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Hexagon Resources Ltd

Hexagon Resources identifies outcropping graphite target at US project

Hexagon has entered the US battery supply chain through its Ceylon Graphite Project in Alabama.

Excavation of 12 tonnes of weathered graphite rock from shallow pit (CMB001) at Ceylon property for bulk sampling program
Ceylon’s mineral rights are held by Charge Minerals LLC an 80% owned subsidiary of Hexagon

Hexagon Resources Ltd (ASX:HXG) has completed reconnaissance exploration at its 500-acre Ceylon Graphite Project, which hosts the historical Ceylon Mine and Rushing property.

Notably, abundant at-surface graphite minerlisation has been identified over a 1-kilometre strike length with graphite grading up to 4.93% total graphitic content (TGC).

The Ceylon Mine historically targeted outcropping graphite mineralisation, averaging around 3-5% TGC.

The Alabama Graphite belt has historically been the primary source of the US’s domestic graphite production and supply during periods of war and trade embargoes.

On July 19, a 100-tonne bulk sampling program commenced witt the plan to generate 2 to 3 tonnes of graphite concentrate with the first batch available in December 2019.

READ: Hexagon Resources’ substantial shareholder UBS increases stake

Hexagon’s managing director Mike Rosenstreich said: “We are very pleased to have added a low cost North American exploration project to the portfolio, particularly one in arguably the best graphite jurisdiction on mainland USA at a time when there is strong emphasis on “Sourced in America” critical minerals.

“This project enables us to generate graphite concentrate for fast tracking our downstream processing test work. Our work has identified key geological attributes to assess the potential of these deposits and we are currently investigating additional low-cost opportunities within the same graphite belt.

“The Alabama Graphite Belt is our doorway into the downstream of the US battery supply chain.”

Project managers are experienced and incentivised 

Notably, the Charge Minerals CEO Jesse Edmondson is based in Alabama and spent seven years as a senior executive of a US company developing graphite assets in Alabama.

Not only does Edmondson contribute valuable commercial knowledge and networks but he has a shareholding in Charge Minerals incentivising him to drive project success.

Cherie Leeden was also appointed to work with Edmondson who was the founder and former managing director of African graphite developer Battery Minerals Ltd (ASX:BAT).

Quick facts: Hexagon Resources Ltd

Price: $0.06

Market: ASX
Market Cap: $18.67 m
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