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Mineral Commodities uncovers more high-grade graphite

ASX-listed Mineral Commodities has received encouraging exploration results from the Bukken, Hesten and Vardfjellet graphite prospects, located on the island of Senja, Norway.

The company says surface mapping and sampling results combined with strong geophysical anomalies indicate high prospectivity.

Seventy-seven rock chip samples were collected from graphite schist outcrops over the three prospects and were subsequently assayed for total carbon at the Skaland laboratory. Over 75 per cent of the samples reported a grade higher than 2 per cent total carbon and were selected for re-assay to determine Total Graphitic Carbon, or ‘TGC’.

The assays yielded up to 8 per cent TGC at Bukken, 4.8 per cent TGC at Hesten and an astonishing 26.6 per cent TGC at Vardfjellet. The explorer says drilling is necessary to better understand the geometry, grades and tonnage of the mineralisation.

Mineral Commodities also flew 26 line-kilometres of ultra-high-resolution drone magnetic and electromagnetic surveys over the prospects. The surveys lit up three magnetic anomalies ranging in size from 300m by 150m to as large as 650m by 150m.

The company intends to get its boots back on the ground in July for large-scale geological mapping and sampling to home in on the higher-grade locations. The explorer also plans to perform a high-resolution 2D surface seismic survey to better model the geological structure framework and delineate drill targets.

It is eying the third quarter of 2023 as the kick-off date for its drill program.

The exploration results of surface sampling and geophysical anomalies are an excellent outcome and present extremely encouraging potential of graphite in these prospects near our Skaland operation. Our business development strategy will continue to explore expanding our resources and reserves, which is aimed to see MRC become the largest integrated graphite anode supplier in Europe.

As part of a broader strategy to secure new graphite deposits and expand future production of critical battery materials, the company constructed landowner agreements to explore the trio of targets surrounding the company’s existing Skaland project.

Notably, Mineral Commodities hails Skaland as the highest-grade flake graphite operation in the world, the largest producing graphite mine in Europe and the only active graphite mine in Scandinavia.

Whilst lithium may garner most of the attention when it comes to the electric vehicle revolution it is easy to forget that there is more graphite in a lithium-ion battery than lithium and there is now a flurry of activity going on in the graphite market that is rapidly catching up to lithium.

Business magazine Bloomberg recently reported ASX-listed and graphite-focused Syrah Resources has been awarded a conditional loan of up to US$107 million from the US Department of Energy. The funds will be used to support the initial expansion of Syrah’s Vidalia active anode material facility in Louisiana.

Notably, Syrah has a four-year offtake agreement with Tesla for the majority of graphite anode material produced from the Vidalia plant.

Given graphite is a crucial component of lithium-ion batteries more graphite-focused companies could find themselves being ushered into production.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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