The McIntosh graphite project continues to progress in collaboration with Hexagon’s JV partner, Green Critical Minerals Pty Ltd (GCM). Under the terms of the Agreement Green Critical Minerals (GCM) has the right to earn up to 80% interest in the Graphite Mineral Rights only across Hexagon’s McIntosh Project tenements. The tenements will remain wholly held/managed by Hexagon. The Agreement will bring cash and exploration funding to Hexagon and leverage off past investments made by the Company.
In addition to expenditure on the GCM drill program GCM will make the second payment of $200,000 to Hexagon Q4 2023.
During the July-September quarter results from the latest exploratory drill program were announced. (ASX GCM 18th July 2023). Highlights included 280m thick Graphitic Schist at the Emperor target. Follow up drilling intersected up to 208m of graphitic schist, drilled 150m to the south of the above mentioned discovery hole, and up to 230m of graphitic schist was intercepted 200m to the north of the discovery hole.
These findings will be included in the updated PFS due in Q1 2024 and form the basis of the expanded Emperor Resource.