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Encouraging results for Balama mining project

 
Sydney, Australia — 23 April 2012 – There’s positive news from the Balama mining project in Mozambique, where drilling results are indicating a large deposit of high quality graphite, according to a report by Australian exploration company Syrah Resources.

In a new strategic shift last November, Syrah announced that it had acquired Jacana Resources Limited “’ an unlisted Australian company with a substantial and diverse portfolio of southeast African exploration projects. The Jacana acquisition has given Syrah immediate access to a large exploration portfolio with diversified mineral exposure.

It has 11 exploration projects located in Tanzania (4), Mozambique (3), Zambia (2) and Botswana (2). The total portfolio licence area of 5,889sq km has strong potential for graphite, vanadium, uranium, coal, rare earth elements, base metals, precious metals and heavy mineral sands.

The projects range from more advanced exploration projects with ore grade drill intersections to grass roots tenements. Balama is the most advanced project “’ a high grade graphite/vanadium occurrence in Mozambique. Appraisal activities have already commenced at Balama to determine its economic potential.

In a statement filed with the Australian Stock Exchange Syrah Resources said that it had received the results of 328 samples collected in eight locations of its concession area, as part of a programme designed to detect the best locations for drilling and to collect samples for metallurgical analysis.

The Australian company also said that a drilling programme would begin at the end of April to test some areas with higher quality graphite and to make an estimate of available reserves.

The Balama mining project is located in the Namuno district of Cabo Delgado province in northern Mozambique, around 265km from the port city of Pemba and covers an area of 106 sq km.

Source: Syrah Resources. For more information, click here.

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