Triton Minerals (ASX: TON) has announced a “major” 59% mineral resource upgrade for its Ancuabe graphite project in Mozambique, which supports a 30-year plus operation.
The resource upgrade for T12 and T16 deposits at Ancuabe has risen 59% to sit at 44.4 million tonnes grading 6.6% total graphite carbon for 2.9 million tonnes of contained graphite.
A drilling campaign earlier this year has fast-tracked the T16 deposit from exploration target to a mineral resource of 20mt grading 8% total graphite carbon.
According to Triton, T12 and T16, alone, have sufficient resources for a 30-year mine life producing 60,000 tonnes per annum of graphite concentrate.
The resource estimate for the deposits has also been increased 300% to indicated category, with indicated resources now sitting at 27.2mt grading 6.9% total graphite carbon, which enhances Triton’s overall confidence in the deposits’ prospectivity.
“This major resource upgrade continues to demonstrate that Ancuabe is an outstanding deposit with world class flake size and end product grade (supported by a significant level of independent metallurgical testwork) to underpin development of a long life, large flake graphite project,” Triton managing director Peter Canterbury said.
Mr Canterbury said the project had the Mozambique Government’s backing and had access to existing road, rail and port infrastructure.
“These results will be incorporated in the Ancuabe definitive feasibility study, which is scheduled to be completed in December 2017,” Mr Canterbury added.
On the 22 November, Triton submitted its mining concession application to develop Ancuabe and produce graphite for an initial 25-year period. The licence is also renewable for a further 25 years.
As part of the company’s strategy to fast-track to production, a maiden JORC reserve is due early next year, as well as kicking-off early development work.
Mr Canterbury said the current graphite market outlook was positive with rising graphite prices and expected continued growth in the lithium-ion battery and building materials sectors.
Between 1994 and 1999, the historic Ancuabe Mine produced 7,500t of flake graphite.
Triton’s share price rose more than 5% to A$0.08 in the first 15 mins of morning trade.