(MENAFN - ProactiveInvestors - Australia) Lamboo Resources (ASX: LMB) has secured a Mining Right over the historical Samcheok graphite mine in South Korea.
The abandoned historical open cut graphite mine contains an Inferred JORC flake graphite Resource of 200,000 tonnes at 5% graphite carbon.
The graphite bed at Samcheok is reportedly 60 to 80 metres thick and can be traced over an outcrop length of 300 metres.
Samcheok is a steep dipping graphite deposit that lies on a graphite trend that has 4.7 kilometres of strike length.
Grades of 4% to 5% graphite carbon were recorded in sampling of the graphite bed by the KMPC (1977), confirmed by check rock chip sampling by Opirus Minerals.
Previous analysis of a specimen of selected flake graphite from the Samcheok open pit showed a common flake grain size of 250 microns, which is classified as large flake.
The Samcheok project comprises a former open pit mine and flotation plant for treatment onsite.
The Mining Right granted to Lamboo covers 68 hectares and is valid for seven years, until January 2020.
Meanwhile, Lamboo's application for Mining Right Samcheok 10, located immediately south of the Mining Right covering the Samcheok mine, is in process.
Samcheok is accessed by a modern expressway from Seoul and rail line.
The major port of Donghae has the closest container export facilities and is situated 22 kilometres northwest of the Samcheok graphite project.