4c8c443e-3c07-4068-bba4-58cd6e885383.pdf
ASX ANNOUNCEMENT
30 October 2015
Triton Minerals Ltd
ASX: TON
ABN: 99 126 042 215
Street address: Ground Floor Unit 1
256 Stirling Highway Claremont
Western Australia 6010
Postal address:
PO Box 1518
West Perth
Western Australia 6872
Tel: +61 8 6489 2555
Fax: +61 8 6489 2556
Email: [email protected] Web:
www.tritonmineralsltd.com.au
Projects: Mozambique Balama North Graphite-Vanadium Ancuabe Graphite
Balama South Graphite
NICANDA HILL RESOURCE UPGRADED
HIGHLIGHTS
Triton Minerals Limited (ASX: TON, Triton or Company) is pleased to announce an update to the maiden October 2014 Mineral Resource estimate for the Nicanda Hill graphite deposit at the Balama North project in Mozambique.
The total Mineral Resource estimate comprises 1.44 Billion Tonnes (Bt) at an average grade of 11.1% Total Graphitic Carbon (TGC) and 0.29% VanadiumPentoxide (V2O5)classified as either Measured Mineral Resources, Inferred Mineral Resources or Indicated Mineral Resources in accordance with the guidelines of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition).
Triton's Managing Director & CEO Brad Boyle said:
'The key objective of the 2015 drill program to define a JORC-compliant measured resource has been achieved. This is a significant outcome for the Company as the Measured Resource will form the basis of the initial ten years of the projected mine life at Nicanda Hill (100) and will create the foundation for defining proven and probable graphite ore reserves at Nicanda Hill.
1
The area, in which the initial measured resource of 33 million tonnes (Mt) at 12.3%TGC has been defined, represents a small fraction of the entire resource area. Triton is confident that the measured resource can be increased almost five-fold. However, increasing the measured component of the resource is not an immediate priority as the initial 33Mt is more than adequate for the projected first ten year's life of mine.
Triton is also very pleased to note an overall increase in the average grade for both the graphite and vanadium from the original 2014 resource estimate and confirming the high quality nature of the deposit. The resource has been further and independently validated thus demonstrating the accuracy and robustness of the original 2014 mineral resource estimate'
Classification
|
Tonnes
|
Grade
|
Contained Graphite
|
Grade
|
Contained V2O5
|
(Mt)
|
(TGC%)
|
(Mt)
|
(V2O5%)
|
(Mt)
|
Measured
|
33
|
12.34
|
4.06
|
0.34
|
0.11
|
Indicated
|
375
|
11.08
|
41.51
|
0.29
|
1.10
|
Inferred
|
1,036
|
11.08
|
114.75
|
0.29
|
3.01
|
Total
|
1,443
|
11.11
|
160.32
|
0.29
|
4.22
|
Table 1: Nicanda Hill October 2015 Mineral Resource Estimate Table (reported using 5%TGC cut-off grade)
Note that some table numbers may not tabulate exactly due to the effects of rounding.
Competent Person's Statement
The information in this report that relates to the Mineral Resource estimate at Nicanda Hill is based on, and fairly represents, information which has been compiled by Mr James Ridley. Mr Ridley is a Principal Geologist at Jorvik Resources Pty Ltd, who is an independent consultant to the Company and a Member of the Australasian Institute of Mining and Metallurgy. Mr Ridley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ridley consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.
The resource estimate was carried out by independent resource consultants Jorvik Resources Pty Ltd, of Perth, Western Australia (Jorvik).
The updated mineral resource estimate reaffirms the Nicanda Hill deposit as the largest graphite and vanadium deposit in the world. The size of measured classified mineral resource is considered by Triton to be globally significant in both size and the average graphite grade, whilst continuing to reiterate the original fiscal strengths and reasons for developing this world class graphite deposit.
INTRODUCTION
Since the initial mineral resource estimate for Nicanda Hill was released in October 2014, Triton has completed as a part of the Definitive Feasibility Study (DFS) work program, an additional 5,516m of drilling in 51 drillholes comprising 25 reverse circulation (RC) holes and 26 diamond holes. The resource is now defined by a total of 21,864m of drilling in 148 drillholes comprising 86 RC holes and 62 diamond holes.
The main objective of this drilling, and as a key component of the DFS, was to establish a measured resource over the extents of the proposed pit design and aimed at the initial first 10 years of mining. The measured graphite resource at Nicanda Hill is also required by Triton in order to define proven and probable graphite ore reserves.
Drill spacing varies from 200mx100m to 50mx50m (Figure 1). The measured mineral resource is supported by dominantly 50mx50m spaced in-fill diamond drilling and extends over a strike length of 1,100m within the overall resource strike length of 5,800m.
The Company confirms that less than 20% of the total resource strike length has been converted to a measured resource classification. This proportion of measured resource is considered by Triton to be sufficient to support the first ten years of mine operation. Triton plans to convert additional resources to measured classification, as required, during future mining operations, so that the process is funded at that time from operational cash flow.
UPDATED RESOURCE ESTIMATE
Triton notes that apart from the additional drilling data, there are no material differences between the updated 2015 resource estimation methodology and that, utilised in 2014 for the initial resource estimate for Nicanda Hill.
A mineral resource estimate of 1.443 Billion tonnes is reported at an average grade of 11.1% TGC containing 160.32Mt of graphitic carbon. In addition to graphite, the mineral resource estimate reports an average grade of 0.29% V2O5, containing 4.22Mt of V2O5, reaffirming Nicanda Hill as the world's largest high grade flake graphite-vanadium deposit.
Cut Off
|
Measured
|
Indicated
|
Inferred
|
TGC %
|
M
Tonnes
|
TGC%
|
V2O5%
|
M
Tonnes
|
TGC%
|
V2O5%
|
M
Tonnes
|
TGC%
|
V2O5%
|
5
|
32.9
|
12.3
|
0.34
|
374.6
|
11.1
|
0.29
|
1,036
|
11.1
|
0.29
|
10
|
29.8
|
12.6
|
0.35
|
303.6
|
11.4
|
0.31
|
809
|
11.5
|
0.31
|
12.5
|
15.7
|
14.0
|
0.38
|
49.7
|
13.6
|
0.37
|
151
|
13.8
|
0.38
|
15
|
2.5
|
15.7
|
0.38
|
5.6
|
15.8
|
0.40
|
24
|
16.0
|
0.43
|
Table 2. Nicanda Hill deposit and details of the graphite tonnage in the Measured, Indicated and Inferred classifications at various cut off grades (numbers rounded to significant figures)
The most significant variances comprise:
-
an initial measured resource 33Mt at 12.3%TGC
-
5% increase in overall TGC grade to 11.1%
-
a significant increase in the indicated resource: +66% at a 10%TGC cut off
GEOLOGY
The resource is hosted by a sequence of metamorphosed graphitic schists with minor and discrete gneissic intrusive units, and a biotite altered footwall gneiss. The stratigraphic package dips at 45-50 degrees towards the north-west. The modelled mineralised domains form continuous tabular bodies over strike lengths of up to 5,800m and appear to reflect the original primary bedding characteristics of the pre-existing sediments.
The north-western portion of the deposit is overlain by a thin horizon of alluvium averaging 1-2 metres in thickness. Over the majority of Nicanda Hill itself there little if any overburden, with extensive exposure of high grade graphite mineralization at surface.
All geological and assay data relating to the 2015 drilling was found to be consistent with the data received from the 2014 drill program (Figure 1). Also there are no material differences between the geological interpretation and the grade distribution results obtained during the 2014 (400mx100m and 200mx100m spaced) drilling pattern and the 2015 (50mx50m spaced) drilling pattern.
Figure 1. Nicanda Hill deposit drillhole location plan