THE BOURSE WHISPERER: Triton Gold (ASX: TON) has had two exploration licenses at the company’s graphite project areas in Mozambique approved by the Mozambique mines department.
The Government’s formal approval relates to two areas Triton considers to be the most prospective for graphite among its Mozambique assets.
With the granting of the two licenses, the company said it is now able to commence the initial phase of the exploration activities on the ground, subject to weather and accessibility.
The approvals include Exploration License 5365 at North Balama and Exploration License 5380 at Ancuabe.
Both projects areas received formal approval as exploration licenses at the end of last week, and Triton has been advised three remaining license applications should be granted in the near future.
“The granting of Exploration Licences by the Mozambique government allows us to start work in a region already known for its graphite mineralisation,” Triton Gold managing director Brad Boyle said in the company’s announcement to the Australian Securities Exchange.
“Although the country is approaching the wet season, we can commit immediately to a range of preparatory work which will position us well for a more expansive exploration campaign early in 2013, including drill testing.”
Exploration Licence 5365 is situated close to Syrah Resources’ (ASX: SYR) Balama East deposit, which is approximately three kilometres to the South-West of the boundary of the company’s North Balama project.
Overview of the interpreted regional structural geology and graphite
mineralisation potential in the Balama License areas. Source: Company
The company believes graphite mineralisation extends through the EL5365 area, after recent analysis identified target areas across the license.
Triton intends drill testing these targets early in 2013.
Triton indicated it considers Exploration License 5380 to be highly-prospective, given its close proximity to known graphite mineralisation, with the historic production of graphite in the Ancuabe Mine to the East of the license area.
The company believes graphite mineralisation extends Southwards through Exploration License 5380, which it claims is supported by aeromagnetic and radiometric data that has identified numerous target areas across the license, which are to be drill tested.
“The Board is extremely pleased with the granting of the two exploration licenses, allowing Triton to accelerate exploration activity,” Boyle said.
“The company is excited at the opportunity to explore this very prospective area, and we are focused on discovering further graphite mineralisation as a direct result of our exploration and drill campaigns next year.”