https://www.sharetrading.netwealth.com.au/Private/CompanyResearch/Announcements.aspx?stockCode=AXE
Exploration Target Upgrade at Sugarloaf Graphite Deposit
Highlights
Archer has previously reported wide intersections of highly graphitic schist at its 100%
owned Sugarloaf Graphite deposit.
Prior to the April 2011 drilling the combined historic drilling indicated an exploration
tonnage target of 9 to 20Mt of highly graphitic schist. Drilling in April 2011 revealed
the previous estimate was likely to be conservative in terms of potential tonnage. The
exploration potential of highly graphitic schist is now estimated at between 24-37Mt*.
The deposit remains open along strike and at depth.
Due to the paucity of assay results Archer was reluctant to ascribe a grade range for
the graphitic schist. The April 2011 drilling when combined with the 4 holes assayed
in 2009 is sufficient in terms of assayed intervals to enable an indicative estimate of
grade for the exploration target of 10.9% Total Carbon (sample size n=319). The
expected grade bounds for the graphite are estimated at between 10-12% Total
Carbon. This grade is at least comparable with reported drill intercepts at the Uley
graphite deposit located on the lower Eyre Peninsula.
Drilling has confirmed the down dip continuity of the graphitic schist to at least 120m
below surface and there are no signs of the graphitic unit thinning at depth.
Drill intersections indicate a true width of the graphitic schist of 40m.