Area 51 Graphite Project

Investment in Argosy Minerals Limited - 88.64% Shareholding

Following the Off-market Takeover Offer made by Discovery Africa Limited (formerly Baru Resources Limited) dated 2 September 2013, Discovery now has an 88.64% shareholding in Argosy Minerals Limited (ASX Code: AGY). Below is a description of the Area 51 Graphite Project which is owned by Argosy Minerals Limited and located in Namibia:

Area 51 Graphite Project

Below is a map showing the location of the Area 51 Graphite Project in Namibia:

Location Map of the Area 51 Graphite Project in Namibia

Location Map of the Area 51 Graphite Project in Namibia

The following exploration activities were carried out during the December 2013 quarter on the Area 51 Project:

  • Geological mapping exercise has now completed;
  • The geophysics program was completed by mid-December 2013;
  • Both the initial geology and geophysics results indicate both higher and lower grade areas which will provide the Company with defined drilling targets;
  • A Drilling contractor was appointed with the first 10 Diamond drill holes to begin in January 2014; and
  • The strike length of the outcropping formation area is approximately 5 kilometres.
Outcropping formation at Area 51 Graphite Project

Outcropping formation at Area 51 Graphite Project

The above figure represents the typical outcropping formation which occurs extensively over the project area and hosts the Graphite in marble.

It is advised that the first 1,000 metres drilling will include 10 holes for an average depth of 100 metres each. Results from these drill holes will determine the extent of a drilling program.

Graphite Sample taken from Area 51 site

Graphite Sample taken from Area 51 site