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Triton Minerals racks up more graphite success at Nicanda Hill

Published: 05:02 09 Oct 2014 EDT

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Triton Minerals’ (ASX:TON) drilling continues to return high grade graphitic and vanadium mineralisation at the Nicanda Hill prospect of its Balama North Project in Mozambique. 

This includes a diamond hole that intersected substantial graphite mineralisation down to depths of 475 metres that remains open at depth.

Proactive Investors believes that shares in Triton should trade higher today.

All drill holes from its now completed drilling program continued to show substantial visible flake graphite and roscoellite from surface to end of hole, with most open at depth.

Further mineralogical investigations have also confirmed the presence of large flake graphite with head grades of up to 28% total graphitic carbon (TGC) and 0.5% V2O5.

Adding interest, this indicated that 23% of the flake graphite in the samples were larger than 212μm.

“Diamond drilling has again confirmed the world class potential of the Balama North project,” managing director Brad Boyle said.

“To intercept substantial graphite mineralisation down to depths of 475 metres in single drill hole, with the mineralisation open at depth, combined with high grade graphite intercepts of up to 34.1% TGC, are again very exciting results.

“The identification of a possible hydrothermal breccia zone and the confirmation that there is a substantial presence of large flake graphite throughout the 6.2 kilometre mineralisation footprint at various depths is very encouraging for Triton.

“Further, the continued intersections of high grade graphitic and vanadium mineralisation in the mineralisation footprint reinforces the company’s belief that the Nicanda Hill prospect will become one of the world’s largest multi-element projects. 

“These latest drill results continue to provide a solid foundation for the initial large JORC 2012 resource at Nicanda Hill.”

Drilling Results

Triton has now completed the initial exploratory drilling program of 61 reverse circulation and 36 diamond core holes totalling 16,348 metres on the Nicanda Hill prospect.

Diamond hole GBND0035 located just south of drill section N4, was drilled to a total depth of 475 metres. 

Visual logging has confirmed the strong presence of graphite schist along the entire length of the drill hole, with narrow intervals of non-graphitic tonalite gneiss. 

The graphitic mineralisation was identified from close to surface, with the drill hole finishing in graphite mineralisation and remains open at depth.

Triton also noted positive indications of a possible hydrothermal breccia zone within the northern section of the mineralisation footprint that appears to confirm the extension of the HG1 zone.

This is potentially significant as it may be one of the controlling factors influencing the creation of the enriched graphite mineralisation zone in the northern part of the mineralisation footprint at Nicanda Hill.

Nearly all of the holes finished in strong graphitic mineralisation and are open at depth. 

Some of the latest results are:

- GBNC0031: 86 metres at 10.2%TGC including 33 metres at 15.4%TGC and 20 metres at 16%TGC;
- GBNC0036: 122 metres at 10.0%TGC including 66metres at 12.2% TGC, 18 metres at 14.3%TGC and 22 metres at 13.5% TGC;
- GBNC0038: 124 metres at 10.3%TGC including 70 metres at 12% TGC; and
- GBND0008: 78 metres at 10.8%TGC including 32.8 metres at 15.4%TGC and 9 metres at 25.2%TGC.

The results confirm Triton’s overall belief in the potential of the Nicanda Hill prospect and that the graphite mineralisation intensifies and strengthens towards the north of the mineralisation footprint and with less internal dilution from a reduced number of gneiss (non-graphitic) bands.

About 45% of the drilling results have been received from the SGS South African laboratory and the Intertek Genalysis laboratory. 

A full-suite ICP (multi-element) analysis including vanadium on all samples continues in laboratories in both South Africa and Australia.

Additional Mineralogical Results

Mineralogical and assay test work from SGS South African laboratory have returned encouraging results in line with previous studies, with head grades of up to 28%TGC, being obtained from the various samples. 

These tests also confirm the strong presence of Vanadium within the graphitic samples, obtaining grades up to 0.50% V2O5.

More detailed metallurgical and mineralogical investigations are progressing in conjunction with the graphite flotation test work program as the company focuses on refining the flotation methods for optimising the overall graphite recovery, final graphite concentrate grades and product size distribution.

Vanadium recovery test work is also continuing on the graphite flotation tailings with initial analysis confirming it is present in flake form.

This may lend itself to being beneficiated through the standard flotation methods. 

These initial vanadium tests found the high grade vanadium concentrate was being recovered from a full range of vanadium flake sizes.

Triton plans to undertake a detailed vanadium test work program focused on testing the flotation and other methods for optimising the overall vanadium recovery from the graphite tailings and the final vanadium concentrate grades.

Graphite Flake Distribution

Additional mineralogical investigations have also confirmed the presence of large flake graphite (greater than 170um) throughout the Nicanda Hill prospect. 

These show graphite flake size distribution as follows:

- 23% of the graphite samples are very large flake (212μm or larger);
- 36% are greater than 106μm (medium to large flake), 
- 17% are greater than 75μm (medium flake); and 
24% are less than 75μm (small flake) in size.

Triton noted that while the ratio of graphite flake sizes is unlikely to remain constant throughout the whole of the mineralisation footprint, the wide-spread nature of the sampling is representative of the type and sizing of the graphitic material found at the Nicanda Hill prospect.

Based on initial observations, it also noted that graphitic material in the northern prospects of the mineralisation footprint appears to host better graphite flake and grade within the weathered zone.

If metallurgical and mineralogical test work confirms these observations then the weathered zone in the northern prospects could possibly become the primary focus for Triton in the first 2-5 years of proposed graphite production.

The company will continue working on an expanded metallurgical and mineralogical work program focused on testing the very large area of near-surface oxidised graphitic material that could provide better graphitic grades and larger flake recovery.

Strong vanadium assay results have also increased its confidence in Nicanda Hill as a very large multi-element project with vanadium improving the overall future economics of the project when in production.

Analysis

Proactive Investors believe the continued high grade graphite and vanadium intersections demonstrate the potential for Nicanda Hill to be one of the largest graphite and vanadium projects in the world.

Not only has drilling confirmed the presence of multiple high grade graphite zones that are continuous and extend along the entire length of the mineralisation footprint, it has only indicated that mineralisation is present from surface to depths in excess of 400 metres.

The latest mineralogical results are also encouraging, showing that large flake graphite is present throughout the mineralisation footprint.

We are optimistic of continued exploration success from future drilling campaigns at Nicanda Hill.

Share price kickers include:

-    Further assays from drilling;
-    Vanadium recovery results; and
-    Results from broader testwork.

The company had $4.45 million in cash at the end of June 2014.


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