Peninsula Mines Ltd (ASX:PSM) has intersected graphitic mineralisation in the first three diamond-drill holes during its latest campaign at the high-grade Gapyeong Flake-Graphite Project, 50 kilometres east of Seoul in South Korea.
The three holes took in 223.4 metres and tested a section to the north of outcropping graphitic units, with two holes testing a projected western graphitic unit.
Peninsula told the market the three holes featured “significant widths of graphitic mineralisation”.
These were: 8.19 metres (7.7 metres true width) from 39.6 metres downhole; 18.4 metres (10.8 metres true width) from 71.3 metres; and 8.95 metres (7.5 metres true width) from 61.85 metres.
The material encountered downhole was predominantly graphitic gneiss.
Peninsula reported the thickness and geometry was “in line with expectations and confirm exploration target model for a synform”.
Peninsula managing director, geologist Jon Dugdale, said: “The initial drilling intersections of graphitic material at the Gapyeong project are very encouraging.
“They have confirmed the exploration target model for this high-grade flake graphite project and auger well for the definition of a maiden flake-graphite mineral resource in South Korea.”
The previously announced exploration target for Gapyeong is 10 to 14 million tonnes grading 8% to 12% total graphitic carbon (TGC) and containing 1 to 1.4 million tonnes of graphite.
Past channel sampling returned intersection at the south of current drilling of: 13.1 metres grading 12.3% TGC, including 6.66 metres at 17.2% TGC; and 12.5 metres grading 10.6% TGC, including 2.6 metres at 14.5% TGC.
The company is hoping to mine its graphite flake, see it turned into concentrate, then produce spherical graphite to supply Korean lithium-ion (li-ion, LIB) battery-makers.
Peninsula reported next steps for the South Korean project would include metallurgical testing of bedrock drill-core samples to determine concentrate characteristics in fresh rock.
The company said: “Following receipt of initial results and subject to concentrate metallurgy, the company will look to generate a 5-kilogram graphite concentrate sample for spherical graphite test work with the objective of reaching 99.95% TGC-purity product to supply Korean li-ion battery anode manufacturers.”
Peninsula’s previous testing of its high-purity metallurgical concentrate results returned 95.4% TGC from the Gapyeong flake-graphite deposit.
A lithium-ion (li-ion, LIB) batteries are rechargeable an increasingly used in electric vehicles and for military and aerospace applications.
Peninsula is at the doorstep of the world’s li-on battery manufacturing hub in South Korea, making its potential flake, concentrate and spherical graphite products attractive propositions for manufacturers.