Triton Minerals Ltd. Nicanda Hill Maiden JORC Resource

Perth, Australia (ABN Newswire) - Triton Minerals Ltd. (ASX:TON) (Triton, the Company) is pleased to announce the maiden JORC 2012 Mineral Resource estimate for the Nicanda Hill graphite deposit at the Balama North project in Mozambique.

The total Mineral Resource estimate comprises 1,457 Million Tonnes (Mt) at an average grade of 10.7% Total Graphitic Carbon (TGC) and 0.27% Vanadium Pentoxide (V2O5) classified as either Inferred Mineral Resources or Indicated Mineral Resources in accordance with the guidelines of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition).

Triton Minerals Managing Director and CEO Brad Boyle said "This is a tremendous result for the Company, as Triton has successfully defined the largest graphite and vanadium deposit in the world - only 6 months from the commencement of drilling at Nicanda Hill.

It was evident from the drilling data received to date, that it confirmed the geological continuity at Nicanda Hill and together with the consistency of the graphite grades provided Triton the opportunity to undertake and complete an initial mineral resource estimate well ahead of schedule, with the remaining data to be used to upgrade the classification of the initial mineral resource estimate.

This impressive result has confirmed the true world class potential of the Balama North project. Triton is now one step closer to becoming a market-leading low-cost graphite and potential vanadium producer."

The minerals resource estimate was carried out by independent resource consultants Optiro Pty Ltd, of Perth, Western Australia (Optiro).

The maiden Mineral Resource estimate ranks Triton's Nicanda Hill deposit as the largest graphite and vanadium deposit in the world (Figure 1 in link below).

The classified Mineral Resource is significant in both size and average graphite grade, along with vanadium mineralisation. The region also has the potential to define additional mineral resources.

Using a block model reporting cut off grade of zero (0%), which incorporates all internal dilution within the modeled mineralized domains, a total Mineral Resource estimate of 1.457 Billion tonnes is reported at an average grade of 10.7% TGC containing 154.4 Mt of graphitic carbon.

A minimum reporting cut off of zero is quoted, as Triton considers that a 10% TGC average graphite grade is considered appropriate for proposed economic extraction of the graphite material.

In addition to the graphite, the Mineral Resource estimate reports an average grade of 0.27% V2O5, which means the deposit contains 3.93 Mt of V2O5, thus making it one of the largest Vanadum deposits in the world.

When applying the various graphite grade cut offs, there is significant increase in the average TGC and V2O5 grades, whilst still maintaining very large tonnages (Table 2 in link below).

These results demonstrate the high quality of the Nicanda Hill deposit. With the successful definition of the Mineral Resource estimate and the identification of multiple high grade mineralised zones which outcrop at surface, Triton is in a strong position to rapidly advance the Nicanda Hill deposit towards production. The Company will now look in the near future to become a market leader and one of the lowest cost graphite and vanadium producers in the world.

Triton notes this Mineral Resource estimate far exceeds the Company's original exploration expectations. Nicanda Hill has rapidly progressed from concept stage to classified Mineral Resource in record time. The Nicanda Hill drilling program, which commenced in April 2014, was originally designed as exploration but due to the strong and consistent drilling results, quickly developed into a resource definition drilling program.

The Company confirms that about 50% of drill assays from the Nicanda Hill drill program have been received from the laboratories and used in the Mineral Resource grade estimation. The mineralised wireframes have been interpreted on the basis of logged geological observations and assay results. Where assays are still outstanding visual estimates of graphite content are applied along with lithology to constrain the mineralised widths of each domain.

During drilling Triton found that there was an excellent correlation of assay results to the visual estimates which supported the interpreted wireframes. The areas awaiting results are the northern and southern extents of the model.

Data received to date have revealed the extraordinary geological continuity and consistency of grade within both the hydrothermal zone and graphitic schist-controlled domains of the deposit, as was originally suggested by the geophysical imagery.

The Company found the drilling data confirmed the geological continuity and the consistency of the graphite grades across the mineralised footprint at the Nicanda Hill deposit. These strong results then provided Triton the opportunity to undertake and complete an initial mineral resource estimate for Nicanda Hill approximately 6 months early.

The Company intends to update the Mineral Resource once the remaining drill assays results are received and analysed in the coming months. These results are expected to infill and confirm the northern and southern extents of the models.

Triton confirms the Mineral Resource estimate has been defined within the original 6.2km long mineralised footprint at Nicanda Hill, which has not been fully drill tested and remains open at depth and in all directions (Figure 2 in link below).

Further, the Company has yet to drill test the other key and highly prospective areas on the Balama North project, being the Charmers, Black Hills, Nacugi Trend and Western prospects. Triton considers that these satellite prospects may encompass additional and substantial high grade graphite deposits.

The Inferred Mineral Resource estimate for the graphite mineralisation at the Nicanda Hill deposit is continuous over 5.6kms (Figure 3 in link below) and extends to depths of up to 350m. The Indicated Mineral Resource estimate is continuous along a 3.2kms strike and extends to depths of approximately 100m from surface.

This Mineral Resource estimate contains numerous high-grade graphite zones (>15%TGC) that outcrop, including the key hydrothermal zone - named the Mutola zone (formerly HG1).

The Nicanda Hill deposit is overlain by a thin horizon of overburden sediments averaging 2 metres thick. Over Nicanda Hill itself, there is little if any overburden. The hills, which rise up to 100m above the surrounding plain, host part of the Mineral Resource on the western flank. The top 100m of the model, which rises above the adjacent topographic surface, reports approximately 150Mt of graphitic carbon at an average grade of 11.1%TGC.


MUTOLA ZONE

The primary focus for the Company going forward will be further definition of the high grade graphite zones and in particular the Mutola zone. This graphite-enriched quartz + carbonate zone has now been identified along the entire strike length of the Nicanda Hill deposit, some 5.6kms (Figures 2-4) and is readily identifiable in drillcore and RC chips due to the textures and alteration.

Geological data obtained to date suggest that the hydrothermal Mutola Zone formed along either a primary sedimentological horizon or foliation plane leading to enrichment of graphite and vanadium. The average true thickness of the Mutola zone is about 30m and is clearly identifiable along the entire strike length of the mineralisation zone, either outcropping or extending to within 1-2m of the surface.

The confirmation that the Mutola zone is continuous at surface along the entire length of the deposit provides Triton a number of options and flexibility, including the ability to selectively target the higher grade graphite and vanadium domains within the Mutola zone, which will assist in optimising or reducing the cost of graphite production.

The Company confirms that, based on the drill data received to date, the Mutola Zone and parts of other northern prospects contain approximately 26 Mt of graphitic resource, at an average graphite grade of 15.8%. This zone extends from surface to a depth of about 200m.

Further assays results are expected to upgrade this zone towards the north. Due to the consistency of tonnage and graphite grade both at and near the surface, the Mutola Zone is an attractive and immediate target for definition of early open pit resources.

Because of these features the Mutola zone and adjacent better grade schist units have now become the primary focus for rapid development by the Company and are the most likely location for future mining development.


GRAPHITE FLAKE DISTRIBUTION

As reported by Triton on 9 October 2014, mineralogical investigations to date confirmed the presence of large flake graphite (greater than 170um) throughout the Nicanda Hill prospect.

The mineralogical tests from various in situ samples obtained from across the mineralisation footprint, verified a range of graphite flake sizes from fines through to jumbo flake (Table 3 in link below). These tests demonstrated that on average 23% of the graphite samples were very large flake which are 212um or larger.

Triton notes that if the graphite flake size distribution remains fairly constant, then Nicanda Hill deposit could potentially host up to 335 Mt of the large flake graphite (212um or larger).

This, combined with the previously announced metallurgical test work (16 September 2014), which confirmed flotation methods readily produce graphite concentrate of up to 97.3% TGC from the sample, means that Triton is well positioned to take advantage of the premium prices paid for such high quality large flake graphite material.


IMMEDIATE DEVELOPMENT STRATEGY

With the successful definition of the initial Mineral Resource estimate at the Nicanda Hill deposit, Triton is well positioned and dedicated to the rapid development of the Nicanda Hill deposit towards graphite production.

Triton is aiming to complete the Scoping Study on Nicanda Hill shortly, in order to obtain a better understanding of the economics and potential of the graphite deposit. Once the Scoping Study is complete, Triton will be positioned to apply for a mining concession at Nicanda Hill and continue to advance off-take discussions with various parties from Europe, China, Japan and North America.

The Company has already commenced various pre-feasibility study activities including additional metallurgical and mineralogical studies. Triton is currently liaising with a number of specialised mining consultants in or

The Company will seek to undertake pilot plant production testing on large bulk samples. The use of a pilot plant would assist Triton to complete the definitive feasibility study and advance the project towards production.

To view all tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TON-695706.pdf


About Triton Minerals Limited:

Triton Minerals Ltd. (ASX:TON) is an ASX listed, responsible mineral explorer and resource management company headquartered in Perth, Australia.

Led by a highly experienced management team, Triton Minerals' vision is to grow shareholder's value through discovery or development of base metal, gold and other precious metal deposits.

Triton has made excellent progress with its three Graphite projects located in the Cabo Delgado Province in Mozambique, with the program successfully identifying a number of graphitic exposures.

It is the Company's belief that the Mozambique, Balama North Project could host multiple and very substantial world class graphite deposits.



Contact:

Triton Minerals Ltd.
Brad Boyle
T: +61-8-6489-2555
F: +61-8-9388-1252
www.tritonmineralsltd.com.au