Magnis Resources Limited (ASX: MNS) – $0.340
12 Feb 2016
Magnis Resources Limited (ASX: MNS) has raised A$3.0 million via a placement of ordinary shares to fund the Bankable Feasibility Study and progress its 100% owned Nachu Graphite Project in southeast Tanzania (Figure 1).
Figure 1. Location of Nachu Graphite Project
The Placement consisted of 8,571,429 shares issued at $0.35 per share.
The Nachu tenement covers approximately 199km2 and is situated west of the coastal city of Lindi and approximately 200km by road from the port city of Mtwara.
The mineral resource is split into five deposits with mineralisation hosted in graphitic schist within a sequence of meta-sedimentary schists with minor dolomitic marble and gneisses within the greater Mozambique Metamorphic Belt.
A first cycle efficiency rate of 97.1% was achieved equating to a loss of 2.9% and is an improvement of 42% over synthetic graphite. Micronised coated Nachu graphite upgraded to 99.8%TGC without any chemical or thermal purification was used.
For further information, visit www.magnis.com.au
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