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MENAFN - ProactiveInvestors - Australia - 03/12/2012

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Lithex’s newly acquired Munglinup Graphite Project, located adjacent to Western Australia’s first proposed commercial graphite mine, is showing early signs of high prospectivity with the discovery of several strong conductors. Three samples of surface mineralisation have assayed up to 23.1% total graphitic carbon.
(MENAFN - ProactiveInvestors - Australia) Lithex Resources (ASX: LTX) has identified several strong conductors interpreted to represent graphite rich horizons at its Munglinup Graphite Project in Western Australia from previous electromagnetic geophysical data.

The project is located along strike and contiguous with the eastern and southern sides of Graphite Australia's Munglinup Deposit, which is anticipated to be Western Australia's first commercial graphite mine.

Importantly, this data will assist Lithex in the design of the maiden drill program for the project.

Key findings from the available electromagnetic geophysical data, which is being analysed by CORE Geophysics, show the Munglinup Central tenement exhibits a 3 kilometre strike length of electromagnetic anomaly.

Two strong lines of evidence indicate that this anomaly may be caused by graphite mineralisation.

Three samples of surface graphite mineralisation have assayed up to 23.1% total graphitic carbon, located on the eastern side of the anomaly.

The data also shows the presence of the Halbert's South Graphite Prospect, located 300 metres north of the tenement boundary, and the Halbert's Main Graphite Deposit, located about 2 kilometres north of the Munglinup Central tenement.

The Halbert's Main Graphite Deposit hosts a Measured and Indicated Resource of 1.47 million tonnes at 18.2% fixed carbon.

The available electromagnetic geophysical data covers about 65% of the 166 square kilometre project area.

The data was originally acquired by Geoforce Pty Ltd in 2007, and flown on 200 metre line spacing using the SkyTEM system.

As graphite is one of the most conductive of all minerals, electromagnetic techniques are well suited to detect it.

Further analysis of the electromagnetic data is being undertaken by CORE Geophysics, which will include 3D modelling and analysis of the identified anomalies and ranking of targets.

Heads of Agreement

The Munglinup Graphite Project is one of a suite of projects subject to a Heads of Agreement with Far North Minerals.

Lithex entered into the agreement in early October to acquire 11 graphite tenements in Australia, via the acquisition of Far North Minerals, which owns the rights to 100% of the tenements.

Three tenements make up the Munglinup Project in Western Australia, one comprises the Eyre Point Project in South Australia, five cover various historical showings located in New South Wales, one covers the Furniss East Project in Western Australia, and one covers the Emu Plain Project located in Queensland.

The projects are located in the main known graphite provinces in Australia, including the Munglinup Region of Western Australia and the Eyre Peninsula of South Australia. The tenements are considered highly prospective for occurrences of graphite.

No recent or systematic exploration program has been carried out for the exploration of graphite on any of the acquired tenements.

Munglinup Graphite Project

Lithex has already pinpointed the Munglinup Project as its flagship project.

There is believed to be the potential for similar mineralisation to Graphite Australia's Munglinup Deposit to occur within Lithex's project.

A previous field program revealed an area of sub-cropping graphitic gneiss located near the north end of the Munglinup Central tenement, and graphitic gneiss float was located 700 metres south of the area of sub-cropping graphitic gneiss.

The area of sub-cropping graphitic gneiss corresponds with the strong north to south trending electromagnetic anomaly.

Initial rock chip samples from outcropping graphite returned between 8.6% and 23.1% total graphitic carbon.

Munglinup is also considered to have untested potential for nickel deposits, with several nickel occurrences noted in the vicinity.


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