Mozambi Resources has signed an option to acquire two graphite licenses in Balama Montepuez region, located in Mozambique.

The licenses, 6142 and 6140, are presently under application with the Mozambique Mines Ministry and their grant is expected in the near future.

The 6142 license is contiguous with Triton Mineral’s Nicanda Hill project and 5km north of Syrah Resource’s Balama project.

Mozambi Resources plans to start the work programme immediately after the licenses have been granted.

The fieldwork will include a program of trenching, rock chip sampling, mapping; and potentially ground geophysical surveys.

It will be intended at confirming the theory that license area 6142L features a continuation of the similar stratigraphic unit hosting that occurs at the Balama and Nicanda Hill Resources.

Mozambi Resources executive director Alan Armstrong said: "We are very excited about the potential this area holds in an emerging basin for graphite and vanadium.

"The board is extremely pleased with the quick turnaround time we have seen from the start of negotiations through to this point. The smooth way in which we have been able to conduct this transaction is testament to the emerging mining industry in Mozambique."