Quantum Graphite has racked up a slew of solid graphite hits at its Uley 2 and Uley 3 prospects in South Australia. Noteworthy grades include 7.9 metres grading 10.8 per cent total graphitic content, or “TGC” from 36.9m, a 14.2m wide intercept going 8.0 per cent TGC from 62.8m downhole and 17.9m grading 6.6 per cent total graphitic content from 34.7m.
The results come from the first three diamond drill holes that lie outside of the current Uley 2 modelled resource and according to the company, highlight the significant potential for future resource growth.
Quantum Graphite are 100 per cent owners of the Uley flake graphite mineral deposits that house the Uley 2 and Uley 3 prospects located southwest of Port Lincoln in SA.
Diamond drilling at the Uley graphite deposit targeted a geophysical anomaly, previously known as the Eastern Conductor anomaly, perched just to the east of the Uley 2 resource. The Eastern Conductor prospect has undergone a name change to Uley 3 to better align with the historical name of the area.
The Uley 2 and Uley 3 prospects both reside within the company’s mining leases affording a quick and easy transition to mining.
Initial diamond drill testing at the Uley 3 geophysical anomaly comprised 8 holes for 539m of drilling and appear to have confirmed the continuity TGC mineralisation from the Uley 2 deposit.
Drilling also aimed to determine the variation in respect to TGC distribution, flake size and grade between the Uley 2 and Uley 3 prospects and build the knowledge base of the local structural characteristics to enhance the company’s project-wide model.
Assay results from the first three diamond drill holes were weighted based on length, with a lower cut-off grade of 2 per cent TGC, a minimum intercept length of 2m and a maximum internal dilution of 2m.
The results received to date at Uley 3 appear to show a thicker, lower grade main band of mineralisation demonstrating less structural disruption than Uley 2.
Faulting at Uley 3 seems to occur in localised zones and the company is currently modelling the data to determine the impacts on the orientation of mineralisation, TGC grade and flake size.
The discovery of the Uley 3 prospect combined with a busy drilling program ahead will make for an interesting end-of-year for Quantum. With assay results pending from the remaining 5 drill holes, the coming weeks and months should determine just how big Quantum’s Christmas hamper will be.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
