(MENAFN- ProactiveInvestors - Australia) Syrah Resources (ASX: SYR) substantial shareholder Credit Suisse Holdings (Australia) has further increased its stake in the company to 6.33% from 5%.
Credit Suisse now holds 8.6 million shares in Syrah.
Syrah continues to consistently produce very wide zones of high grade graphite and vanadium mineralisation at surface within its Balama Project in Mozambique.
Final assays from its recently concluded drilling program at Balama East had returned graphite and vanadium mineralisation from surface at all holes.
Highlights include 152.6 metres at 15% total graphitic carbon (TGC) and 0.4% V2O5 from surface; 248.8 metres at 11.2% TGC and 0.26% V2O5 from surface; 200.6 metres at 13% TGC and 0.37% V2O5 at surface; and 125.08 metres at 15.7% TGC and 0.41% V2O5 from surface.
The results show the presence of high grade zones such as 12.52 metres at 19.3% TGC and 0.39% V2O5 from 2.6 metres; 41.62 metres at 18% TGC and 0.41% V2O5 from 2.6 metres; 42 metres at 17.4% TGC and 0.41% V2O5 from 2.6 metres; and 51 metres at 17.6% TGC and 0.342% V2O5 from surface.
Mineralisation remains open in all directions and at depth at Balama East.
Balama has proven to be a winner for Syrah with the global Inferred Resource for Balama West of 564 million tonnes at 9.8% TGC and 0.21% V205 at a 5% TGC cut off exceeding the exploration target of 400 to 500 million tonnes at 10% TGC it had previously outlined.
The contained graphite of the Balama deposit is expected to exceed the rest of the world's reserves of graphite as recorded by the USGS (77 million tonnes as at 2012).
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