Metallica Minerals maiden drilling hits 120m graphite mineralistaion

THE DRILL SERGEANT: Metallica Minerals (ASX: MLM) has completed the first drill hole at the company’s Esmeralda graphite project, south of Croydon in north Queensland.

Based on visual observation, the company claimed the hole (WD001) intersected more than 120 metres of graphite mineralisation from a depth of 68m.

The hole ended in mineralisation at 189m.

From its visual inspection, Metallica said the majority of the mineralised core could potentially contain over 10 per cent graphite, with healthy portions containing over 20 per cent graphite.

The company has commenced a second hole (WD002) where it is targeting similar mineralisation.

Initial assay results for both holes are expected to be ready toward the end of November.

“We are extremely encouraged by these initial results from Esmeralda,” Metallica Minerals CEO Simon Slesarewich said in the company’s announcement to the Australian Securities Exchange.

“The results provide the first hard evidence that Esmeralda hosts an extensive and high-grade graphite deposit.

“It is gratifying to see our research and theoretical modelling validated so clearly and so early in our first field program.

“While we do have to wait for the assays to tell the full story, the substantial width and consistency of mineralisation indicates a potentially world-class discovery.

“The intersection in WD001 is well above the mineralised length of some of the emerging graphite results from east Africa and more than comparable with graphite zone widths from the globally renowned Albany project in Ontario, Canada.”

Email: admin@metallicaminerals.com.au

Website: www.metallicaminerals.com.au