viewGraphex Mining Ltd

Graphex Mining completes stage one drilling at Tabakorole Gold Project in Mali

The exploration strategy will test interpreted high-grade plunge extensions, drill untested gaps along the 3-kilometre strike of the deposit and test the 600 metres strike extension to the northwest.

Graphex Mining Ltd - Graphex Mining completes stage one drilling at Tabakorole Gold Project
Assay results are expected in August 2020 with a maiden resource estimate to follow

Graphex Mining Ltd (ASX:GPX) has completed stage one drilling at its Tabakorole Gold Project in Mali, West Africa, with results expected next month which will underpin a maiden JORC-2012 resource estimate for the earn-in project.

The drilling comprised eight diamond holes for 1,544 metres which satisfies the main requirement for the company to earn a 33% interest in Tabakorole under the recently announced joint venture with Altus Strategies LTC (LON:ALS).

Additionally, 92 holes of aircore drilling for 1,811 metres was undertaken to confirm the presence of gold mineralisation identified by 520-line kilometres of high-resolution ground magnetics over the northern part of the Tabakorole licence by JV vendor Glomin Services Limited in early 2020.

Drilling untested gaps

Significant intersections from historical drilling show interpreted high-grade trends which appear to be open and will be key areas of focus for future exploration.

Field validation of the collar positions in the database has also revealed that hole 06FLRC-02 was recorded some 40 metres to the west of its true position which resulted in subsequent drilling missing the target as well as a lack of continuity in the deposit model.

Graphex targeted a single diamond hole to infill this section and follow-up an intersection down dip of 6 metres at 2.9 g/t which ended in mineralisation.

Plan view showing recently completed drilling at Tabakorole

Lakanfla karst targets

The company is also undertaking a 3,500-metre stage-one drill program at Lakanfla Gold Project to be completed by quarter four of 2020.

Historical drilling at the Lakanfla project returned encouraging intersections including 26 metres at 5.1 g/t from 32 metres and 18 metres at 4.31 g/t from 34 metres.

In addition, several drill holes have intersected voids and unconsolidated sand at depths of up to 150 metres below surface, however, none of the priority gravity-low targets have been systematically drill tested.

The karst (or cave-like) voids at depth within carbonate rock units have geological and geophysical similarities to the Yatela deposit, which is 35 kilometres SE with historic production of 4.5 million ounces.

GPX believes that there is an opportunity to carry out a structured drilling program to test these anomalies.

Lakanfla location map

Next steps

Following the success of the high-resolution ground magnetic survey at Tabakorole, the company is planning an additional survey over the remainder of the tenement that was previously covered by airborne magnetics.

Interpretation of recently acquired satellite imagery for input into a regolith model, combined with the compilation of historical geochemical data will provide input into a regional exploration program for follow up in the next field season.

Some of the mineralised material from the diamond drilling will also be composited and sent to Perth for metallurgical test-work consisting of cyanide bottle rolls to establish the applicability of conventional cyanide extraction of gold.

The company is fully funded to complete these work programs and strong news flow is expected in the coming months.

Quick facts: Graphex Mining Ltd

Price: 0.061 AUD

Market: ASX
Market Cap: $25.23 m

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