Bisan Limited (ASX:BSN) has been advised by Q-Pene Ltd that it has encountered significant visual graphite mineralization in three trenches completed from six planned at the Pencil Hill new Graphite discovery in Botswana.
All trenches are 1 kilometre apart and are being excavated to test 10 kilometres of the 25 kilometre long Geotem anomaly in the northern part of the licence.
The trenching program follows the recently completed two diamond holes which also intercepted significant graphite of up to 95 metres and 86 metres respectively.
The three trenches completed to date have all intercepted significant near surface graphite mineralization; graphite visually shows good flake size which will be sent to the laboratory for testing.
The lithological units in the area follow a folded structure and dips steeply towards the outer flank of the structure. As such, the mineralization encountered in the trenches is near to true lithological widths.
The Prospecting Licence covers an area of 830 square kilometres with a potential graphite mineralization
strike of 25 kilometres within the licence area.
Independent laboratory results for the two diamond drill holes which encountered graphite intercepts are still pending. Samples have been forwarded for TGC and flake size analysis which will be reported to the market when received.
Trenching samples will be assays for TGC.
Should Bisan agree to acquire an interest in the Pencil Hill Project, then the funds invested will be used to expedite an exploration program with more drilling planned to test the graphite potential zone.
The results will be released to the market when available and will be considered when determining if Bisan will acquire an initial interest of 30% with the first right of refusal to increase to 51% of issued capital pre-IPO.
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