---
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"
date: 2019-10-15
canonical: "https://www.share-talk.com/armadale-capital-plc-lonacp-resource-upgrade-confirms-high-grade-near-surface-mineralisation/"
category: "Mining"
categories: ["Mining"]
tags: ["ACP", "Armadale Capital Plc"]
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"
---

# Armadale Capital Plc (LON:ACP) Resource Upgrade Confirms High Grade Near Surface Mineralisation

**Published:** October 15, 2019
**Author:** sharetalk
**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)

---

**Resource Upgrade Confirms High Grade Near Surface Mineralisation**

**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.

The 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.

**Highlights**

- Results of the recent drilling campaign have been reviewed by Mark Biggs of ROM Resources who has signed off on a

- Mineral Resource Estimate of 59.5Mt @ 9.8% total graphite content

The revised resources estimate is broken down by categories as follows:

Measured: 11.5Mt @ 10.5% vs Nil previously

Indicated: 32.1Mt @ 9.6% vs 38.7Mt @ 9.3% previously

Inferred: 15.9Mt @ 9.8% vs 12.4Mt @ 9.1% previously

- 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%

- 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

- 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

- Results expected to have a positive outcome on the Definitive Feasibility Study (‘DFS’) currently being prepared

**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.”

FURTHER 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)

 

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