Metals Australia Ltd (ASX:MLS) Completes Drilling Program at Lac Carheil Graphite Project
Drilling Completion and Results
Metals Australia Ltd (ASX:MLS) has successfully completed a major drilling program, adding 9,482 meters to the Lac Carheil Graphite Project in Quebec, Canada. The total drilling now stands at approximately 11,800 meters, confirming graphite continuity over a 2,300-meter strike length.
Mineral Resource Expansion
The new drilling has identified around 4,000 meters of graphite-bearing core, with total graphite intervals estimated at 4,840 meters. This expansion is expected to increase the existing Mineral Resource of 13.3 million tonnes at 11.5% total-graphitic carbon (TGC), enhancing the project’s viability and supporting a longer project life.
Executive Comments
CEO Paul Ferguson stated, “We have been delighted with how well the drilling program at Lac Carheil progressed. Despite the cold weather experienced, the team at Magnor Exploration and the drilling companies involved have managed a highly efficient program – with drilling rates and logged graphite intersections both exceeding the rates we had envisaged when entering the program. The results and productivity achieved provided us with the confidence we needed to extend the program.”
Future Outlook
Metals Australia is now focused on detailed core logging and assay results, with a Mineral Resource update planned for Q3 2025. The company is also advancing environmental surveys and pre-feasibility studies, aiming to align with Canada’s Critical Minerals Strategy and support domestic supply for North American battery manufacturing.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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