Graphite miner Kibaran Resources Limited released an upgraded JORC mineral resource for the Tanzania-based Epanko deposit, commenting that it has a total indicated and inferred mineral resource of 22.7 million tonnes grading 9.8-% total graphitic carbon for 2,223,300 tonnes of contained graphite.
According to the Sydney Morning Herald, the announcement made reference to the fact that the mineral resource estimate would provide Kibaran with a sound technical basis to revise its “Terms of Reference” for its scoping study. The updated study will evaluate the production parameters on up to 40,000tpa and the indicated resource estimate allows for a future study based on an expansion to 100,000tpa of natural flake production subject to future market demand increases. The revised scoping study is well advanced and will be announced by the end of the month.
Other highlights include:
- Revised ‘Terms of Reference’ for Scoping Study now targeting up to 40,000tpa of graphite production, however new Mineral Resource estimate capable of targeting 100,000tpa production in the future.
- Total Mineral Resource estimate increased by 47% to include 2,223,300 tonnes of contained graphite.
- Resource grade and tonnage exceeds all known current and historic graphite Mineral Resources in Tanzania.
- Resource estimate covers only a small footprint within the 100% owned KNL Epanko prospect –significant potential exists for future resource growth.
“The Kibaran Board of Directors is extremely pleased with this outcome, as it not only confirms the confidence shown in drilling results over the past months but has delivered a result over and above our internal expectations, it places Kibaran in good stead to become a key producer and supplier of premium quality graphite to the sophisticated European market and to that end, the Company is now actively pursuing a second take-off agreement for the Panko project. Kibaran is in discussion with a number of industrial groups in both Europe and North America in this respect,” said Executive Director Andrew Spinks.