Graphite One Inc. (TSX-V:GPH) (OTCQB: GPHOF) is now trading under the new name and is pleased to announce results from its 2018 Field Program at its Graphite Creek Project, a large-flake graphite deposit located in the Kigluaik Mountains on the Seward Peninsula approximately 60 km north of the City of Nome, Alaska.
Highlights:
“The drilling results conform to our past exploration programs, and will allow us to update our resource estimates,” said Anthony Huston, Graphite One President and CEO. “The fact that our deposit remains open and relatively unexplored to the East and West of our identified resources, and that the down dip extent to the north has not yet been defined, underscores for us that we’re only beginning to realize the full potential of our project.”
The Drill Program comprised 801 metres in six core holes, the results of which will be used to in-fill and expand the indicated and inferred resources previously identified in the Company’s current Preliminary Economic Analysis (see Table 1).
Table 1: Graphite Creek Mineral Resources, Preliminary Economic Analysis, June 30, 2017 11
MINERAL RESOURCE CLASSIFICATION |
CUT-OFF GRADE (% Cg) |
TONNAGE (MILLION TONNES) |
GRAPHITE GRADE (% Cg) | CONTAINED GRAPHITE (TONNES) | |
INDICATED | 6.0 | 10.32 | 7.2 | % | 744,000 |
INFERRED | 6.0 | 71.24 | 7.0 | % | 4,969,000 |
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the indicated or inferred mineral resource will be converted into a mineral reserve. The collective work to date from the Graphite Creek Property indicate that while the project is in early stages of exploration/resource work that indications of the size and grade of the graphite give suggestions that they are of high enough concentration to be of economic interest. |
Table 2: Highlights of 2018 Drill Results Include Average Grades for Composites using a 3% Cutoff
Hole ID | Section | From (m) | To (m) | Length (m) | Cg (%) |
18GC022 | 4350 | 19 | 27.7 | 8.7 | 8.05 |
43 | 44.3 | 1.3 | 14.24 | ||
104.6 | 113.4 | 8.5 | 10.81 | ||
18GC023 | 4450 | 53.8 | 79 | 25.3 | 7.76 |
85 | 96.2 | 11.2 | 7.13 | ||
158 | 159.5 | 1.5 | 10.4 | ||
18GC024 | 4400 | 28.9 | 33.5 | 4.6 | 12.27 |
39 | 59.5 | 20.5 | 7.71 | ||
66.7 | 72 | 5.3 | 9.32 | ||
79 | 82 | 3 | 7.73 | ||
131.1 | 133.5 | 2.4 | 11.14 | ||
18GC025 | 4500 | 52 | 68.8 | 16.7 | 7.8 |
85.9 | 87.6 | 1.7 | 25.14 | ||
18GC026 | 4550 | 27.8 | 33.6 | 5.8 | 8.06 |
44 | 60.3 | 16.3 | 11.93 | ||
58.6 | 60.3 | 1.7 | 21.54 |
All 2018 drill holes were angled to perpendicularly intercept the projected graphite mineralized zones with the objective of determining their true thicknesses. Results from all 2018 holes were consistent with previous drilling in the graphite mineralized zones, including significant high-grade intercepts with Cg values greater than 10 percent.
The Graphite Creek Property consists of 176 160-acre State mining claims with the resource area 100 percent on state of Alaska land.
Baseline Studies Advanced
The 2018 field program also included preliminary field surveying and an aerial LiDAR survey along possible access routes connecting to the existing State-maintained road system on the Seward Peninsula. Surface water sampling and anadromous fish surveys were also completed in 2018 adding to environmental baseline studies from previous years.
Mr. William Ellis, P. Geo, with Alaska Earth Sciences (AES) provided oversite to the 2018 drilling and sampling program. Mr. Ellis is a Qualified Person as defined under NI 43-101 and has reviewed and approved the technical content of this release. Strict protocols for quality assurance and quality control were maintained through the sampling process and included the insertion of standards and blanks in the sample stream. Results from the standards and blanks are all within acceptable limits.
About Graphite One Inc.
GRAPHITE ONE INC. continues to develop its Graphite One Project, whereby the Company could potentially become an American producer of high grade Coated Spherical Graphite that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine, process and manufacture high grade CSG primarily for the lithium-ion electric vehicle battery market. As set forth in the Company’s Preliminary Economic Assessment, potential graphite mineralization mined from the Company’s Graphite Creek Property, is expected to be processed into concentrate at a graphite processing plant. The proposed processing plant would be located on the Graphite Creek Property situated on the Seward Peninsula about 60 kilometers north of Nome, Alaska. CSG and other value-added graphite products, would likely be manufactured from the concentrate at the Company’s proposed graphite product manufacturing facility, the location of which is the subject of further study and analysis. The Company intends to make a production decision on the Project once a feasibility study is completed.
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