TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
1 August 2017
Armadale Capital Plc ('Armadale' or 'the Company')
Excellent Drilling Results Continue at Mahenge Liandu Graphite
Project
Armadale, the AIM quoted investment company focused on natural
resource projects in Africa, is pleased to announce wide zones of
near surface mineralisation have been intersected in the first
drill holes completed at Mahenge Liandu Graphite Project in
Tanzania ('the Project' or 'Mahenge Liandu').
Overview
-- All holes intersected graphite mineralisation at or near surface with
widths up to of 58m and an average width of 35m
-- Initial drilling is targeting high grade near surface mineralisation
that can be accessed early in the mine plan to maximise early
cashflow
-- First 16 holes of 2,500m Reverse Circulation ('RC') drill programme
completed with drilling ongoing
-- Objective of the overall drilling programme is to increase both the
quantum and confidence category of the maiden JORC Resource
estimate
of 40.9Mt at 9.41% Total Graphitic Content ('TGC')
-- Geological mapping to identify extension to the deposit has now
commenced
-- Bulk sample has now arrived in Perth allowing test-work to commence
Nick Johansen, Director of Armadale said, "Excellent widths of
graphite mineralisation up to 58m thick from at or near surface add
to the consistently encouraging exploration results from Mahenge
Liandu. The continuity of intercepts underpin the board's
confidence that this asset has the potential to become a
commercially viable mining operation, capable of producing the high
value large graphite flakes sought after by, amongst others,
expandable graphite and lithium Ion battery manufacturers. As a
commodity identified by industries and decision makers worldwide as
having strategic importance, our expedited development of Mahenge
Liandu towards production should position us strongly, as we
continue marketing our product with graphite industry participants
including consumers, engineering, procurement and construction
providers.
"I look forward to providing further updates as the drill
programme continues and we work towards the publication of an
enhanced JORC Resource and begin prefeasibility work by the end of
2017."
Drilling Programme Update
Drilling is now well underway with the first 16 holes completed.
All the drill holes have intersected graphite mineralisation with
up to 58m thickness and an average thickness of 35m. The deposit
dips gently to the south east in area of drilling with initial
holes targeting areas on at or near surface mineralisation.
Drilling is continuing with further drilling intercepts and assay
results to be released when the results are available.
Hole ID Easting Northing Total Depth From To Width
LDRC0022 251,673 9,035,201 65 0 58 58
LDRC0023 251,855 9,035,275 51 0 46 46
LDRC0024 251,821 9,035,352 33 0 29 29
LDRC0025 251,896 9,035,210 34 0 28 28
LDRC0026 251,785 9,035,419 63 0 55 55
LDRC0027 251,758 9,035,495 63 0 58 58
LDRC0028 251,938 9,035,596 41 0 20 20
LDRC0029 251,976 9,035,515 50 0 37 37
LDRC0030 251,909 9,035,660 19 0 3 3
LDRC0031 252,010 9,035,443 63 6 56 50
LDRC0032 252,043 9,035,371 57 13 46 33
LDRC0033 251,728 9,035,571 61 11 54 43
LDRC0034 251,694 9,035,643 48 0 3 3
23
27 4
LDRC0035 251,657 9,035,499 74 37 68 31
LDRC0036 251,620 9,035,351 33 0 10 10
LDRC0037 251,654 9,035,279 69 0 58 58
Table 1 Graphite intercepts from 2017 drilling programme
The information in this announcement that relates to exploration
results is based on information compiled by Mr Matt Bull, a
competent person, who is a Member of the Australian Institute of
Geoscientists. Mr Bull has sufficient experience which is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a competent person as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Bull consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
**ENDS**
Enquiries:
Armadale Capital Plc +44 20 7236 1177
Tim Jones, Company Secretary
Nomad and broker: finnCap Ltd +44 20 7220 0500
Christopher Raggett / Simon Hicks
Joint Broker: Beaufort Securities Limited +44 20 7382 8300
Jon Belliss
Press Relations: St Brides Partners Ltd +44 20 7236 1177
Susie Geliher / Charlotte Page
Notes
Armadale Capital Plc is focused on investing in and developing a
portfolio of investments, targeting the natural resources and/or
infrastructure sectors in Africa. The Company, led by a team with
operational experience and a strong track record in Africa, has a
strategy of identifying high growth businesses where it can take an
active role in their advancement.
The Company owns the Mahenge Liandu graphite project in
south-east Tanzania, which is now its main focus. The Project is
located in a highly prospective region with a high-grade JORC
compliant inferred mineral resource estimate of 40.9Mt @ 9.41% TGC.
At least 32Mt of this resource has an average grade of 10.47% TGC,
one of the largest high-grade resources in Tanzania, and work to
date has demonstrated Mahenge Liandu's potential as a commercially
viable deposit with significant tonnage, high-grade coarse flake
and near surface mineralisation (implying a low strip ratio)
contained within one contiguous ore body.
Other assets Armadale has an interest in include the Mpokoto
Gold project in the Democratic Republic of Congo and a portfolio of
quoted investments.
More information can be found on the website
www.armadalecapitalplc.com.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170731005570/en/
This information is provided by Business Wire
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August 01, 2017 02:00 ET (06:00 GMT)
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