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SRG Graphite Announces Maiden Resource Estimate for Lola Graphite Deposit
MONTREAL, Dec. 22, 2017 (GLOBE NEWSWIRE) -- SRG Graphite Inc. (TSX-V:SRG) (“SRG” or the “Company”) is pleased to report its initial resource estimate for its 10
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[{"type":"text","content":"MONTREAL, Dec. 22, 2017 (GLOBE NEWSWIRE) -- SRG Graphite Inc. (TSX-V:SRG) (“SRG” or the “Company”) is pleased to report its initial resource estimate for its 100%-owned Lola Graphite Deposit located in the Republic of Guinea. The mineral resource estimate, prepared by Montréal-based Met-Chem, a division of DRA Americas Inc. (“Met-Chem/DRA”), includes a pit-constrained indicated resource of 4.0 million tonnes (“Mt”) grading 5.7% graphitic carbon (“Cg”) and an inferred resource of 4.6 Mt grading 6.5% Cg, using a cut-off grade of 3.0% Cg. Mineral resources were based on 170 boreholes for 4,936 meters drilled prior to September 30, 2017. Since that time, an additional 100 diamond drill holes were completed, totaling approximately 7,200 meters. Assay results for these additional holes are pending. The Company has planned an additional 6,000 meters of drilling, scheduled to take place in 2018. SRG will file an NI 43-101 technical report supporting the mineral resource estimate to SEDAR within 45 days of the issuance of this press release. “The Met-Chem/DRA resource estimate demonstrates the exceptional potential of the Lola project and marks yet another significant milestone for the Company,” said Marc-Antoine Audet, President and Chief Executive Officer of SRG. Based on the foregoing results, the Company has decided to review the scope of the ongoing preliminary economic assessment launched in September. Resource Summary The mineral resource for the Lola project incorporates assay results from 170 diamond drill holes representing 4,936 meters, as well as 1,326 meters of surface channel sampling. The maiden resource is established for the oxide profile of the deposit, from surface to a depth ranging between 20 and 50 meters with an average thickness of 32 meters. The mineralization continued at depth within the fresh rock material. The area for the maiden resources covers approximately 18% of the deposit’s 3.2-square-kilometer surface area. The estimate was prepared using a block model constrained with 3D wireframes of the principal mineralized domains. Values for graphitic carbon were interpolated using Ordinary Kriging (OK) interpolation methodologies on 10 × 10 × 2m blocks. A preliminary open pit optimization algorithm was run on the estimated grade block model to constrain the resources and to support the Canadia...