Magnis continues graphite hits at Nachu

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THE DRILL SERGEANT: Magnis Resources (ASX: MNS) has received assays from recent drilling carried out at the company’s Nachu graphite project in Tanzania.

Magnis has drilled some 139 holes since commencing its 2014 drill program commenced in July, from which it has received 11,133 graphitic carbon assay results representing over 70 per cent of total samples submitted.

High-grade graphite intercepts include:

NARC109
12 metres at 11 per cent graphitic carbon (GC) including 4m at 22.9 per cent GC;

NARC111
21m at 9.3 per cent GC including 5m at 10.8 per cent GC;

NARC121
19m at 9.5 per cent GC including 8m at 12.6 per cent GC; and

NARC120
26m at 8.6 per cent GC including 6m at 16.7 per cent GC.

The company said remaining assays required for a final resource calculation are scheduled to be received within the week for the completion of a maiden JORC resource in November.

“Today’s assays continue to confirm the quality that we see in our Nachu project,”Magnis Resources CEO Dr Frank Houllis said in the company’s announcement to the Australian Securities Exchange.

“Following our remarkable metallurgical results released last week which showed that our project is consistently producing a product with the highest percentage of large and jumbo flake graphite that we have seen in any project worldwide.

“We look forward to releasing our maiden JORC resource towards the end of November”.

Magnis said its drilling has confirmed graphitic schist and graphite mineralisation is present in multiple horizons throughout the Nachu graphite project.

Mineralisation modelling is continuing using multiple drill hole intersects and evaluation of all available drill data.