International Graphite's New Drilling at Springdale Yields Impressive Graphite Results
IG6 (IG6) Share Update September 2024 Tuesday 17th
International Graphite Announces Spectacular Assay Results at Springdale
International Graphite Limited (ASX: IG6) has announced spectacular assay results from their latest diamond drilling at the Mason Bay deposit, part of the Springdale Graphite Project in Western Australia.
Instant Summary:
- Spectacular assay results from the latest diamond drilling at Mason Bay deposit.
- Stand out graphite intercepts include: 11.0m @ 14.3% TGC from 10.4m downhole.
- Further drilling at Springdale Central is complete with assay results pending.
Drilling Results
International Graphite Limited (ASX: IG6) has released impressive assay results from their recent diamond drilling at the Mason Bay deposit, part of the Springdale Graphite Project. The standout results include 11.0 meters at 14.3% Total Graphitic Carbon (TGC) from 10.4 meters downhole, including 1.0 meter at 21.3% TGC and 3.1 meters at 26.5% TGC. Another notable intercept is 3.6 meters at 22.1% TGC from 23.0 meters downhole.
The drilling program, completed between May and July, focused on geotechnical drilling to inform mine planning and provide metallurgical data for concentrator plant process design. The results from Springdale Central are expected in the coming weeks.
Project Significance
Managing Director and CEO Andrew Worland stated, 'The more we drill at Springdale, the more graphite we find. The project is shaping as one of global significance to the high growth lithium-ion battery markets and industrial and defence sectors.' Mason Bay, discovered in 2023, demonstrates shallow graphite mineralization in oxide/weathered rock, which supports low mining costs as shown in the January Scoping Study.
Worland added, 'Springdale has enormous expansion potential. Only around 25 percent of the targets identified in previous aeromagnetic surveys have been drilled. We expect further exploration and infill drilling will add considerable mine life beyond that which was generated in our scoping studies.'
The announcement of these high-grade graphite intercepts is likely to positively impact International Graphite's stock. The results reinforce the project's potential to supply the high-growth lithium-ion battery market, which could attract significant investor interest. The shallow and low-cost nature of the mineralization further enhances the project's attractiveness.
Investor Reaction:
Analysts are expected to react positively to the news, given the high grades of graphite discovered and the project's potential for expansion. The pending results from Springdale Central could further bolster investor confidence.
Conclusion:
Investors should keep an eye on the upcoming assay results from Springdale Central and monitor how International Graphite leverages these findings to advance the project. The company's strategic response to these promising results will be crucial in maintaining and growing investor confidence.