Kibaran Resources gains new Tanzania graphite prospecting licence
Kibaran Resources (ASX: KNL)
has expanded its graphite footprint in Tanzania with the award of a new
Prospecting Licence in the Tanga Region by the Ministry of Energy and
Tanga covers 84 square kilometres about 120 kilometres southwest of Tanga Port and contains outcropping graphite mineralisation that was identified in an initial assessment in 2011.
It provides the company with a third graphite province to underpin its strategy of becoming a significant and long term supplier of premium quality graphite from Tanzania.
However, its primary focus on developing its flagship Epanko Graphite Project, which has already secured a binding off-take agreement with a major European graphite trader, remains unchanged.
Kibaran has also started drilling at Epanko to upgrade the existing Inferred Resource of 14.9 million tonnes at 10.5% total graphitic carbon to the Indicated and Measured categories.
This will also allow the company to report its 2013 Scoping Study findings and start work on a Feasibility Study that will progress the project towards a development decision.
“The addition of the Tanga licence to the company’s project pipeline, as well as the recently announced Memorandum of Understanding with Richland Resources to consolidate Merelani region graphite assets, form part of the company’s long-term strategy to be a significant producer of commercial, premium quality graphite,” executive director Andrew Spinks said.
Tanga Graphite Prospect
During 2011 Kibaran evaluated 15 distinct graphite occurrences in Tanzania, from Merelani in the north to Mahenge in the south of the country, and rated the occurrences based on the potential to host large flake, premium quality graphite.
Based on quality-driven criteria, the Tanga occurrence was within the top 3 of the 15 evaluated.
Initial geological interpretations show the graphite schist at Prospecting Licence (PL) 9537/2014 continues to the north where China’s Qingdao Gr-Taida Carbon Co Ltd reportedly took a bulk sample of approximately 100 tonnes of graphite-bearing material.
Shares in Kibaran are currently trading at $0.15, up from the price of $0.13 on 21 January.
Proactive Investors continues to maintain a 12-18 month price target of $0.39 contingent on successful completion of feasibility studies in the near term.
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