The Molo deposit, located on the Green Giant Graphite project, is a joint venture (JV) between Malagasy Minerals in Madagascar and the operator Energizer which has a 75% ownership interest.
Trench sampling in the deposit yielded 358.5m grading 6.21% carbon.
The company has completed 22 diamond drill holes over 4,600m as part of its 2012 resource drill program of 7,500m.
Assay results received from the first three holes confirmed that the Molo deposit is exposed at surface, and extends to a vertical depth of over 300m, which Energizer believes to be a key benefit of the Molo deposit, as it should allow for cost-effective open pit mining.
Additional drill core samples have been sent out for assay, and the company anticipates receipt of the assay results on an ongoing basis over the next 8-10 weeks.
Geological mapping has also found numerous graphitic outcrops at the project.
Trenching over the Molo deposit has verified graphite mineralization at surface and intervening areas between graphite outcrops have graphitic bedrock mineralization at depths ranging between 10cm and 1 metre below the soil.
Assay results received for two of the 13 trenches excavated over the Molo deposit revealed 325m of graphite mineralization grading 6.35% carbon, while trench MOLO-TH-02 intersected 358.5m grading 6.21% carbon.
These results confirm that graphite mineralization is exposed on surface, and at widths in excess of 300m.
Energizer expects that a resource target of more than 100 million tons grading over 6% carbon is obtainable for the Molo deposit by the fourth quarter of this year.
