{"id":63761,"title":"Armadale Capital Plc (LON:ACP) Resource Upgrade Confirms High Grade Near Surface Mineralisation","publisher":"Share Talk","author":"sharetalk","published":"2019-10-15T08:51:43+00:00","modified":"2019-10-15T08:51:43+00:00","canonical_url":"https://www.share-talk.com/armadale-capital-plc-lonacp-resource-upgrade-confirms-high-grade-near-surface-mineralisation/","markdown_url":"https://www.share-talk.com/armadale-capital-plc-lonacp-resource-upgrade-confirms-high-grade-near-surface-mineralisation.md","json_url":"https://www.share-talk.com/armadale-capital-plc-lonacp-resource-upgrade-confirms-high-grade-near-surface-mineralisation.json","category":"Mining","categories":["Mining"],"tags":["ACP","Armadale Capital Plc"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&ssl=1","format":"news","language":"en-GB","content":"**Resource Upgrade Confirms High Grade Near Surface Mineralisation**\n\n**Armadale Capital plc (LON: ACP),** the AIM quoted investment group focused on natural resource projects in Africa, is delighted to announce a meaningful upgrade in the Mineral Resource Estimate for its high-quality Mahenge Liandu Graphite Project (‘Mahenge Liandu’ or ‘the Project’) in Tanzania.\n\nThe results of the recent infill drilling campaign have seen the Mineral Resource Estimate increase to 59.5Mt @ 9.8% Total Graphitic Content (‘TGC’). Notably, the upgrade was largely underpinned by two coherent high-grade 3.1Mt @ 15% TGC near surface zones including 1.2Mt at 17.3% TGC.\n\n**Highlights**\n\n- Results of the recent drilling campaign have been reviewed by Mark Biggs of ROM Resources who has signed off on a\n\n- Mineral Resource Estimate of 59.5Mt @ 9.8% total graphite content\n\nThe revised resources estimate is broken down by categories as follows:\n\nMeasured: 11.5Mt @ 10.5% vs Nil previously\n\nIndicated: 32.1Mt @ 9.6% vs 38.7Mt @ 9.3% previously\n\nInferred: 15.9Mt @ 9.8% vs 12.4Mt @ 9.1% previously\n\n- High-grade near surface drilling results have been incorporated into the resource model, with two high-grade coherent zones totalling 3.1Mt @ 15% TGC zones including 1.2Mt @ 17.3%\n\n- The implication of the resource model is that more high-grade near surface graphite can potentially be mined at a lower extraction cost in the early years, to bolster potential cashflow and enhance the Project’s overall valuation\n\n- Incorporating current topographic and recent drilling data into the geological model has significantly increased confidence of the revised Mineral Resource Estimate with 33.6Mt now in the Indicated and Measured categories\n\n- Results expected to have a positive outcome on the Definitive Feasibility Study (‘DFS’) currently being prepared\n\n**Nick Johansen Director of Armadale said:** “This latest upgrade is extremely welcome news and there are a number of clear positives to take from it. Firstly, we now have materially higher confidence in the Mineral Resource Estimate with 11.5Mt @ 10.5% in the Measured category; and secondly it has demonstrated the potential to mine higher volumes of graphite in the early years at a higher EBITDA margin to enhance the Project’s overall upside. This upgrade reflects the substantial work undertaken by our team on the ground in Tanzania this year and is a clear demarcation as we continue to transform from explorer to emerging producer.”\n\nFURTHER INFORMATION [www.share-talk.co.uk/announcements](https://www.share-talk.co.uk/announcements/bus/armadale-capital-plc/resource-upgrade-confirms-high-grade-near-surface-mineralisation/20191015094000Z8181)\n\n "}