Triton Minerals intercepts massive 220m of graphite, Balama North
Monday, May 19, 2014 by Proactive Investors
proactiveinvestors.com.au
Triton Minerals' ( ASX:TON) potential of the Nicanda Hill prospect at the Balama North project continues to rapidly expand with the completion of each drill hole with a 220 metre intersection in a single hole upping the ante.
The Nicanda Hill prospect could potentially host between 480Mt and 800Mt of graphite carbon mineralisation.
The latest reverse circulation results intercepted 220 metres of graphite mineralisation from surface, and remained open at depth.
Based on surface mapping and drilling the mineralised zone is likely to continue for some depth beyond the 220 metres.
Importantly - Triton said that graphite mineralisation is visually similar to previous Nicanda Hill diamond drilling.
Balama North is located along strike to Syrah Resources’ ( ASX:SYR) massive Balama East Deposit, which is acknowledged as the largest known graphite deposit in the world. Construction at Balama East is expected to start once the wet season ends about April 2014.
Brad Boyle, managing director, commented: “The highly anticipated and prospective Nicanda Hill prospect continues to improve on the encouraging results already obtained late in 2013.
"This is an impressive beginning to the current drilling program, with significant visual identification of graphite mineralisation in all drill holes completed to date.
"The intersection of 220 metres of graphite mineralization in a single drill hole with the true extent of the mineralisation yet to be fully tested is a very exciting outcome for the Company.
"Triton believes these results are just a precursor to the true untapped potential of this very large world class graphite project and is yet to be fully demonstrated and realised.”
The horizontal width of the graphite mineralization zone is approximately 750 metres wide, with excellent correlation of drilling results with the VTEM survey data anomaly,
Next exploration steps
Triton has designed a combined reverse circulation and diamond drill program over the Nicanda Hill, Charmers and Black Hills prospects that will be undertaken during 2014.
The program will be used to confirm parts of the estimated Exploration Targets.
It is anticipated that this drilling will provide the necessary data to estimate a Mineral Resource for parts of these three prospects before early 2015.
Analysis
Should the drilling program confirm the continuity of the graphite mineralisation throughout the prospect, then Nicanda Hill has the potential to be a number of times larger than the Cobra Plains deposit.
Cobra Plains already hosts an Inferred Resource of 103 million tonnes, the fourth largest in the world.
This truly puts Triton and Balama North on a global graphite scale, which interestingly exploration appears to have yet to fully define just how large the project is to date.
The next key price catalysts for Triton are results from the current diamond drilling program testing the full depth of the mineralisation zone, which are expected by the end of June 2014.
A JORC Resource for Nicanda Hill is anticipated by early 2015. There is a massive exploration target of 730Mt to 1,200Mt for Nicanda Hill, Charmers and Black Hills prospects. Based on today's results, the exploration target may begin to look conservative if drilling results continue to be this positive.
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