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Triton Minerals intersects new high grade graphite zones at Nicanda Hill

Published: 19:59 06 Jul 2014 EDT

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Triton Minerals’ (ASX:TON) drilling has identified new zones of hanging wall high grade graphite mineralisation at the Nicanda Hill prospect at its Balama North project in Mozambique.

Significantly, the scoping study, which was initially focused on the Cobra Plains deposit alone, has now been extended to include the Nicanda Hill prospect given the results. 

Drilling has also expanded the horizontal width of the graphite mineralisation zone, which remains open to the northwest, to 1,000 metres.

It has to date demonstrated the continuity and consistency of graphite mineralisation over a strike length of 2.5 kilometres between drilled holes and trenches.

“The identification of even more high grade zones to the west of the original HG1 zone, whilst maintaining an overall average of 11% graphite carbon, is a very encouraging result for the company,” managing director Brad Boyle said.

“Further, the drilling has also expanded the horizontal width of the graphite mineralization zone to an exceptional 1,000 metres. 

“These are very exciting results for Triton and they continue to show the world class potential of the Balama North project.”

A second diamond drilling rig has been mobilised to support and accelerate operations at Nicanda Hill.

Drilling Results


Triton has completed 26 reverse circulation holes and eight diamond holes in the current drill program at Nicanda Hill.

Latest results include:

- 34 metres at 9.5% weighted average graphite carbon (GrC) in GBNC0005;
- 80 metres at 10.3% GrC in GBNC0006;
- 24 metres at 12.2 GrC in GBNC0006;
- 30 metres at 11.6% GrC in GBNC0006; and
- 24 metres at 9.1% GrC in GBNC0007.

Notably, the wide 80 metre intersection includes three high grade intervals at a 10%GrC cut off including a 24 metre at 12.2%GrC zone.

This zone has been designated as the HG2 zone.

Triton had previously noted the continuity of the HG1 zone that was intersected by diamond drill holes TMBD0005 and TMBD0006 that returned 30 metres at 17.6% GrC and 22.7 metres at 16.9% GrC respectively.

HG2 is located about 400 metres across strike to the northwest from HG1. HG2 has an interpreted true thickness of 80 metres with grades, to date, averaging approximately 10%GrC.

As previously announced HG1 has also been intersected in diamond drillhole GBND0003 from 33 metres to 77 metres downhole with assays pending. 

This intersection confirms the geological continuity of HG1 is over a strike length of 540 metres. Based on the drilling to date Triton expects that HG2 will show a similar continuity.

The latest results also continue to support the Company’s belief that the graphite mineralisation potential continued down dip to the northwest to considerably greater depths than already intersected in GBND0005 (428.6 metres).

Ongoing Exploration

Drilling at Nicanda Hill is ongoing with work now focused on testing the continuity of the multitude of interpreted high grade zones.

Additional holes are planned to the northwest of hole GBNC0016, to close off the zone of graphite mineralisation on drill line N2

In addition, the program will be modified to accelerate the conversion from the expected future inferred JORC resource to indicated JORC resource, in the areas that would most likely support mining activities.

Triton has also started a systematic multi-element assaying program to assess the potential for economic concentrations of vanadium after drill samples returned multiple occurrences of vanadium hosting roscoelite mineralisation.

Furthermore, the company is yet to drill on the ridge of Nicanda Hill, which recent survey data confirms has an elevation of more than 90m above the collars of the drilled holes.

Analysis

Proactive Investors expects shares in Triton Minerals to open significantly higher today on the news.

That multiple high grade graphite zones of substantial widths have been found along the entire length of all drillholes completed to date - is significant.

This has validated the company’s strategy of testing the full stratigraphic width and downdip extensions to assess  the scale of the deposit in order to better plan for resource-conversion drill spacing and the targeting of higher quality mineralization that may amenable to open pit extraction.

Share price catalysts ahead include:

-    Further drilling results, including drilling on the ridge of Nicanda Hill;
-    Resource Estimate for Nicanda Hill;
-    Scoping Study results.

With the Nicanda Hill prospect to be incorporated into a wider scoping study should enhance project economics.

The exploration program continues to deliver for Triton, showing again the world class potential of the Balama North project.

 

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