LONDON (ShareCast) - (ShareCast News) - AIM-listed investment company Armadale Capital said the geological mapping carried out at its recently acquired high-grade Mahenge Liandu graphite project in south-east Tanzania has confirmed extensive areas of graphite mineralisation.
The company, which focuses on natural resource projects, said the mapping is consistent with the conductive targets identified by the recent electro-magnetic survey and further highlights the prospectivity of the project.

Armadale said it has now begun digging pits into areas of outcrop to obtain samples for initial metallurgical test work of the graphite mineralisation.

Mobilising equipment, including a bulldozer to clear drilling pads, is now underway with management expecting drilling to commence in early September 2016.

Chairman William Frewen said: "We are pleased to confirm that mapping and pit work on site covering both the eastern and western zones has identified extensive areas of surface graphite schist outcrop.

"These new areas will now be included as priority targets for our drilling programme commencing in the coming weeks. Having already identified prospective targets for drilling from our recent electro-magnetic survey, drill pads are now being built on site with drill rigs expected to arrive shortly."

At 1545 BST, shares were up 11% to 2.35p.

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