(MENAFN- ProactiveInvestors - Australia) Kibaran Resources (ASX:KNL) shares have continued to build on the back of recent news of high grade graphite find at its Maehnge Graphite project in Tanzania.
Shares in the company registered a 25.71% raise today reaching 22 cents, while prices in the last five trading days have been up 33.33%.
Last month it said it had intercepted a high grade graphite intersection at 5 metres at 10.4% total graphite carbon from 6 metres in the latest round of reverse circulation drilling at the Epanko and Ndololo prospects in Tanzania.
The new intercepts was also found outside Kibaran's primary exploration area at the Epanko prospects that form part of the newly acquired Mahenge Graphite project, all of which adds to the upside potential.
The new intersection sits below a previously reported drill hole which recorded a significant high grade mineralisation zone of 20 metres at 10% total graphitic carbon from surface.
Four more drill holes have been completed at Epakno site though assays remain pending.
Meanwhile, at the Ndololo Prospect, drilling returned notable intercepts of 13 metres at 10.8% total graphitic carbon from 7 metres and 11 metres at 11.2% total graphitic carbon from 12 metres.
These results confirm the occurrence of high grade graphite mineralisation in the Ndololo Eastern Zone and support the exploration target of 3.5 to 7 million tonnes at 10% to 15.5% graphitic carbon.
A total of three drill holes were completed at Ndololo, with results for the third pending.
Kibaran has since begun a diamond drilling program, with the first hole completed.
The current program consists of six diamond holes, while a trenching program is also underway at Mahenge, with a total of five trenches completed and 330 samples collected.
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