Graphite One Drills 16.3 Metres of 11.93% Graphite, at Graphite Creek Project, Alaska
VANCOUVER, British Columbia, March 18, 2019 (GLOBE NEWSWIRE) -- Graphite One Inc. (GPH: TSX-V; GPHOF: OTCQB) (“Graphite One” or the “Company”) Graphite One Inc. 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:
- Drilling Results Include High-Grade Zones Averaging Greater than 10% Cg
- Deposit Remains Open to East, West and North
- Results Will Allow for Updated Resource Estimate
“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. (GPH: TSX-V; GPHOF: OTCQB) continues to develop its Graphite One Project (the “Project”), whereby the Company could potentially become an American producer of high grade Coated Spherical Graphite (“CSG”) 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Anthony Huston” (signed)
For more information on Graphite One Inc. please visit the Company’s website, www.GraphiteOneInc.com or contact:
Anthony Huston
CEO, President & Director
Tel: (604) 697-2862
Email: AHuston@GraphiteOneInc.com
Investor Relations Contact
1-604-684-6730
GPH@kincommunications.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be forward-looking statements. All statements in this release, other than statements of historical facts, are forward-looking statements.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as “proposes”, “expects”, or “is expected”, “scheduled”, “estimates”, “projects”, “intends”, “assumes”, “believes”, “indicates” or variations of such words and phrases that state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.
This release includes certain statements that may be deemed to be forward-looking statements. All statements in this release, other than statements of historical facts that address timing of receipt of regulatory approvals, exploration drilling, exploitation activities and events or developments that the Company expects, are forward-looking statements. Forward-looking information in this news release includes statements about inferred resource estimate for the Graphite Creek Project, the potential existence and size of mineralization within the Graphite Creek Project; estimated timing and amount of future expenditures, recommendations for future work on the Graphite Creek Project, geological interpretations and statements about Graphite One’s strategy, future operations and prospects. Information concerning inferred mineral resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date that is expressed in this news release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
The mineral resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securities regulatory authorities. For United States reporting purposes, the United States Securities and Exchange Commission (“SEC”) applies different standards in the classification of mineralization. In particular, while the terms “measured,” “indicated” and “inferred” mineral resources are required pursuant to NI 43-101, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.
United States investors are advised that current mineral resources are not current reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and in keeping with “best practise principles”.
1 Page 1-4; NI 43-101 Preliminary Economic Analysis on the Graphite One Project; June 30, 2017; Prepared by TRU Group
