Ceylon Graphite (CYL.V) has just reported an overdue update on its Sri Lanka graphite project. Whilst it’s understandable the company wasn’t able to do much during the rainy season on the island, Ceylon just announced it has been refurbishing the shaft and adit on the K1 site up to 100 feet deep. The company intends to clear the shaft up to 130 feet (whilst installing an electric winch and dewatering pumps to avoid the shaft being flooded in the future) whilst it continues to drill the K1 target.
It’s now definitely looking like K1 will be the company’s sole focus, as this zone now has its separate project page on Ceylon’s website. Meanwhile, Ceylon Graphite has also started preliminary activities at two additional grids where vein graphite has been exposed on surface. As the ‘good’ (read: dry) months are now coming up, we expect Ceylon to release a steady news flow.