Kibaran upgrades Epanko Resource

THE DRILL SERGEANT: Kibaran Resources (ASX: KNL) has announced an upgraded JORC 2012-compliant Mineral Resource for the company’s Epanko prospect in Tanzania.

The company released a total Indicated and Inferred Mineral Resource of 22.7 million tonnes grading 9.8 per cent total graphitic carbon (TGC), for just over 2.2 million tonnes of contained graphite.

 

Mineral Resource Estimate at 8% cut-off. Source: Company announcement

“The Kibaran Board of Directors is extremely pleased with this outcome, as it not only confirms the confidence shown in drilling results released over the past months but has delivered a result over and above our internal expectations,” Kibaran Resources executive director Andrew Spinks said in the company’s announcement to the Australian Securities Exchange.

“It places Kibaran in good stead to become a key producer and supplier of premium quality graphite to the sophisticated European market and to that end, the company is now actively pursuing a second off-take agreement for the Epanko project.

“Kibaran is in discussion with a number of industrial groups in both Europe and North America in this respect.”

Kibaran said the new Indicated Mineral Resource estimate gives it the basis to revise its ‘Terms of Reference’ for the Epanko scoping study.

The updated study will evaluate the production parameters on up to 40,000 tonnes per annum.

The company said the indicated resource estimate allows for a study based on an expansion to 100,000 tonnes per annum of natural flake production subject to future market demand increases.

At this stage the revised scoping study is well advanced and is expected to be announced by the end of August.

Email: info@kibaranresources.com

Website: www.kibaranresources.com