Our News

Metals of Africa Limited has released results from its ongoing resource definition drilling programme at the Montepuez central graphite project in Mozambique.

The drilling programme indicated high grade graphite mineralisation intersection and confirmed three mineralised prospects within the project-Buffalo, Elephant and Lion prospects.

The Company reported that recent laboratory results from the Buffalo prospect yielded high grade graphite from surface to 50 metres at 9.86% Total Graphitic Content and 0.11 vanadium with open mineralisation and visible at depth.

Drilling results from the Elephant prospect indicated visual high grade graphite estimated at 5% to 15% Total Graphitic Content from 8.7 metres to 93.0 metres. All three prospects host different mineralisation characteristics which allows potential for multiple graphite products and end uses.

Drilling at Elephant prospect indicated spectacular jumbo flakes. The Company expects the drilling programme to be completed in August 2015, with the Maiden JORC Resource Estimate set to commence afterwards.

Cherie Leeden, Managing Director of Metals of Africa, commented, “We continue to receive very encouraging laboratory results, with several more batches expected to be received over the coming months. Our most recent lab results have confirmed 50m of high grade and large flake graphite, grading at 9.6% TGC from the surface at the Buffalo prospect. Our results also indicate that the Lion prospect is likely to be of economic interest. Currently the diamond drill-rig is drilling at our Elephant prospect where the last hole intersected sensational looking graphite from 8 metres to 93 metres. These intersections are exactly what we are targeting and drilling will continue over the next few months with the aim of deriving adequate data to define our maiden JORC resource.”

Metals of Africa Limited is an ASX listed graphite and zinc development company with operations in Mozambique, Tanzania and Gabon.

Castle Minerals Limited  and Dundee Precious Metals Incorporated have entered into a Heads of Agreement regarding two of Castle Minerals’ concessions in north west Ghana.

Under the agreement, Dundee Precious Metals is able to earn up to an 80% stake in the two Wa South concessions. Dundee Precious Metals has agreed to provide a minimum initial investment of $500 000 within the first 12 months. Dundee Precious Metals is then able to secure a 51% stake in the prospects should it fund exploration by up to $2.3 million, an additional 14% will be secured if Dundee Precious Metals provides a further $1 million for exploration activities and the final 15% stake will be earned should Dundee Precious Metals provide a final payment of $5 million to be put toward further exploration. The agreement is subject to a 60 day due diligence period.

Castle Minerals will be responsible for operating the joint venture during phase one and will earn a management fee as well as a cash payment of $50 000. Castle Minerals Kpali gold discovery and Bundi gold/zinc discovery are located within the JV area which covers the Degbiwu prospecting license and the Gbiniyiri reconnaissance licence for a total area of 1 200 kilometers which will be the focus of exploration by Dundee Precious Metals.

Castle Minerals will continue exploration of its gold targets in Ghana and developing the near surface Julie West and Danyawu gold resources that total 487 100 t @ 4.4g/t gold.

Castle Minerals Managing Director, Mike Ivey, commented, “It is very pleasing to have a Company of the caliber of Dundee join us in our exploration effort and allows our highly prospective southern WA Project concessions to continue to be aggressively explored.”

Castle Minerals is an ASX listed gold exploration company with five project areas covering more than 11 000 km2 in Ghana, West Africa.

Dundee Precious Metals is a TSX listed Canadian-based, international mining company engaged in the acquisition, exploration, development and mining and processing of precious metal properties.