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

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.


  • 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.”



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