The company informed investors that SRK Mining Services (India) will oversee the company’s Stage II exploration and drilling programme and update the mineral resource statement (MRS) for the Vatomina and Sahamamy projects in Madagascar.
The company said it was confident that SRK’s expertise and professionalism will allow it to take advantage of the previously identified exploration targets and open extensions to establish additional mineral resources at the projects.
Across the Vatomina and Sahamamy projects over a period of six months, the company plans to carry out around 10,000 metres of auger drilling, roughly 1,000 metres of trenching and some 5,000 metres of diamond core drilling.
Tirupati aims to update the SRK competent person’s report later this year. The current report was published in June 2020 and was contained in the company’s listing prospectus.
“In line with our rigorous step by step strategy, we continue to multitask work programmes and progress the development timelines of our primary flake graphite projects in Madagascar in a cost-effective and time-efficient manner across our portfolio. Through engaging SRK to oversee the implementation of our Stage II Programme, as well as aid us in carrying out a resource definition exploration programme, we have committed to enhancing our mineral resource base at Vatomina and Sahamamy, which will further underpin our ambitious development plans for our primary operations in Madagascar,” said Shishir Poddar, Tirupati’s chief executive.
“With our in-house capabilities including a diamond core drilling rig and the expert geological team, we plan to deliver the additional exploration activities at industry-low costs, creating shareholder value on a continued basis,” Poddar added.
Shares in Tirupati were up 3.8% at 82p following the announcement.