Armadale Capital Plc 31 Year Mine Plan Completed for Mahenge Liandu Graphite Project
March 19 2018 - 3:00AM
UK Regulatory
TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
19 March 2018
Armadale Capital Plc ('Armadale' or 'the Company')
Mahenge Liandu Pit Optimisation and
31 Year Mine Plan Completed for Mahenge Liandu Graphite
Project
Armadale, the AIM quoted investment company focused on natural
resource projects in Africa, is pleased to announce that an
optimisation study for the Mahenge Liandu Graphite Project in
Tanzania ('Mahenge') has now been completed by ROM Resources. The
results of the optimisation study were used to generate a mining
schedule focusing on high grade near surface mineralisation. The
first seven years of production show exceptionally high graphite
grades averaging 15.5% Total Graphitic Carbon ('TGC') with an
average grade of 12.5% over the life of mine.
Overview
-- A mining schedule over 31 years was produced at 400,000 tpa averaging
12.5% TGC over the life of the mine
-- The initial seven years show an exceptional average grade of 15.5% TGC
-- The near surface nature of the deposit produced a low strip ratio of
approximately 1:1 for the life of the mine
-- Substantial potential for both the expansion of the throughput and
mine life due to the large size of the resource
-- Optimisation results underpin the low cost, high grade potential of
the project, which together with the high quality of the
graphite
concentrates produced to date point to the ability to produce
an
extremely robust initial scoping study, results of which are
expected
in the coming weeks and will provide initial project
economics
-- A diamond drilling programme, targeted to commence in Q2 2018, will
focus on obtaining representative samples of ore from the first
areas
to be mined as well as geotechnical drilling to support the
final pit
design
Nick Johansen, Director of Armadale said: "To have defined a 31
year mine plan that can produce 400,000tpa of graphite at a grade
of 12.5% is very exciting. Crucially the mine plan is based on near
surface material with a very low strip ratio, which has positive
cost impacts as the deposit will be relatively simple to mine and
metallurgical test work to date has shown that minimal processing
is required to produce a high grade, quality graphite concentrate.
The results of this mine plan and optimisation work will feed into
the Scoping Study, which is now nearing completion. The results
will give a clearer indication of the project economics from which
we will be able to better define our development plan. We look
forward to sharing the results of this with shareholders in the
coming weeks."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
**ENDS**
Enquiries:
Armadale Capital Plc +44 20 7236 1177
Tim Jones, Company Secretary
Nomad and broker: finnCap Ltd +44 20 7220 0500
Christopher Raggett / Simon Hicks
Press Relations: St Brides Partners Ltd +44 20 7236 1177
Susie Geliher / Charlotte Page
Notes
Armadale Capital Plc is focused on investing in and developing a
portfolio of investments, targeting the natural resources and/or
infrastructure sectors in Africa. The Company, led by a team with
operational experience and a strong track record in Africa, has a
strategy of identifying high growth businesses where it can take an
active role in their advancement.
The Company owns the Mahenge Liandu graphite project in
south-east Tanzania, which is now its main focus. The Project is
located in a highly prospective region with a high-grade JORC
compliant Indicated and inferred mineral resource estimate of
51.1Mt @ 9.3% TGC, making it one of the largest high-grade
resources in Tanzania, and work to date has demonstrated Mahenge
Liandu's potential as a commercially viable deposit with
significant tonnage, high-grade coarse flake and near surface
mineralisation (implying a low strip ratio) contained within one
contiguous ore body.
Other assets Armadale has an interest in include the Mpokoto
Gold project in the Democratic Republic of Congo and a portfolio of
quoted investments.
Competent Person statement
The information in this announcement that relates to exploration
results is based on information compiled by Mr Matt Bull, a
competent person, who is a Member of the Australian Institute of
Geoscientists. Mr Bull has sufficient experience which is relevant
to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a competent person as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Bull consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
More information can be found on the website
www.armadalecapitalplc.com
View source version on
businesswire.com:http://www.businesswire.com/news/home/20180319005110/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 19, 2018 03:00 ET (07:00 GMT)
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