The five licenses located in the Cabo Delgado Province, near the exisiting graphite mines and exploration projects, are being investigated for the potential to produce graphite.
Geo-Consult in its initial report has indicated that the licenses are prospective graphite locations and the permit areas also have favourable lithologies and structures.
The report stated, "the permit areas are well situated in relation to an existing graphite mine and exploration projects, and constitute high quality exploration targets hosting favourable lithologies and structures".
Triton can earn up to 80% interest in the five licenses for four years, under a binding term sheet with Grafex, by making cash payments and expenditure commitment to Grafex worth A$1.5m ($1.52m).
Australia based Triton Gold is a mineral explorer and resource management company.
