The vast potential of MRL Corporation's high-grade graphite interests in Sri Lanka are closer to fruition, with production on track for the September quarter of 2015. Next key catalysts include discussions with potential offtake parties.
The Aluketiya graphite project is on track to start production in the September quarter 2015. Drilling has returned assays of up to 99.3%TGC. MRL Corporation will commence a new drilling program within days to establish further graphite mineralisation.
The test work results are likely even more impressive given it was carried out on low grade unprocessed bulk sample material from Aluketiya. This should provide an impetus to project development at Aluketiya and place it firmly on the road to becoming a graphite producer.
MRL Corporation has once again added to its quality portfolio of high-grade graphite assets in Sri Lanka - the only region in the world which produces commercial quantities of vein graphite with greater than 90% TGC. There is potential for production to begin in 2015.
Metallurgical testing of bulk samples from MRL Corporation’s Aluketiya and Pandeniya high-grade graphite projects is now underway at China’s Wuhan University of Technology. Positive results could position the company to start ramping up commercial production of spherical graphite later next year.
MRL Corporation has further advanced its interests in one of the richest graphite-bearing areas in Sri Lanka by completing the acquisition of the rights to the high-grade Aluketiya Graphite Mine. The project has the potential for graphite veins extending over large distances.
MRL Corporation has attracted Asian sophisticated investors for a $1.1 million placement which will fund a bulk sampling program at its high-grade Warakapola graphite project in Sri Lanka. Sampling is aimed at accelerating the start of commercial production.
MRL Corporation has dialled in to a new graphite project with a mining licence and a path to production and cashflow. Historical records indicate that the graphite was DSO quality. MRL's shares are expected to trade higher.
Although still early days for MRL Corporation in Sri Lanka, the analytical results of 99.2% Total Carbon highlight the prospectivity of the area. With diamond drilling ongoing, near-term newsflow will continue.
MRL Corporation's shares are expected to lift at the open after delivering outstanding assays of 97.8% total graphitic carbon from its maiden diamond drill hole in Sri Lanka. A second hole is already underway, with the drilling program now doubled to 1300 metres.
The first drill hole at the Bopitiya / Pandeniya priority location in MRL Corporation’s Sri Lanka graphite permits has intersected one high grade graphite vein and a second sub-parallel graphite vein. This is a very promising result for maiden drilling.