Chase Mining Corporation Ltd (ASX:CML) acquisition target Green Critical Metals (GCM) has advanced its strategy to expand the McIntosh Graphite Project’s mineral resource with extensive field mapping and sampling, successfully identifying outcropping graphite in seven target areas.
Chase signed a conditional agreement to acquire GCM in July, granting CML access to the company’s 80% stake in the McIntosh project should the agreement be executed.
McIntosh is the third largest ASX-listed project, and set to grow even larger, as GCM is pursuing an exploration target of 50 to 100 million tonnes, a significant increase over the current mineral resource estimate of 23.8 million tonnes at 4.5% total graphitic carbon (TGC).
Limited exploration; high potential
Exploration at McIntosh has been limited until recently, especially at key targets where GCM’s recent survey collected rock chip samples for the first time in some areas.
The Marlin West target has demonstrated particularly high prospectivity, with extensive graphite outcrops up to 21 metres wide occurring intermittently over a 2.6-kilometre strike length.
All-in-all, GCM collected 65 rock chip samples, submitted to the ALS laboratory in Perth for analysis with results expected in the next few weeks.
From here, GCM intends to review its exploration target with the new data generated from these exploration activities, rank and prioritise exploration targets, and begin planning for drilling programs to test said targets.