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Ceylon Graphite to Acquire JADS Enterprises Sri Lankan
VANCOUVER, B.C., Oct. 11, 2017 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon”) (TSX-V:CYL) (OTC:CYLYF) (FSE:CCY) announces it has signed an agreement to ac
About this update from Ceylon Graphite Corp.
[{"type":"text","content":"VANCOUVER, B.C., Oct. 11, 2017 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon”) (TSX-V:CYL) (OTC:CYLYF) (FSE:CCY) announces it has signed an agreement to acquire all of the issued and outstanding shares of JADS Enterprises (Private) Ltd., a local Sri Lankan mining company that has five graphite exploration Grid units (“GRIDs”) and an exploration license in the Malsiripura/Kurunegela region in central Sri Lanka. The acquisition of JADS will take the total number of GRIDs under Ceylon’s umbrella in Sri Lanka from 116 to 121. Historical drilling records, from over 30 exploration holes at the Panliyadda sites, suggests the potential for high quality vein/lump graphite in these 5 GRIDs. The chart below outlines these results: Panliyadda Core Sample Summary Hole ID Y X Z Azimuth Angle Hole depth Depth from Depth to Description PLB0001 850340 448516 345 -66 150.1 PLB0002 850356 44497 330 -66 193.5 PLB0003 850369 448459 326 -66 75.2 65 65.05 Graphite Fracture 72 72.05 Graphite Fracture PLB0004 850373 448459 328 -66 200 41 41.05 Graphite Fracture 63.7 66 Graphite bearing zone 67.5 67.8 30cm Graphite vein 78 78.05 Graphite Fracture 88.2 88.25 Graphite Fracture 90.57 91.07 50cm Graphite Vein 102 102.4 40cm Graphite Vein 117 117.05 Graphite Fracture PLB0005 850354 448501 358 -77 195.3 PLB0006 850369 448425 327 -50 250 PLB...