ASX-listed Quantum Graphite saw its share price soar by more than 200 per cent after re-commencing trading on the ASX following a 15-month hiatus. The company now plans to step up its search for graphite to add to its recently updated Uley 2 and Uley 3 resource base in South Australia where a hefty 7.2 million tonnes going 10.5 per cent Total Graphitic Carbon, or “TGC”, has been defined.
Quantum recently wrapped up a drilling campaign directly east of its existing Uley 2 resource taking in 6.3 million tonnes at 11.1 per cent TGC.
The drilling successfully unearthed a new 900,000 tonne resource grading 6.6 per cent TGC at Uley 3.
The drilling at Uley 3 targeted a previously identified geophysical anomaly known as the ‘Eastern Conductor’. Quantum has been using geophysical conductive anomalies such as the Eastern Conductor as a guide for locating potential graphite mineralisation at its tenure.
The Uley 2 and Uley 3 deposits both lie on Quantum’s mining leases in the northern part of its landholdings and combine for a serious 757,000 tonnes of contained TGC.
The company has now turned an eye to growing its resource base. It will be looking squarely at its 75 square kilometre exploration licence directly south of its Uley deposits.
According to Quantum, several primary and secondary electromagnetic targets have been defined at the licence, including what could potentially be a continuation of Uley 2.
As part of a revised exploration campaign, Quantum plans to gets the rods turning at its exploration licence and target southern extensions of its Uley 2 resource.
Infill drilling seeking to lift the inferred resource at Uley 3 to the higher confidence indicated category could also be on the agenda. Potential extensions of mineralisation at Uley 3 may also be targeted.
The company plans to conduct airborne electromagnetic surveys across both its mining licences and its entire exploration concession with the goal of identifying targets for drill testing.
Quantum has already shown it knows how to find graphite at its tenure and now its back live on the ASX after time on sidelines. Pundits will likely be keeping a keen eye on the Melbourne-based explorer as its hunt for more graphite gathers momentum.
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By Matt Birney
