LONDON (Alliance News) - StratMin Global Resources PLC saw its shares rise sharply Thursday after it said it had identified further "substantial" graphite mineralisation at the Loharano graphite property in Madagascar.
In a statement, the company said it had identified substantial surficial regolith-hosted graphite mineralisation at its Mahefadok prospect, in the central part of the Loharano property about 1,500 metres south-east of its producing Loharano graphite deposit.
StratMin said geophysical surveying, geological mapping and the excavation of forty pits and four trenches at the site identified mineralisation that occurs as two north-south zones 250 and 750 metres in length, between 70 and 120 metres in width and up to 5.90 metres in depth, the maximum depth of excavations.
"They are currently separated by a 500 metre section that has not yet been subject to pitting and trenching. They are considered to be part of the same zone and it is expected that further exploration will delineate a continuous mineralised zone greater than 1,500 metres in length that is open-ended to the north and south," it said.
The company has collected 220 samples that will be sent for quantitative analysis. Work over the coming two months will include additional infill pitting and trenching to further delineate the mineralised zone, and StratMin expects to have a detailed update on exploration activities and results by the end of the year.
"This is a very exciting development for the Lohorano property and demonstrates that there is clearly significant potential to find more graphite mineralisation at the project," Managing Director Manoli Yannaghas said.
StratMin Global Resources shares were up 28.5% at 11.40 pence Thursday morning, the second-best performing stock on the AIM All-Share index.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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