Australia-headquartered IMX Resources Ltd
plans to spin off its Tanzanian graphite assets
into a new ASX-listed entity as part of a restructuring that
will allow the company to focus on its base metals and gold
IMX said that its flagship Chilalo graphite project, valued
at $73.8m, will become the main asset of the new standalone
company named "NewCo", which will have its own
dedicated board and management team. NewCo is a standard name
for spinoff companies and a new name is likely to be chosen in
The company will continue to pursue offtake agreements and
financing for Chilalo during the transition period and expects
the deal to be completed by the end of April 2016. IMX said
that despite positive exploration results for Chilalo, the
value of the asset was not being reflected in the
company’s share price.
IMX wills suspend operations at its Ntaka Hill nickel
project in view of the weak nickel market and will concentrate
instead on the Kishugu and Naujombo gold properties –
all three of which are located in Tanzania.
Also in Africa, Canadian-headquartered Next Graphite
Inc. has issued testing and grading results from work
on a 1,000kg underground sample taken from the lower adit of
the company’s Aukam property in Namibia.
The latest rounds of testing have been funded by Next
Graphite’s joint venture with TSX-V-listed
Caribou Carbon Corp.
Samples were taken as part of a 25-tonne bulk sampling
programme and tested by Lilhof Enterprises in
Namibia. Results of assays from 84 unscreened samples showed a
purity range of 11.39-72.14% C with an average grade of 27.66%
Flake size distributions determined on three composite
samples indicated primarily medium to large flakes (35-38.4%)
and fine flakes (39.7-42%). A 129 kg sample of the Aukam ore
with a head grade of 29.65% C was upgraded by flotation and
acid wash to 96.13% C material.
In Canada, TSX-V-listed Ashburton Ventures
Inc. has released more assay results from outcrop
sampling at its Buckingham graphite project in southern
A total of 18 outcrop samples were taken from a newly
discovered lump-vein bearing graphitic zone and from in and
around the zone where drilling is currently taking place.
Samples from the newly discovered area mostly contained
lump-vein type graphite and yielded assays of between 8.8% C
and 68% C. Samples from the existing drilling area contained
mainly disseminated graphite and assayed between 13.3% C and
The samples were treated at SGS Lakefield
Canada Carbon Inc. has published an update
on the status of its ASTM research programme, aimed at
developing standard assessment protocols to determine the
chemical purity and neutron absorption potential for natural
graphite material intended for nuclear applications.
The company announced in September that thermally upgraded
graphite from its Miller property had been selected for
assessment towards developing a standard natural graphite
material for nuclear applications.
Four international laboratories, one from the US and three
from the EU, have participated in the round-robin testing of
Miller graphite, contributing eight analytical datasets arising
from three different glow discharge mass spectrometry (GDMS)
instrumental platforms. These experimental results are
currently being interpreted in accordance with ASTM
The GDMS analytical results will be compared with those
arising from two different preparatory methods for inductively
coupled plasma mass spectrometry (ICP-MS) analysis, as well as
those arising from particle induced x-ray emission (PIXE), each
of which is capable of producing analytical results of similar
ASX-listed Triton Minerals Ltd has extended
the due diligence period regarding its letter of intent (LOI)
with Chinese equity firm and resources trading house, Shenzhen
Qianhai Zhongjin Group Co. Ltd.
Under the terms of the LOI, Shenzen Qianhai will provide
funding of up to $200m to build a graphite concentrate
operation with an initial production capacity of 200,000
The due diligence period under the LOI was due to expire on
31 December 2015, but the parties have agreed an in principle
extension for a further 3 months to 31 March 2016. All other
terms of the LOI remain unchanged.
Also listed in Australia, Sayona Mining Ltd
has restructured its agreement with Brasil Graphite SA
regarding Sayona’s interest in the Itabela
graphite project in Brazil.
The restructured deal includes the parties’
option-to-purchase agreement, which is aligned to exploration
success with future payment schedules. The option exercise
payment has been reduced from $3.5m to $1.5m, payable in June
2016, and the balance of payments is to be based on delineating
Sayona’s initial due diligence activities have
confirmed the potential for Itabela to be established as a
near-term, globally competitive, low capital and operating cost
development opportunity. Drilling at Itabela is due to commence
in early 2016.
In financing news, TSX-V-listed Focus Graphite
Inc. has closed a private placement of 14.3m
flow-through common shares at a price of $0.10/common share for
aggregate proceeds of $1.43m.
Funds raised from the offering will be allocated to
exploration work on Focus’ mineral properties in
Quebec, where the company owns the Lac Knife graphite
Fellow TSX-V-listed Great Lakes Graphite Inc.
has issued a new non-brokered private placement offering of up
to 3m units of company equity.
The placement will consist of an offering of 3m flow-through
units, each priced at Canadian dollar (C$) 0.07 ($0.05*), for
gross proceeds of up to C$210,000. The offering is scheduled to
close on 30 December 2015. Net proceeds will be used to develop
the company’s Lochaber graphite project.
Northern Graphite Corp. has announced the
voluntary cancelation of 500,000 stock options held by
non-executive directors. The company has a total of around
51.28m common shares and 1,18m share purchase warrants issued
and outstanding and 3.8m options after giving effect to the
Northern Graphite is developing the Bissett Creek graphite
project in Ontario.
In graphene news, UK-listed Applied Graphene
Materials Plc (AGM) has announced a share placing to
raise £10.1m ($15m) to scale up its graphene production
The company has conditionally raised £8.1m (before
expenses), through the placing of around 4.63m new ordinary
shares at a price of £1.75/share. It has also announced
an open offer to raise up to £2m.
AGM will use the cash to increase its manufacturing capacity
to 6 tpa and to form collaborations and joint development
activity with customers, including the development of new
intellectual property, pursuing production orders and finance
the working capital requirements for at least 12 months.
Finally, researchers working on the €10.6m ($11.57m)
European research project, GRAFOL, have
demonstrated a cost-effective roll-to-roll production tool
capable of making large sheets of graphene on an industrial
scale, according to news service, Graphene-info.
The tool operates at atmospheric pressure and at reduced
operating temperature. The GRAFOL team believe that graphene
produced in this way could be used as a substitute for
transparent indium tin oxide (ITO) electrodes used in organic
LEDs (OLEDs), enabling flexible designs while helping reduce
dependency on ITO.
The team also showed that it is possible to adapt the
chemical vapour deposition (CVD) of making graphene to grow the
nanocarbon on 300 mm-diameter silicon wafers – the
standard size currently used in the semiconductor industry.
That suggests the potential to integrate graphene in silicon
photonics platforms, as well as flexible thin-film solar cells
with transparent electrodes.
*Conversions made December 2015