Results from the drill program at Archer’s Campoona graphite project have come in positive, confirming high grade mineralisation across the prospect.
Archer Exploration is 100 per cent owner of the Campoona Graphite Project, which comprises the Campoona Shaft and Campoona Central project areas, located 15 kilometres north of Cleve on the Eyre Peninsula in South Australia.
An ASX statement by Archer Exploration said the 28 new RC (reverse circulation) holes drilled in the March program have now sufficiently infilled the Central Campoona footprint to allow a resource estimate update by June this year.
This will build on the deposit’s maiden JORC (Joint Ore Reserves Committee) inferred resource estimate of 520,000 tonnes at 11.6 per cent total carbon at a nominal cut-off grade of 5 per cent total carbon, announced only in February this year.
Central Campoona is one of the Campoona project’s five zones of high grade, highly graphitic schist located along the trend of the Campoona Shear.
It’s 1.8 kilometres south of the Company’s Campoona Shaft graphite deposit, which itself has a combined, measured, indicated and inferred mineral resource totalling 2.23 million tonnes averaging 12.3 per cent total carbon for 293,900 tonnes of contained graphite.
Campoona is located close to infrastructure with existing high voltage power line and gazetted truck routes running through the tenement area.
The Eyre Peninsula has a good history of graphite production, with Australia’s only graphite mine, The Uley deposit near Port Lincoln, mined since the late 1920s.
A sharp decline in world graphite prices in 1992 saw the Uley operation placed on care and maintenance in 1993, which reopened this year.