IM Graphite News in Brief 11 – 17 December

By Laura Syrett, Myles McCormick
Published: Thursday, 17 December 2015

Sayona strikes visual graphite at East Kimberley; Archer confirms Campoona material suitable for graphene.

ASX-listed Sayona Mining Ltd has encountered visual flake graphite mineralisation in every hole during the maiden drilling programme at the Corkwood prospect of its East Kimberley project in Western Australia.

The company said it encountered significant zones of more than 50-metre downhole widths in several holes, including an intercept of 64 metres during the 2,939-metre programme.

Sayona’s drilling has now identified graphite mineralisation over 7km within the 25-kilometre strike extent of the Corkwood geochemical and geophysical anomaly. Samples are being dispatched for analysis and the first results are expected in January 2016.

Also in Australia, research carried out by the School of Chemical Engineering, University of Adelaide confirmed the ability of concentrates from Archer Exploration Ltd’s Campoona graphite project on the Eyre Peninsula, South Australia to produce pure graphene of over 99.9%.

Archer said the findings showed the graphene had "outstanding" electrical properties that can be used in solar cells, photovoltaics, wearable and printable electronics, super-capacitators, batteries and sensors.

The company will conduct trials in partnership with the university in early 2016 to test the extent of the scalability of the process used.

Fellow ASX-listed Mustang Resources Ltd has amended acquisition agreements over its graphite, diamond and ruby projects, allowing the company to effectively reduce potential shareholder dilution by a nominal value of up to Australian dollar (A$) 23.4m ($16.65m*).

Under the terms of its current asset agreement with vendors, Mustang would issue up to 153m, or A$30.6m-worth of share performance rights, including A$5.9m of performance cash payments.

Following an independent assessment of the performance share rights, and negotiations with vendors, Mustang would cancel the performance share rights and the performance cash payments, and instead issue the vendors with ordinary shares in lieu of the cancellation. The company would now issue around 36.2m, or A$7.2m-worth of ordinary shares.

Mustang is developing part of the Balama graphite project in Mozambique.

In Canada, Ashburton Ventures Inc. has encountered a total of 148 metres of graphite mineralisation in the third drill hole at Buckingham graphite property in Quebec.

The company said that the drill hole reached its target depth of 224 metres. A fourth drill hole at Buckingham is now underway.

TSX-V-listed Nouveau Monde Mining Enterprises Inc. has published results of a first mineral resource estimate on the southeast and southwest zones of the Tony block of the Matawinie graphite property in Saint Michel des Saints, Quebec, Canada.

The study showed an indicated resource of 26.3m tonnes grading at an average of 3.73% C and an inferred resource of 19.2m tonnes at 3.67% C.

The company plans to complete a mineral resource estimate on the western zone of the block in Q1 2016.

CKR Carbon Corp. has announced the results of assays and test work on samples of vein graphite material taken from its Aukam graphite property in southern Namibia.

A total of 84 unscreened samples delivered graphite grades ranging from 11.39% C to 72.14% C, with an average of 27.66% C.

Flotation tests indicated that up to 38% of the material is medium-to-large flake and up to 42% is in the fine flake category.

In Sri Lanka, TSX-V-listed Elcora Resources Corp. has defined targeted graphite particle size distributions and finalised the designs for various stages of the process circuit for its Sakura and Ragedara graphite projects in Sri Lanka. Elcora says that its processing plan is capable of producing a particle size distribution suitable for lithium-ion battery applications.

In financing news, TSX-V-listed Eagle Graphite Inc. will extend a proposed private placement announced in early November. The company closed one tranche of the placement earlier this month and hopes to close at least one more by mid-January 2016.

The proceeds from raised will be used to fund unspecified exploration work and for general administrative purposes.

Eagle owns the Black Crystal flake graphite quarry and plant in British Columbia, Canada.

Finally, Graphene 3D Lab Inc. has arranged a non-brokered private placement of up to 4m units at Canadian dollar (C$) 0.25/unit ($0.18/unit) to raise up to C$1m in gross proceeds. 

Proceeds of this financing will be used primarily for expansion of the Company's business and for general working capital purposes


*Conversions made December 2015