open air mine.
The results of the remaining 14 drill tests in the region, with a total depth of 4,101m, will be delivered over the next month by the Snowden group, which provides consulting services to mining sector companies. The company is currently drilling in the western area of Balama, and has already carried out 12 drill tests to a total depth of 2,311m.
Syrah Resources said it had sufficient funds to continue with its prospecting activities in Mozambique, and added that in the next few months it expected to receive another US$800,000 from selling assets in Saudi Arabia.
Source: Macauhub News Agency. For more information, click here.