M a r k e t N e w s

Black Rock Mining Ltd reveals battery grade graphite at Mahenge project

Posted on : Thursday, 22nd September 2016

 Black Rock Mining Ltd (ASX:BKT) has achieved and exceeded high quality battery grade spherical graphite specifications through initial testing of samples from the company’s flagship Mahenge graphite project in Tanzania.

 
This test program was conducted in Europe by an independent test laboratory using the company’s early generation 95.86% bulk concentrates.
 
Testing concluded that Mahenge graphite concentrates are suitable for the manufacture of high value spherical graphite using conventional or industry standard processing and purification steps.
 
Further test work commenced this week in Japan and the U.S.
 
Steven Tambanis, managing director, commented:
 
“Meeting and then exceeding stringent spherical graphite specifications is a significant milestone for the company; confirmation that Mahenge graphite is a quality material with the characteristics to enter the fast growing battery graphite market.”
 
 
Background
 
Black Rock owns graphite tenure in the Mahenge region, Tanzania, a country that hosts world‐class graphite mineralisation. 
 
In February 2016, the company posted a maiden JORC resource for the Mahenge project of 131 million tonnes at 7.9% TGC for 10.4 million tonnes of contained graphite.
 
The Mahenge project resource is comprised of three prospects – Ulanzi, Epanko and Cascade and is one of the largest JORC resources globally. 
 
A positive scoping study in March 2016 led into the current pre-feasibility study which is expected to be released in October 2016. 
 
The company intends to complete a definitive feasibility study by March 2017.
 
 
Recent oversubscribed placement
 
Black Rock recently raised $5 million in in oversubscribed placement of 33.3 million shares at $0.15, to institutional and sophisticated investors.
 
Funding will be used to:
 
- Upgrade and increase to the company’s JORC resources;
- Cascades drilling program;
- Metallurgical optimisation studies and graphite product development, including - Spherical graphite assessment;
- Delivery of the pre-feasibility study;
- Securing offtake supply agreements; and
- Delivery of the definitive feasibility study.
 
 
Analysis
 
Initial tests indicate the Mahenge graphite project can produce graphite concentrate able to attract premium pricing thanks to the fast growing battery graphite market.
 
Black Rock now has comprehensive spherical test programs underway to determine detailed material properties and optimise a processing flowsheet. 
 
This validation process is a critical step to obtaining end user acceptance of Black Rock Mining’s
Mahenge graphite.
 
The company is expecting to receive the results from the higher purity spherical test programs in late October.
 
Black Rock is up 230% year to date, currently trading at $0.165.

Source : www.proactiveinvestors.com.au
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