Mozambi Resources Ltd.: Half Yearly 2015 Accounts
16.03.2016 | ABN Newswire
Melbourne - The Directors of Mozambi Resources Ltd. (ASX:MOZ) present their report on the Consolidated Entity consisting of Mozambi Resources Ltd. ("the Company" or "MOZ") and the entities it controlled during the half-year ended 31 December 2015 ("Consolidated Entity" or "Group").Principal Activities
During the period the principal activities of the Consolidated Entity were related to graphite exploration in Tanzania and coal exploration in Queensland, Australia.
Review of Operations & Changes in State of Affairs
Mozambi Resources provides the following update on activities undertaken for the half-year ended 31 December 2015, which includes activities up until the date of reporting.
Corporate Strategy
MOZ has a strategy to develop a graphite exploration and development company targeting supply to the high growth lithium ion battery industry, by:
- Developing a world class tenement position for high quality graphite production within the graphite rich Mozambique Mobile Belt.
- Targeting shallow Large and Jumbo Flake graphite deposits in south eastern Tanzania.
- Utilising industry best practice to advance projects and deliver shareholder value.
During the reporting period, MOZ made significant progress in advancing its strategy with the discovery of the Jumbo and Super Jumbo Flake graphite project, Namangale in south east Tanzania.
Operations
Namangale Graphite Project, Tanzania
During the half year, MOZ made significant advances with the Namangale Graphite Project located in the south east of Tanzania. These activities included initial geological mapping, Ground EM, RC and Diamond drilling and metallurgical testwork which all culminated in the completion of the maiden JORC Resource estimate of 179Mt @ 5.1% graphite.
MOZ completed the acquisition of 12 Exploration Licences, with one currently in application with the Tanzanian Ministry of Energy and Minerals, for an approximate area of 2105 km2.
To view the full half year report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MOZ-440436.pdf
About Mozambi Resources Ltd:
Mozambi Resources Ltd. (ASX:MOZ) is a graphite exploration company listed on the Australian Stock Exchange under the ASX code MOZ. The Company is focused on the exploration and development of the Jumbo Flake Namangale graphite project in Tanzania which has the potential to add to value for shareholders.
The Namangale Project is one of the largest graphite deposit in Tanzania containing a JORC compliant Inferred Resource of 179Mt @ 5.1% TGC. The project is exceptionally well located in South Eastern Tanzania being 140km from a deep-water port and 10km from sealed roads. Mineralisation at the three drilled deposits, occurs from surface and remains open in all directions. After the completion of this the recent capital raising the Company is now fully funded to complete the Pre-Feasibility Study into commencing production of high quality flake graphite targeting the rapidly expanding lithium-ion battery market. Mozambi has established a dominant tenement position in this extremely well located graphite rich part of Tanzania.
Contact:
Alan Armstrong, Managing Director
Mozambi Resources Ltd.
TEL: +61-3-9614-0600
FAX: +61-3-9614-0550