High Grade Graphite Zone Averaging 19.6%GrC at Nicanda Hill
Perth, Sep 2, 2014 AEST (ABN Newswire) - Triton Minerals Limited (
ASX:TON) ("Triton", "the Company") is pleased to confirm the next batch of assay results from the current RC and Diamond drilling program continues to identify substantial high grade graphite mineralisation at the Nicanda Hill prospect.
Triton Minerals Managing Director Brad Boyle said "The continued interception of strong graphitic and vanadium mineralisation on the initial wide-spaced drilling grid reinforces the Company's belief that the Nicanda Hill prospect will become one of the world's largest multi-element project.
Further, the interception of graphite mineralisation of grades up to 25.2%, also continues to validate the extension of the previously identified high grade zones that are present along the entire mineralisation strike length of 4.8kms and can be seen from surface to depths in excess of 400 vertical metres.
These latest drill results continue to provide a solid foundation for the rapid progression and creation of the JORC 2012 resource at Nicanda Hill."
SIGNIFICANT ASSAY RESULTS
Triton has completed approximately 70% of the current exploratory drilling program on the Nicanda Hill prospect, with forty five (45) RC drill holes and twenty three (23) diamond drill holes finished.
The Company is also pleased to confirm that diamond drill hole (GBND0017) on drill section N6 has intercepted 275m graphite mineralisation from surface, finishing in graphite mineralisation and the hole remains open at depth.
Using a 5%GrC cut off, RC drill hole GBNC0026 returned high grade mineralization of 137m (combined intersections) at 10.1% GrC, whilst RC drill hole GBNC0029 returned 144m at 10.4% GrC and RC drill hole GBNC0022 returned 41m at 10.7% GrC.
Also of note in drill hole GBNC0026 and close to surface is the high grade mineralisation interception of 8m at 15.9% GrC and drill hole GBNC0029 has the interception of 20m at 15.5%GrC.
In addition RC drill hole GBNC0034, located on section N12 located 2,200m to the north of the main drilled area, returned high grade mineralisation including 36m at 15.2% GrC within an overall continuous intersection from near-surface of 142m at 10.2%GrC, which includes the mineralisation interval of 10m at 19.6% GrC.
These solid drill results confirm Triton's belief that the graphite mineralisation intensifies and strengthens towards the north of the mineralisation footprint. With this early validation of the northern exploration targeting model, Triton confirms that subsequent drilling will continue to focus on the location and interception of the high-grade areas.
The drilling results have returned multiple very high grade graphite intercepts across the whole of the Nicanda Hill mineralisation footprint of up to 25.2% GrC, as seen in drill hole GBNC0026. These results continue to indicate the strong present of graphite and vanadium and Triton is confident of further high grade interceptions.
Triton confirms about 30% of RC and Diamond drilling assay results have now been received back from the SGS South African laboratory.
The Company verifies using a 6.5% GrC cutoff, with all of the drill core samples received to date, the assays results have returned an overall average graphite grade of 10.32% GrC.
The additional assay results for the RC and Diamond drill holes that have been received for this part of the drilling program are shown in more detail in Table 1 and Appendix 2 in link below.
These drilling results continue to reaffirm the Triton's interpretation of the strong and continuous graphite and vanadium mineralisation over a strike-length of 6.2kms.
The drilling cross section spacing is currently on very wide spacing of 200m to 400m apart. On each cross section, drill holes are spaced 100m apart. This initial wide spacing is designed to locate the higher grade zones that will be subsequently targeted with closer-spaced drilling with the intent of elevating the final overall graphite and vanadium grades contained within the mineralised footprint.
The priority focus of the current drilling program has moved to northern section of the mineralisation footprint and to the ridges where the highest VTEM response was received. The Company has encountered some logistical restrictions when moving into the northern section of the mineralised footprint while access tracks are developed and water pipelines are laid for the diamond drill rig.
Triton confirms these latest RC and Diamond drill holes continue to show substantial visible flake graphite and roscoellite from surface to the end of hole with many holes over 200m deep and open at depth.
Drilling results are showing strong graphitic mineralisation from surface in the northern section of the mineralisation footprint and with less internal dilution from a reduced number of gneiss (non-graphitic) bands.
Due to strong drilling results obtained from the northern prospects of the mineralisation footprint and to assist with pre-feasibility works, Triton has now updated and expanded metallurgical sampling program to focus on these recently identified and extended high grade graphitic zones.
The assay and visual drilling results continue indicate the strong present of graphite and vanadium across the entire mineralisation footprint and Triton is confident of further high grade interceptions on the Nicanda Hill prospect.
Due to the presence of the strong mineralisation together with the highest VTEM response to in the northern prospects of the mineralisation footprint, Triton has now prioritised the sampling and testing of the drill core obtained from this area (Figure 3 in link below).
Within the Nicanda Hill footprint, continuous graphite and vanadium mineralisation has been further demonstrated, both by assay, costean trenching and the logging of drilling samples, over the 4.8kms strike-length. This mineralized strike-length is expected to increase with further drilling to the north.
CURRENT EXPLORATION ACTIVITIES
Triton confirms that one RC and two Diamond drill rigs continue the drilling program 24 hours a day at the Nicanda Hill prospect.
The modified drilling program has been designed to test the full width and potential continuity of the interpreted high grade graphitic zones, as previously confirmed by drilling and as suggested by the conductive zones identified in VTEM data along the full length of mineralisation footprint.
The Company confirms that pre-feasibility preparatory works are now underway at Nicanda Hill. Triton has created number of costean trenches and transverses with a bulldozer across the top of the ridges of Nicanda Hill.
The trenches have been created in order to further confirm the continuation of graphitic and vanadium mineralisation and to provide facilities for bulk sampling. Costean trenching near drill sections N4 and N10 have also confirmed the strong continuous presence at surface of visible flake graphite and roscoellite over a distances of more than 220m.
The heavy earth moving equipment has also successfully created the various access tracks and drill pads along the ridges of Nicanda Hill and Charmers prospects. As a result Triton is pleased to confirm drilling is also well underway on the ridges of the Nicanda Hill prospect.
Triton notes the strong presence of continuous graphitic and vanadium mineralisation across the Nicanda Hill and Charmers prospects during the construction of the various access tracks as seen in Figure 4 below.
Triton also notes during the construction of the access tracks and costean trenches the bulldozer intercepted at surface a number of high grade graphite zones, including the HG1 zone, which is clearly demonstrated but the graphitic silvery area seen in Figure 5 in link below.
Triton confirms the initial metallurgical and petrographic test work for the Nicanda Hill drill core samples are almost complete, as the Company is currently waiting for the completion of the graphite flake size distribution analysis. Triton expects to receive the metallurgical and petrographic results from ALS Laboratory Group (Adelaide) within the next two weeks.
The metallurgical test work will then progress to reviewing options for optimisation of graphite flake recovery and the determining the best methods for the delineation of high grade graphitic and vanadium concentrates.
GRAFEX LTD
Triton confirms the final payment under Tranche 1 was made to the Grafex shareholders last week, after the Company's placement capacity was refreshed when approval was received on 20 August 2014, at the General Meeting of Shareholders. Triton now holds 80% equity interest in Grafex Ltd and all three graphite projects, namely Balama North, Balama South and Ancuabe.
On the completion of the Tranche 2 payment early next year, Triton will acquire 100% equity interest of Grafex Ltd and full control of all the graphite projects in Mozambique.
CONCLUSIONS
All of the exploration and drilling data received to date for the Nicanda Hill prospect continue to support the rapid advancement of the JORC 2012 compliant resource by the end of 2014.
The Company remains extremely confident that the Balama North project will host one of largest high-grade graphite and vanadium projects in the world.
Triton is optimistic continued exploration success and looks forward to providing further exploration updates to the market as the information becomes available.
To view all diagrams, photos, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TON-689860.pdf
About Triton Minerals Ltd
Triton Minerals Limited (ASX:TON) is an ASX listed, responsible mineral explorer and resource management company headquartered in Perth, Australia.
Led by a highly experienced management team, Triton Minerals' vision is to grow shareholder's value through discovery or development of base metal, gold and other precious metal deposits.
Triton has made excellent progress with its three Graphite projects located in the Cabo Delgado Province in Mozambique, with the program successfully identifying a number of graphitic exposures.
It is the Company's belief that the Mozambique, Balama North Project could host multiple and very substantial world class graphite deposits.
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