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Bass Metals shares rise on identifying lithium potential in Madagascar

Fieldwork has confirmed significant mineralisation of up to 7.08% lithium.
Bass Metals shares rise on identifying lithium potential in Madagascar
The company’s primary focus is on the Graphmada graphite mine

Bass Metals’ (ASX:BSM) shares were trading 10% higher intra-day after completing a successful technical due diligence of Millie’s Reward, a potentially high-grade lithium project in Madagascar.

The company’s fieldwork has confirmed outcropping pegmatites with significant spodumene mineralisation, with grades up to 7.08% lithium.

The project is part of a license with existing mining approval and complements the company’s aim to become a producer and supplier of industrial minerals concentrates.

On completion of due diligence and finalisation of the transaction, Bass will conduct an exploration program over the project area to identifying targets for drilling.

The proposed acquisition of Millie’s Reward is consistent with the company’s strategy to leverage its in-country producer status in Madagascar to appraise further opportunities in the highly prospective jurisdiction.

The company’s initial focus is on delivering baseline profitable production at its Graphmada large flake graphite mine in Madagascar.

The Graphmada mine has 40-year mining permits in place, containing four premium quality, large flake, graphite deposits.

The producing mine is currently being upgraded to 6000 tonnes per annum with improved final graphite concentrate grades, in order to grow cash margins.

Bass is planning to expand production to greater than 20,000 tonnes per annum of graphite concentrate by late 2018.

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