TIDMACP
Armadale Capital Plc ('Armadale' or 'the Company')
Excellent Drilling Results Continue
at Mahenge Liandu
Armadale, the AIM quoted investment company focused on natural
resource projects in Africa, is pleased to announce the results of
a recent 1,500m 28-hole reverse circulation drill programme
completed at the Mahenge Liandu Graphite Project in Tanzania
('Mahenge Liandu').
Overview
-- Wide high-grade mineralisation consistently intersected from shallow,
near surface depths, with thick graphite intersected in 24 of
the 28
holes completed
-- Numerous holes returned exceptionally high-grade intercepts, making
Mahenge Liandu one of the highest-grade graphite deposits in
Tanzania,
with results including:
6m @ 12.8% Total Graphitic Content ('TGC') from surface
14m @ 16.7% TGC from 2m
15m @ 14% TGC from surface
11m @ 14.8% TGC from 15m
10m @ 18.5% TGC from 16m
-- Drill results expected to support an increase in the quantum and
confidence category of the maiden JORC Resource estimate of
40.9Mt at
9.41% TGC - resource update expected by the end of the year
-- Significant further upside remains - drilling focused on 1,200m strike
length, however the deposit remains open in most directions
-- Metallurgical test-work has confirmed the mineralisation responds well
to conventional floatation circuits and can produce concentrate
purity
well above industry benchmarks
-- Definitive Feasibility on track to be completed in Q2 2018 - targeting
a 400,000tpa operation with a head grade of 10-15% TGC
Nick Johansen, Director of Armadale said:"The current resource
is one of the largest high-grade deposits in Tanzania and work to
date has demonstrated Mahenge Liandu's potential as a commercially
viable deposit thanks to its significant tonnage, high-grade coarse
flake and near surface mineralisation, which is contained within
one contiguous ore body. Crucially, we continue to see significant
potential within the asset, and the results from the recent drill
work are testament to this. With highs of 18.5% TGC and wide zones
of mineralisation identified typically averaging 8-10% TGC, we are
very excited for the imminent increase in JORC resource, which we
expect to be in a position to deliver by the end of the year."
Feasibility study
The near surface high grade zones confirmed by the current round
of drilling points towards cost effective production of a premium
graphite product for sale to the market and is further validation
of the Company's two stage development plan. The Company
anticipates being able to complete a 400,000tpa feasibility study
in Q2 2018 as we continue to develop the world class Mahenge Liandu
project through to production. We look forward to further
significant updates to the market over the coming months
RC Drilling Programme Assay Results
The drilling was carried out on a 200m by 80m pattern over a
strike length of 1,200m with a total of 27 holes completed. The
results confirm consistent zones of mineralisation staring from at
or near surface typically 8-10% TGC.
Table 1 Graphite Assay Results from the 2017 drilling
programme
Hole ID Easting Northing Max Depth From To width TGC %
LDRC0022 251,673 9,035,201 65 0 58 58 7.4
inc 0 6 6 12.8
inc 51 55 4 15.9
LDRC0023 251,855 9,035,275 51 0 41 41 10.6
inc 10 14 4 14.9
inc 29 33 4 15.5
inc 35 41 6 14.3
LDRC0024 251,821 9,035,352 33 0 27 27 9.1
inc 0 8 8 11.5
LDRC0025 251,887 9,035,209 34 0 28 28 12.3
inc 2 16 14 16.7
LDRC0026 251,785 9,035,419 63 0 46 46 8.2
inc 0 15 15 14
LDRC0027 251,758 9,035,495 63 0 16 16 8.1
and 27 40 13 8
and 43 52 9 8
LDRC0028 251,938 9,035,596 41 0 20 20 9.4
inc 0 13 13 10.6
LDRC0029 251,971 9,035,522 50 7 37 30 9.5
inc 15 26 11 14.8
LDRC0030 251,909 9,035,660 19 NSI
LDRC0031 252,014 9,035,450 63 4 8 4 4.2
and 20 25 5 7.7
and 34 57 23 12.5
inc 46 57 11 17.5
LDRC0032 252,046 9,035,364 57 16 26 10 18.2
and 36 46 10 6.9
LDRC0033 251,726 9,035,576 61 44 54 10 4.3
LDRC0034 251,694 9,035,642 48 NSI
LDRC0035 251,653 9,035,504 74 44 68 24 6.9
inc 58 63 5 14.5
LDRC0036 251,620 9,035,351 33 1 10 9 10.1
LDRC0037 251,642 9,035,283 69 3 15 12 13.8
inc 3 9 6 17.5
and 44 57 13 9.8
LDRC0038 251,588 9,035,433 63 40 53 13 11.4
LDRC0039 251,461 9,035,183 66 25 45 20 10.2
inc 27 36 9 15.8
LDRC0040 251,432 9,035,265 56 16 20 4 8.5
LDRC0041 251,395 9,035,330 79 17 38 21 11.5
inc 26 36 10 15.2
LDRC0042 251,494 9,035,112 60 30 41 11 11.5
inc 36 41 5 14.8
LDRC0043 251,527 9,035,039 33 NSI
LDRC0044 251,566 9,034,969 93 45 86 41 6.8
inc 45 48 3 14.9
LDRC0045 251,600 9,034,897 50 NSI
LDRC0046 251,268 9,035,127 105 3 13 10 17.9
and 20 25 5 14.2
and 34 50 16 6.7
LDRC0047 251,295 9,035,059 58 9 17 8 10.8
and 49 55 6 12
LDRC0048 251,018 9,035,201 20 2 6 4 15.9
LDRC0049 251,357 9,034,984 67 44 52 8 13.5
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
LEI: 213800495EK876JETD10
Classification: 3.1. Additional regulated information required
to be disclosed under the laws of a Member State
View source version on businesswire.com:
http://www.businesswire.com/news/home/20171107005756/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
November 07, 2017 03:31 ET (08:31 GMT)
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