Activity is heating up amongst Australia's graphite explorers. This week three companies, Archer, Monax and Syrah reported positive results from exploration activities, which will certainly do nothing to dampen speculation that graphite might just be a boom mineral in the making.
Melbourne-based explorer Syrah Resources doubled its share price overnight this week, after it reported intersections from a single drill hole at its Balama project in Mozambique.
The company's share price shot from $0.95 to $1.82 on the back of a hole that intersected graphite from the surface of its kilometers-wide, outcropping deposit all the way down to 287 meters.
Managing director Paul Kehoe said because the deposit is visual at the surface, outcropping in a hill, Syrah has a very good understanding of it.
He said the drill ended in mineralization, "but no doubt continues further down. We believe quite a bit deeper."
Kehoe said graphite observed in the drill core is coarse to very coarse flake. . .View Full Article