Perth, - Bass Metals Ltd.
(ASX:BSM) (OTCMKTS:BSSMF) (the "Company") is pleased to inform its shareholders that it has received confirming assay results for its material exploration success, the Andapa discovery, in eastern Madagascar.
- Accredited laboratory results provide further confirmation of discovery of three premium large flake graphite targets at Andapa.
- The targets, from 1.3 km to 2.1 km in extent, are hosted in soft, easily mineable, weathered mineralisation, which indicates significant potential for low cost mining.
- The main target, known as Unit 2, revealed Graphitic Carbon (GC) grades up to 7.7% at surface.
The SANAS accredited Bureau Veritas laboratory results, in conjunction with exploration works completed by Bass, demonstrate the Andapa discovery area contains at least three lenticular bodies of large flake graphite within the weathered profile. The three parallel striking graphitic units strike approximately northwest-southeast over strike distances varying between 1.3 km and 2.1 km.
31 in-situ graphite samples for the Andapa Project were analysed for Graphitic Carbon (GC), Total Carbon (TC) and Sulphur (S) grades. The results, detailed below in Table 1 (see link below), returned values up to 6.25 %GC for graphite Unit 1, up to 7.71 %GC at graphite Unit 2 and at graphite Unit 3, values up to 4.07 %GC (Figure 1, see link below).
As previously announced, a systematic exploration program will be planned over the three graphitic units, including an auger and pitting program with sampling. To be followed by a potential drilling and sampling program for grade estimation, flake size distribution and metallurgical testing.
Bass Metals CEO, Mr Tim McManus:
With further confirmation of this discovery, Bass will begin planning further exploration and develop a project plan for the area. We are pleased not only to confirm our initial results but also learn that our in-house laboratory is able to produce very similar results at a preliminary level, which gives us great confidence in any future testing we conduct in-house, especially our grade control activities."
"For our team at Bass, these results reinforce the fact that we are operating in a globally significant graphite region, with great potential in and around Graphmada.
We'll seek to leverage off our production expertise and market knowledge to look further afield in the region for other mineralisation in which to materially grow our resource base."
ABOUT THE GRAPHMADA LARGE FLAKE GRAPHITE MINE Bass Metals Ltd.
is one of only five publicly listed graphite producers in the world. The company owns and operates the Graphmada large flake graphite mine, Bass' flagship project, located in eastern Madagascar.
Madagascar has been a recognized producer and exporter of graphite since 1907 and sets the world standard for product quality and flake size.
The Graphmada mine has 40-year mining permits in place, containing four premium quality, large flake, graphite deposits hosted in weathered graphitic gneiss, a soft, easily minable rock that incurs low mining costs. With all associated mining infrastructure and logistics in place, the mine currently produces and sells a range of graphite concentrates into multiple market segments, to customers in India, the United States and Europe.
Generating revenue through ongoing lowest quartile cost production, the mine is currently being optimised by an experienced management team to 6000 tonnes per annum with improved final graphite concentrate grades, in order to grow cash margins.
Graphmada also has significant potential for low capital intensity expansion. Bass plans to invest capital to expand production to greater than 20,000 tonnes per annum of graphite concentrate sales by late 2018.
The Company has also made the strategic decision, in parallel with the optimisation at Graphmada, to actively explore and develop deposits in the immediate proximity to the mine, with a view to materially expanding existing resource inventories.
The Loharano deposit has provided the bulk of the feed to the Graphmada processing plant and has total JORC compliant Indicated and Inferred resources of 5.7Mt @ 4.1% Grade with a 2% cut-off. These resources are to a depth of only 6 meters, and mineralization is known to go to depth with increasing grade, and is open in all directions.
With the Company having a strong community engagement program and being well down the path in achieving its optimisation plans and growing its resource inventory, the team at Bass is confident of its plans for expansion and its future value creation for shareholders.
To view tables and figures, please visit:
About Bass Metals Limited:
Bass Metals Ltd.
(ASX:BSM) (OTCMKTS:BSSMF) is one of only five publicly listed graphite producers in the world. The company owns and operates the Graphmada large flake graphite mine, Bass' flagship project, located in eastern Madagascar.
The Graphmada mine has 40 year mining permits in place, containing four premium quality, large flake, graphite deposits hosted in weathered graphitic gneiss, a soft, easily minable rock that incurs low mining costs. With all associated mining infrastructure and logistics in place, the mine currently produces and sells a range of graphite concentrates into multiple market segments, to customers in India, the United States and Europe.
Bass Metals Ltd.
Tim McManus Chief Executive Officer