TIDMACP
RNS Number : 3056W
Armadale Capital PLC
22 April 2021
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
22 April 2021
Armadale Capital Plc
('Armadale' or 'the Company')
Completion of Test Work Program
Armadale Capital plc the AIM quoted investment group focused on
natural resource projects in Africa, is pleased to report that the
metallurgical bulk test work programme has been significantly
progressed with Phase One completed successfully. The programme has
been carried out in China by Xinhai Mineral EPC ("Xinhai"), the
Chinese Engineering, Procurement, Construction and Manufacturing
company..
HIGHLIGHTS
-- Positive testwork is a major de-risking step in confirming
process flowsheet as per definitive feasibility study ("Definitive
Feasibility Study") design;
-- programme completed by highly regarded Chinese EPC, Xinhai,
using a bulk composite of representative feed sample material;
-- consistent graphite concentrate grades above 95% TGC were achieved with recoveries above 92%;
-- Mahenge project design for treatment of graphite ore
confirmed as being able to produce high quality, high purity
graphite concentrate;
-- Phase One of FEED Studies complete, Phase Two to begin shortly;
-- local content plan for the Mahenge Project has been approved
by the Ministry of Minerals and Mining Commission of Tanzania.
Xinhai are a highly experienced, industry-leading Chinese
Engineering, Procurement, Construction and Manufacturing (EPC)
group in the field of optimising mineral processing solutions, mine
design and build and equipment manufacturing.
The test work to date has confirmed the efficacy of the process
flow sheet as per the Company's Definitive Feasibility Study for
the treatment of graphite ore to produce high quality, high purity
graphite concentrate. This completes the first phase of the
Front-End Engineering Design Studies ("FEED Studies") being
undertaken by Xinhai.
Phase Two of the work involves the completion of remaining
necessary engineering to develop an EPC fixed price contract.
Armadale Chairman Nick Johansen Commented:
"Armadale continue to work to our plan with simultaneous
workstreams running to de-risk our highly compelling Mahenge
graphite project and move towards production. Investors should
appreciate that having our chosen processing methods replicated,
tested and then successfully validated by an industry leading
builder of mines, and more specifically graphite processing plant,
is a big stamp of approval for the Mahenge project. Conceptual
design has now been delivered as fact - that the Mahenge plant and
flow sheet design as determined by the Definitive Feasibility Study
can produce a high quality, high purity graphite concentrate. This
helps to ratify the exceptional economics of the project and ticks
a big box in terms of being able to supply the forthcoming
exponential demand expected for high-grade graphite concentrate
from the manufacturing of battery anodes for electric vehicles.
We look forward to moving through Phase Two of the FEED studies
with Xinhai who have been doing an excellent job thus far. Again,
the results of these studies are a major technical de-risking item,
and we will be delighted to be working these results into our
current offtake and financing discussions which are progressing
positively.
Separately, looking to Tanzania, we are also delighted to be
able to announce the approval of the local content plan which forms
part of our commitment to develop employment and local businesses
within the local communities in which we work. we are greatly
encouraged by the support which the Tanzanian government has for
this project and look forward to being able to update shareholders
on further in-country progress as it happens. We are very pleased
with the progress made to date and are confident of maintaining
this momentum to continue to deliver further shareholder
value".
Details of Xinhai Flow Sheet Testwork
-- Confirmatory testwork program completed by Xinhai ;
-- sample comprised bulk composite of representative feed sample material;
-- program included head assay, mineralogy and X-ray analysis of the sample and flotation;
-- beneficiation flotation testing included rougher and cleaner
flotation and examined the impact of feed grind size, reagent
addition rates, regrind stages and cleaner stages;
-- the optimised flowsheet test work included open cycle and closed cycle testing;
-- consistent graphite concentrate grades above 95% TGC were achieved with recovery above 92%;
-- overall flow sheet to comprise typical graphite multi-stage
flotation with regrind and cleaning.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
**ENDS**
Enquiries:
Armadale Capital Plc
Nick Johansen, Non-Executive Director
Tim Jones, Company Secretary +44 (0) 20 7236 1177
Nomad and broker: finnCap Ltd
Christopher Raggett / Teddy Whiley +44 (0) 20 7220 0500
Notes
Armadale Capital Plc is focused on investing in and developing a
portfolio of investments, targeting the natural resources and/or
infrastructure sectors in Africa. The Company, led by a team with
operational experience and a strong track record in Africa, has a
strategy of identifying high growth businesses where it can take an
active role in their advancement.
The Company owns the Mahenge Liandu graphite project in
south-east Tanzania, which is now its main focus. The Project is
located in a highly prospective region with a high-grade JORC
compliant Indicated and inferred mineral resource estimate of
59.48Mt @ 9.8% TGC, making it one of the largest high-grade
resources in Tanzania, and work to date has demonstrated Mahenge
Liandu's potential as a commercially viable deposit with
significant tonnage, high-grade coarse flake and near surface
mineralisation (implying a low strip ratio) contained within one
contiguous ore body.
Other assets Armadale has an interest in, include the Mpokoto
Gold project in the Democratic Republic of Congo and a portfolio of
quoted investments.
More information can be found on the website
www.armadalecapitalplc.com .
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END
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