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Archer Exploration acquiring South Australian graphite tenement from Monax Mining

Archer Exploration acquiring South Australian graphite tenement from Monax Mining

Archer Exploration (ASX: AXE) has executed a conditional Sale and Purchase Agreement to acquire the graphite-focused Waddikee Exploration Licence EL4662 on South Australia’s Eyre Peninsula from Monax Mining (ASX: MOX).

The 999 square kilometre tenement hosts a number of graphite deposits and prospects that have been evaluated using combinations of geophysics, rock chip sampling, detailed petrology and drilling.

This includes the Wilclo South graphite deposit that has a JORC Resource of 6.38 million tonnes grading 8.8% graphite.

Other graphite prospects drilled by Monax include the Lacroma and Francis graphite prospects.

Waddikee is located between the townships of Cleve and Kimba and is also prospective for manganese, iron, gold, base metals and uranium.

It abuts the northern boundary of Archer’s Sugarloaf graphite project on the Carrapee Hill exploration tenement, EL4861.

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