Metals of Africa has completed the acquisition of Balama Central project in Cabo Delgado province in Mozambique.

With this acquisition, the company expands its project area in the province complementing its other Mozambique graphite projects.

Located adjacent to Syrah Resources’ Balama Graphite mine, the Balama Central is said to host 1.15Bt at 10.2% total graphitic carbon and 0.23% Vanadium Oxide.

Metals of Africa managing director Cherie Leeden said: "Our VTEM survey has revealed a conductor of considerable dimensions within our recently acquired license, along strike of one of the world’s most valuable graphite deposits.

"We will now design a drill program based on the VTEM data and will obtain the standard regulatory approvals required to commence drilling of the conductor after the current wet season."

The company will pay a total of $250,000 in two tranches and issue shares with a market value of $200,000.