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Oakdale Resources Ltd

Oakdale Resources starts evaluation of graphite project in South Australia

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Oakdale Resources (ASX:OAR) has started an evaluation program at its Oakdale Graphite Project on South Australia’s Eyre Peninsula.

Trading in the company resumed on 27 November after it raised $3,783,700 through a public offering of 18,918,500 shares priced at $0.20 each.

It seeks to initially delineate between 10 and 15 million tonnes of graphite mineralisation at a grade of between 7% – 10% graphitic carbon within a 2 kilometre by 1 kilometre zone.

This estimate is based upon assays of two-diamond drill holes spaced 400 metres apart and the geological nature of the graphite mineralisation correlated between the drill holes.

The company will carry out ground electrical geophysics to guide the proposed drilling program.

Air core drilling expected to begin pending government approvals in early 2015.

This will concentrate on the shallow, oxidised zone from which metallurgical test work has demonstrated that flake graphite can be recovered without degrading the flakes.

Graphite mineralisation is widespread throughout the company’s tenements with a historic hole located 3.5 kilometres due east of the initial area to be drilled having intersected 15.2 metres at 10.2% carbon from 62 metres.

 

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Quick facts: Oakdale Resources Ltd

Price: $0.01

Market: ASX
Market Cap: $1.99 m
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