Metals Australia Ltd (ASX: MLS) has announced a JORC (2012) Exploration Target Estimate of 7.3Mt to 14.6Mt @ 7.5% to 12.5% Total Graphitic Carbon (TGC) at its 100% owned Lac Rainy Graphite Project located in Quebec, Canada.
The Exploration Target Estimate is in addition to the existing JORC (2012) Mineral Resource Estimate of 13.3Mt at 11.5% TGC in the category of Indicated and Inferred for 1.529Mt of contained graphite, using a 5% TGC cut-off.
Company Director, Gino D’Anna, said the mineral resource at Lac Rainy offers significant flexibility for potential development into a long life, high-grade graphite mining operation.
Lac Rainy has the potential to be mined using open cut mining methods with low strip ratios, with more than 90% of the current global resource defined within the first 100m.
Drilling completed to date has only tested the first 1.6km of the approximate 4km of strike along the Main Carheil Graphitic Trend with the SE and NW strike extensions and the recently discovered West Carheil Graphitic Trend still to be drilled.
The company has finalised an extensional drilling programme to further grow the resource base and drill test some of the other high-priority targets which have been identified.
The deposit at Lac Rainy remains open to the north and south along strike, as well as down-dip and plunge, indicating significant exploration upside and drill ready targets.
The Exploration Target is made up of the high-grade South-East Carheil Graphite Exploration Target and the recently discovered West Carheil Graphite Exploration Target.
The definition of the Exploration Target estimate at Lac Rainy provides further evidence of the significant upside that exists at this potentially world-class project,” Mr D’Anna said.
“As economies start to rebuild and strengthen, significant funds will be invested back into alternative energy sources and electrification which will stimulate demand for those critical battery-metals, of which graphite is a key input. We see a lot of upside in the future demand for graphite and we are positioning the Company to be able to take advantage of the change in dynamics.
“The Lac Rainy project offers significant flexibility, it has projected low strip ratios, can be readily accessed through open cut mining methods and has consistently delivered exceptionally high-grade results.
“The recently completed scoping study level metallurgical testwork program confirmed that the graphite mineralisation at Lac Rainy is able to deliver a graphite concentrate that not only exceeds the industry standard benchmarks, can produce a high-purity and high-carbon (total) graphite concentrate.
“The Lac Rainy Graphite Project offers significant upside and we look forward to building on this great success.”