Ceylon Graphite (CYL.V) announced today it has started a drill program at its K1 site, one of the many past-producing graphite mines on the 116 grids that form the company’s graphite project in Sri Lanka.
Ceylon wants to be in production as fast as possible, so its technical team has prioritized the different potential drill locations. The K1 site came out as one of the highest priority targets as it’s an area with historical graphite production, and it could be the fastest and easiest way for Ceylon to start mining operations.
The holes will be drilled close to the old shaft and the zone will be drilled to a depth of up to 300 meters to get an excellent understanding of what’s underneath the surface. Now Ceylon has started its exploration activities, we will shortly provide a more extensive update wherein we will discuss the exploration program, the company’s plans to start producing as soon as possible and the anticipated economics of a graphite mining operation in Sri Lanka.