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Ceylon Graphite Announces New Discovery M1 Site
VANCOUVER, British Columbia, May 15, 2019 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) today announced the
About this update from Ceylon Graphite Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 15, 2019 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) today announced the discovery of a new, natural crystalline graphite vein over 30 cm in width, 10 feet downhole at its M1site in the Malsiripura area in Sri Lanka. This vein was discovered in the normal course of digging a ventilation shaft at the M1 site and samples from the discovery have been sent to the Sri Lanka Government’s Geological Survey and Mines Bureau’s laboratory for testing. The map above shows the anomalies of VLF data and resistivity images in the Southern section of our Grids. The exact location of our dig is 120m on line 7. The diagram above shows the resistivity profiles along line 11,7 and 8 in the Southern Section. All three resistivity imaging profiles in the southern section of the land indicate presence of a conductive zone across the northern and central parts of the profiles. This zone also matches with the anomalies indicated on the Electromagnetic profiles. It should be noted that the formation resistivity values of the conductive zones that appear on the resistivity profile of Line No. 7 (in the Southern section) are extremely low and hence without doubt can be confirmed due to occurrence of graphite bodies in the sub surface. This has been proven with the recent discovery. “We are delighted at this discovery; it shows that our mapping is correct and that we anticipate a major find as shown in blue above. We now have identifiable graphite at surface and below the surface in the overburden. A 30 cm (one foot) vein is impressive by any standards.” said Bharat Parashar, Chief Executive Officer. “This discovery coupled with the veins we discovered earlier in the year at our other sites clearly demonstrates that Ceylon Graphite has a large resource base. We feel the M1 site will be one of the largest in Sri Lanka. Our plan to start commercial production at our K1 site imminently is nearing fructification and we hope to start producing at M1 by the fourth quarter.” The Company also announces it has awarded 100,000 share options to each of its Non-Executive Directors. In addition, the Company announces that it has elected not to proceed with its proposed share for debt transaction, as previously disclosed in its January 16, 2019 press release. Qualified Person Robert...