The other joint venture partner for the Molo graphite deposit is Malagasy Minerals, in which Energizer has a 75% ownership interest.
The Company’s most recent Phase I and II exploration programs, included airborne surveys, ground geophysics, mapping, trenching and 29 diamond drill holes, have revealed the basis to evaluate several potential graphite deposits on its properties.
The evaluation included the Molo, Fondrana, Fotsy and Seta deposits as well as metallurgical analysis, which confirmed jumbo flake graphite at an average purity of 93% carbon can be liberated through crushing of the Molo deposit graphite.
Highlights from the drill results include intersections of 106m of graphite mineralization at 8.44% carbon, including a higher-grade interval of 37m at 11.17% carbon.
Another drill hole intersected 27m of graphite mineralization at 7.25% carbon and drilled into an exposed graphitic ridge 1km to the west, and parallel to the Molo deposit.
The graphitic ridge, which extends for a minimum of 12km in strike length, extends to a vertical depth of 108m.
The partners intend to expedite the mine development process and targeting to commence production in 2014-2015.
The company is targeting a resource between 50 and 100 million tons on the Molo Deposit with a grade range of between 6 to 10% carbon.
Resource drill program has commenced and is estimated to take two months.
