Half Yearly Accounts
Melbourne, Mar 16, 2016 AEST (ABN Newswire) - The Directors of Volt Resources Ltd (
ASX:VRC) present their report on the Consolidated Entity consisting of Volt Resources Ltd ("the Company" or "VRC") and the entities it controlled during the half-year ended 31 December 2015 ("Consolidated Entity" or "Group").
Principal Activities
During the period the principal activities of the Consolidated Entity were related to graphite exploration in Tanzania and coal exploration in Queensland, Australia.
Review of Operations & Changes in State of Affairs
Volt Resources Ltd provides the following update on activities undertaken for the half-year ended 31 December 2015, which includes activities up until the date of reporting.
Corporate Strategy
VRC has a strategy to develop a graphite exploration and development company targeting supply to the high growth lithium ion battery industry, by:
- Developing a world class tenement position for high quality graphite production within the graphite rich Mozambique Mobile Belt.
- Targeting shallow Large and Jumbo Flake graphite deposits in south eastern Tanzania.
- Utilising industry best practice to advance projects and deliver shareholder value.
During the reporting period, VRC made significant progress in advancing its strategy with the discovery of the Jumbo and Super Jumbo Flake graphite project, Namangale in south east Tanzania.
Operations
Namangale Graphite Project, Tanzania
During the half year, VRC made significant advances with the Namangale Graphite Project located in the south east of Tanzania. These activities included initial geological mapping, Ground EM, RC and Diamond drilling and metallurgical testwork which all culminated in the completion of the maiden JORC Resource estimate of 179Mt @ 5.1% graphite.
VRC completed the acquisition of 12 Exploration Licences, with one currently in application with the Tanzanian Ministry of Energy and Minerals, for an approximate area of 2105 km2.
To view the full half year report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MOZ-440436.pdf
About Volt Resources Ltd
Volt Resources Ltd (ASX:VRC) (FRA:RBL) (OTCMKTS:VLTRF) is critical minerals and battery material company listed on the Australian Stock Exchange. We are a graphite producer and an emerging natural graphite anode producer. Volt has a 70% interest in the Zavalievsky Graphite business in Ukraine. The ZG mine and processing facilities have been in operation since 1934 and are near key markets with significant developments in lithium-ion battery production. ZG benefits from an existing customer base and graphite product supply chains based on excellent transport infrastructure covering road, rail, river, and sea freight combined with reliable grid power, ample potable ground water supply and good communications.
Volt acquired three licence applications that are prospective for lithium-borate mineralisation. The licence applications are in respect to a total area of 291km2, located in Serbia and are west and south-west of the Serbian capital, Belgrade.
Volt is progressing the development of its large wholly owned Bunyu Graphite Project in Tanzania. The Bunyu Graphite Project is ideally located near to critical infrastructure with sealed roads running through the project area and ready access to the deep-water port of Mtwara 140km from the Project. In 2018, Volt reported the completion of the Feasibility Study into the Stage 1 development of the Bunyu Graphite Project. The Stage 1 development is based on a mining and processing plant annual throughput rate of 400,000 tonnes of ore to produce on average 23,700tpa of graphite products. A key objective of the Stage 1 development is to establish infrastructure and market position in support of the development of the significantly larger Stage 2 expansion project at Bunyu.
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