Feb. 18, 2011 - Archer Exploration has been very well supported by the market after detailed petrology of graphite from the Sugarloaf graphite deposit identified the presence of fine, medium and coarse flake sized graphite.
Investors have applauded the result, with Archer gaining $0.055 in intra-day trade to $0.215, a 34% jump on the day.
Drilling has shown wide intervals of graphite grading to 19.89% total carbon extending from surface to greater than 100 metres, with the strike extent of the graphite to be in excess of 1,150 metres.
Confirmation of the graphite has greatly improved the exploration potential at the deposit.
Archer has determined an exploration target of between 9 to 20 million tonnes of highly graphitic schist.
Based on the petrography the graphite is likely to present as:
- 10% material with + 200 m flake size;
- 30% material with + 100 m and 200 m; and
- 60% minus 100 m.
Archer said that a pronounced EM signature indicates that the deposit is likely to continue along strike for at least 2.5 kilometres.
