The Company’s most significant achievement to date is the announcement in October 2014 of the maiden Mineral Resource at Nicanda Hill. Triton achieved this milestone in only six months from the commencement of drilling at Nicanda Hill.
The maiden Mineral Resource estimate ranks Triton’s Nicanda Hill deposit as the largest combined graphite and vanadium deposit in the world.
The total Mineral Resource estimate as at 31 December 2014 comprises 1,457 Million Tonnes (Mt) at an average grade of 10.7%TGC and 3.93 Mt at an average grade of 0.27% of Vanadium Pentoxide (V2O5) classified as either Inferred Mineral Resources or Indicated Mineral Resources in accordance with the guidelines of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition) as reflected in Table 1 below. This Mineral Resource has been reported inside geological wireframes (defined on the basis of mineralised graphite intercepts) and equates to a nominal 8% TGC cut-off grade.
||Contained Graphite (Mt)
||Contained V2O5 (Mt)
Table 1. Balama North – Nicanda Hill Global Mineral Resource
*Note that some of the numbers may not equate fully due to the effects of rounding.
Competent Person’s Statement
The information in this report that relates to Mineral Resource estimate at the Nicanda Hill deposit on Balama North project is based on, and fairly represents, information and supporting documentation prepared by Mr Mark Drabble, who is a Member of the Australasian Institute of Mining & Metallurgy. Mr Drabble is not a full-time employee of the Company. Mr Drabble is employed as Managing Principal at Optiro Pty. Ltd. and 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 Mineral Resources and Ore Reserves (the JORC Code)’. Mr Drabble has reviewed and approved for release this announcement as it relates to Mineral Resources and consents to the inclusion in this report the supporting information in the form and context as it appears.
The Company reported its maiden resource at Nicanda Hill on 21 October 2014. As a result of the annual review of the Company’s Nicanda Hill resources there has been no change to the resources since it was first reported in 21 October 2014.
Governance of Nicanda Hill Resource
The Company engages external consultants and Competent Persons to prepare and calculate estimates of its Nicanda Hill Resource. These estimates and underlying assumptions are reviewed by the Board and Management for reasonableness and accuracy. The results of the Nicanda Hill Resource estimates are then reported in accordance with the JORC codes and other applicable rules. Where material changes occur during the year to a project, including the project’s size, title or exploration results or other technical information, then previous resource estimates and market disclosures are reviewed for completeness. The Company reviews the Nicanda Hill Resource as at 31 December each year. Where a material change has occurred in the assumptions or data used in previously reported Nicanda Hill Resource, a revised resource estimate will be prepared as part of the Annual review process.Click edit button to change this text.
The global resource summary is reflected in Table 2 below.
||Indicated Tonnes (Mt)
||Inferred Tonnes (Mt)
Table 2. Nicanda Hill global resource summary (no cut-of grade applied)
Triton notes that this Mineral Resource estimate far exceeds the Company’s original expectations. Nicanda Hill has rapidly progressed from concept stage to classified Mineral Resource. The Nicanda Hill drilling program, which commenced in April 2014, was originally designed as exploration but due to the strong and consistent drilling results, rapidly developed into a resource definition drilling program.
The Company found that the drilling data confirmed both the geological continuity and consistency of graphite grades across the mineralised footprint at the Nicanda Hill deposit. These strong results provided Triton with the opportunity to undertake and complete an initial Mineral Resource estimate for Nicanda Hill approximately six months early.
These results demonstrate the high quality of the Nicanda Hill deposit. With the successful definition of the Mineral Resource estimate and the identification of multiple high grade mineralised zones which outcrop at surface, Triton is in a strong position to rapidly advance the Nicanda Hill deposit towards production. The Company will now look in the near future to become a market leader and one of the lowest cost graphite and vanadium producers in the world.
The Mineral Resource estimate has been defined within the original 6.2km long mineralised footprint at Nicanda Hill. Additional exploration prospects to the west, east and south have yet to be assessed.
The Company will seek to undertake pilot plant production testing on large bulk samples. The use of a pilot plant would assist Triton to complete the definitive feasibility study and advance the project towards production.