Triton Gold expands Mozambique graphite project

THE BOURSE WHISPERER: Triton Gold (ASX: TON) has acquired a further two exploration license applications located in the Cabo Delgado Province of Mozambique, which the company considers to be an emerging graphite region.

The company said the new licence applications provide a sizeable increase to its current land holding of 920 square kilometres.

Triton said it had deliberately targeted the two license applications as it was interested in anomalies it had previously identified when analysing Aeromagnetic and Radiometric data for the region.

The two new license applications will be incorporated into the existing Joint Venture between Trion and Mozambique company Grafex Limitada.

The acquisition consideration for these licenses includes cash up to $265,000 and four million shares and four million options, being conditional on meeting certain hurdles or deliverables.
 
“The Company is very pleased to be able extend the current land holding in prolific Graphite region of the Cabo Delgado Province,” Triton Gold managing director Brad Boyle said in the company’s announcement to the Australian Securities Exchange.

“By obtaining additional license areas of highly prospective land, with identified large anomalies and within close proximity to known graphite mineralisation in Balama and Ancuabe, is clearly an excellent outcome for Triton and our shareholders.”

Ancuabe project – License 5934

This license was pegged by Grafex.

Triton explained the license holds land completely surrounding the historic Ancuabe graphite mine site.

This land is currently held by AMG Advanced Metallurgical Group, which Triton said has indicated it wants to put the graphite mine back into production, and has recently obtained a mining license over the mine site.

 

Overview of the Ancuabe project licenses including the new License 5934. Source: Company announcement

 

Balama Project – License 5966

This license was also pegged by Grafex and extends the JV land holding along the North-East corridor.

Triton indicated it considers this licence to be prospective for graphite mineralisation as it is situated a short distance from Syrah Resources’ (ASX: SYR) Balama graphite deposits.