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