International Graphite confirms third high grade discovery at Springdale Graphite Project – ‘Springdale South’

HIGHLIGHTS

-          Assay results from ten RC holes (973m) show multiple zones of shallow high grade graphite mineralisation 500m south of the existing mineral resource at the Springdale Graphite Project – the area has been named ‘Springdale South’.

-          Standout results[1] include

• 4.0m @ 10.6% Total Graphitic Carbon (“TGC”) from 15m downhole (SGRC0061).
• 4.0m @ 9.6% TGC from 70m downhole (SGRC0062).
• 5.0m @ 17.0% TCG from 104.0m downhole, including 3.0m @ 22.1% TGC from 105.0m downhole (SGRC0062) at Springdale South.
• 2.0m @ 10.1% TGC from 39m downhole (SGRC0063).
• 3.0m @ 11.6% TGC from 43m downhole (SGRC0063).
• 7.0m @ 14.6% TGC from 74m downhole including 3.0m @ 27.1% TGC from 75m downhole (SGRC0063).
• 4.0m @ 9.4% TGC from 43m downhole, including 1.0m @ 33.4% TGC from 44.0m downhole (SGRC0064).
• 6.0m @ 7.6% TGC from 69m downhole, including 1.0m @ 21.3% TGC from 71.0m downhole (SGRC0064).
• 20.0m @ 11.9% TGC from 64.0m downhole including 3.0m @ 20.3% TGC from 71m downhole and 1.0m @ 20.1% TGC from 76m downhole (SGRC0067).

-          39 RC drill holes at exploration target SDE_1 have been completed and assays are pending. 

20 January 2023 - Commenting on the results, Managing Director and CEO Andrew Worland said: “Springdale South is the third graphite discovery made by our exploration team and demonstrates yet again the pathfinding ability of the airborne electromagnetic geophysical survey that was undertaken over a portion of our tenements at Springdale. Large parcels of our ground holding show significant anomalies and represent excellent further targets for exploration drilling. The success of our exploration to date and the likelihood of being able to replicate it at the sites of these untested anomalies gives us great confidence that we can significantly expand the Springdale mineral resource base over time with targeted drilling.”

Springdale Drilling Program

International Graphite Limited (ASX:IG6) is pleased to announce the results of a further 10 reverse circulation (RC) exploration holes from drilling at the Springdale Graphite Project (“Springdale” or the “Project”), near Hopetoun and 25km south of Ravensthorpe in Western Australia (Figure 1).

Figure 1: Location of International Graphite Projects.

Over 6,000 metres of mineral resource and exploration drilling have been completed at Springdale since June 2022. The drilling aims to upgrade the existing Springdale Mineral Resource Estimate from inferred to indicated status (currently 15.6Mt @ 6.0% TGC, including a high-grade component of 2.6Mt @ 17.5% TGC - refer Figure 2 and Table 3). It also aims to expand the mineral resource inventory through exploration drilling in areas highlighted by an airborne electromagnetic geophysical (“AEM”) survey undertaken in 2019.

The ten RC holes outlined in this release target anomalies to the south of the Springdale Mineral Resource. Figure 2 shows the area which is identified as ‘Springdale South’. Figures 3-5 show significant assay results in cross section. Table 1 and Table 2 detail the locations of the drill holes and significant assay results. All drilling undertaken at Springdale continues to be shallow to a maximum of 100-125 metres with all holes remaining open at depth.

Springdale South is the third discovery from International Graphite’s drilling, following identification of Springdale Far West and Springdale Central in September and October 2022 respectively.

A further 39 RC drill holes have now been completed at exploration target SDE_1 (refer Figure 2). Visual graphite mineralisation was identified in December 2022 and assays for that drilling are expected to be received in February.

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

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.

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 Mineral Resource Estimate Summary (JORC 2012)[2]

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

Andrew Worland

Managing Director & CEO

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. 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 has 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 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).

The full original press release in English can be found here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02622770-6A1132476?access_token=83ff96335c2d45a094df02a206a39ff4

For more information please contact:

Robert Hodby 

CFO/Company Secretary 

[email protected]  

+61 407 770 183 

Marie Howarth

Media and Communication

[email protected]

+61 412 111 962

[1] All metres and TGC are rounded to 1 decimal point.

[2] Refer to the Company’s Prospectus dated 21 February 2022 as updated by the Supplementary Prospectus dated 4 March 2022 for further details regarding the Mineral Resource Estimate, including the Independent Technical Assessment Report prepared in respect of the Springdale Graphite Project