International Graphite Limited: Exceptionally high grade assay results from infill drilling at Springdale Graphite Project

HIGHLIGHTS

• New results received from 14 holes (912m) of RC infill drilling at Springdale.
• Highlights[1] include:
  • 15m @ 13.4% Total Graphitic Carbon (TGC) from 36m downhole, including 3m @ 27.2% TGC from 38m downhole (SGRC0028)
  • 11m @ 16.1% TGC from 32m downhole, including 5m @ 27.8% TGC from 33m downhole (SGRC0022)
  • 8m @ 12% TGC from 22m downhole, including 3m @ 20.1% TGC from 24m downhole (SGRC0033)
  • 32m @ 5.9% TGC from 31m downhole, including 1m @ 22.5% TGC from 52m downhole (SGRC0030)
  • 19m @ 4.7% TGC from 5m downhole (SGRC0034)
• Assays support the current interpretation and potentially highlight a number of higher-grade domains within the broader mineralised system.
• Assay results from further drilling at Springdale are pending and will be released when received.             

Commenting on the results, International Graphite (ASX:IG6) Executive Chairman Phil Hearse said, “The success of our exploration and infill drilling program gives us great confidence that we will establish a long-life mineral resource at Springdale.

“Drilling at Springdale continues to deliver outstanding graphite results and will assist in reclassification of the inferred mineral resources to indicated status.

“This is an important stage in the mine development cycle and a significant step in our vision to be self-sustaining and the first mine to market graphite producer wholly operating in Western Australia.”

Springdale Drilling Program

The latest results cover 14 holes (912m) of RC infill drilling at International Graphite’s Springdale Graphite Project, 25km south of Ravensthorpe, near Hopetoun, in Western Australia (Figure 1).

Figure 1: Location of International Graphite projects

A 7,100m RC and PQ/HQ diamond drilling program, comprising an expected 91 RC drillholes (~6,200m) and 12 diamond holes (~900m), was initiated in June 2022.

In part, the drilling campaign aims to upgrade the existing Springdale Mineral Resource Estimate from inferred to indicated status and to add to the resource inventory through drilling in areas highlighted by an airborne electromagnetic (“AEM”) geophysical survey previously undertaken (refer Table 3 for details of the existing JORC Mineral Resource Estimate).

A total of 39 RC (~2,668m) and 12 diamond holes (~962m) has been completed. To date, assay results have been received for 14 RC drill holes completed in the southern region of the existing Mineral Resource (Figure 2). 

Figure 2: Airborne electromagnetic survey image showing conductive material in relation to resource areas and new targets.

Significant results from this drilling are shown in Table 2 and Figures 3 – 7)[2]. These include:

-          11m @ 16.1% Total Graphitic Carbon (TGC) from 32m downhole, including 5m @ 27.8% TGC from 33m downhole (SGRC0022)

-          12m @ 4.2% (TGC) from 56m downhole (SGRC0023)

-          9m @ 5.4% (TGC) from 23m downhole (SGRC0024)

-          7m @ 4.9% (TGC) from 25m downhole (SGRC0025)

-          15m @ 13.4% (TGC) from 36m downhole, including 3m @ 27.2% TGC from 38m downhole (SGRC0028)

-          32m @ 5.9% TGC from 31m downhole, including 1m @ 22.5% TGC from 52m downhole (SGRC0030)

-          10m @ 4.0% (TGC) from 35m downhole (SGRC0031)

-          13m @ 7.4% TGC from 41m downhole, including 2m @ 23.6% TGC from 44m downhole (SGRC0032)

-          8m @ 12% TGC from 22m downhole, including 3m @ 20.1% TGC from 24m downhole (SGRC0033)

-          19m @ 4.7% TGC from 5m downhole (SGRC0034)

Figure 3: Cross-section 1 showing the multiple graphite zones intersected.

Figure 4: Cross-section 2 showing the multiple graphite zones intersected.

Figure 5: Cross-section 3 showing the multiple graphite zones intersected.

Figure 6: Cross-section 4 showing the multiple graphite zones intersected.

Figure 7: Cross-section 5 showing the multiple graphite zones intersected

Figure 8: RC drill samples from SGRC0028 with graphite intersections highlighted

Table 1: Drill Collar Data for this release (GDA94 MGAz51)

Table 2: Significant Graphite Intervals

Note: Intercepts widths are downhole, calculated with a minimum of 1 metre of internal waste using a 1% TGC cut-off. Including intercepts widths are downhole, calculated with a minimum of 1 metre of internal waste using a 20% TGC cut-off.

Table 3: Springdale Graphite Existing Mineral Resource Estimate Summary (JORC 2012)

This announcement has been authorised for release by the Board of Directors of International Graphite Limited.

Phil Hearse

Executive Chairman

For more information please contact:

Robert Hodby

CFO/Company Secretary

[email protected]

+61 407 770 183

Marie Howarth

Media & Communication

[email protected]

+61 412 111 962

Competent Persons Statement

The information in this announcement which relates to exploration targets, exploration results or mineral resources is based on information compiled by Mr. Darren Sparks and reviewed by Mr. Peter Langworthy. Mr. Sparks is the Principal Consultant and fulltime employee of OMNI GeoX Pty Ltd. He is a member of the Australian Institute of Geoscientists (“AIG”). Mr. Sparks and Mr. Langworthy have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr. Sparks and Mr. Langworthy consents to the inclusion of the information in this announcement in the form and context in which it appears.

The Competent Person confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

About International Graphite

International Graphite is an emerging supplier of processed graphite products, including battery anode material, for the global electric vehicle and renewable energy markets.

The Company is developing a sovereign Australian ‘mine to market’ capability, with integrated operations wholly located in Western Australia. The Company intends to build on Australia’s reputation for technical excellence and outstanding ESG performance with future mining and graphite concentrate production from its 100% owned Springdale Graphite Project and commercial scale downstream processing at Collie. International Graphite is listed on the Australian Securities Exchange (ASX: IG6) and Tradegate and Frankfurt Stock Exchange (FWB: H99, WKN: A3DJY5) and is a member of the European Battery Alliance (EBA250) and European Raw Minerals Alliance (ERMA).

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1Rounded to 1 decimal point.

2 Additional information relating to the drilling program is detailed in the JORC Table 1 in Appendix 1