The Wilclo South deposit is a part of the company’s wholly-owned Waddikee Project, and comprises a total combined Inferred resource of 6.4 million tons, grading 8.8% total graphitic carbon (TGC) for the 550,000t of contained graphite using a 5% cut-off.

The resource includes a high grade component of 1.75 million tons grading 12.5% TGC using a 10% TGC cut-off.

Monax Mining managing director Gary Ferris said the results confirm that Wilclo South was now comparable to other graphite deposits on Eyre Peninsula, which is emerging as a premier graphite province in Australia.

The Company will now commence metallurgy studies and begin additional resource definition drilling at Waddikee’s nearby Francis prospect, Ferris added.

The JORC Resource is based on drilling, completed in April 2013, of 77 Reverse Circulation (RC) holes for 7,307m and two holes completed in 2012 totaling 213m, with analysis of over 2,500 samples.