ENERGY MINERALS

Graphite drilling of 'giant' resource in Kazakhstan starts well for Sarytogan

KAZAKHSTAN graphite company Sarytogan Graphite says drilling of the central zone of the 209 million tonne deposit grading 28.5% total graphite content has "exceeded expectations", with the rig now coring ground outside the resource ahead of a new estimate in the first quarter of next year.

Graphite drilling of 'giant' resource in Kazakhstan starts well for Sarytogan

Sarytogan believes the results - headlined by such hits as 20m grading 36% TGC - have the potential to "significantly expand" the resource.

Investors warmed to the news from Kazakhstan, marking the stock up more than 30% to A57c at one point.

Sarytogan is led by Sean Gregory, while the company's technical director is vendor Waldemar Mueller - who owns about 46.5% of the ASX-listed junior.

The graphite company also features active project generator Brendan Borg.

Sarytogan listed last month following an $8.5 million fundraising that issued new shares priced at 20c each.

Joint lead managers for the fundraising were RM Corporate and Inyati Capital.

Shares in Sarytogan were up 17% to 51c in afternoon trade, capitalising the company at $67.5 million.

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