(Alliance News) - Marula Mining PLC on Thursday said assay results confirmed "high-grade" graphite mineralisation at its Bagamoyo graphite project in Tanzania.
Marula shares rose 13% to 13.25 pence each on Thursday afternoon in London.
The Africa-focused mining and development company said assay results from its phase 1 exploration programme conducted by Geofields Tanzania Ltd have shown an average grade of 10% total graphite content, with the highest grade sampled at 20% total graphite content.
The firm said the highest grade sample was recorded at a previously identified graphite mineralisation measuring 500 metres in strike length and 50 metres width at the surface.
Marula added it has interpreted the mineralisation to extend for two kilometres in length and 200 metres in width over six of its mining licences.
The firm said nine of the samples were taken from the Mihuga prospect, with the average grade from these samples at 12%.
Marula noted: "The high-grade assays and coarse flakes at the Mihuga prospect demonstrate the potential that exists in that prospect".
The company said it is now working with Geofields to finalise plans for phase 2 exploration.
Chief Executive Jason Brewer said: "We are pleased with the assay results from the work done by Geofields across the granted graphite mining licenses in Tanzania. These assay results confirm the high-grade nature of the graphite deposits, especially highlighted by certain coarse - medium - graphite flakes reported at the Mihuga prospect.
"With grades at the Mihuga prospect as high as 19.71% TGC and an average grade of 11.97% TGC reported from the 9 samples taken across the 500m long and 50m wide EW-trending graphite zone, which sits within a 2.0km long and 200m wide target zone, we have something that compares well with other graphite exploration and development companies in Africa."
By Harvey Dorset, Alliance News reporter
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