Business
Graphite One Increases Tonnage, Grade and Contained Graphite of Measured and Indicated, and Inferred Resources in Updated Mineral Resource Estimate
MEASURED and INDICATED RESOURCES: 10.95 Mt Grading 7.8% Cg at 5% Cg Cut-Off Grade 14% Increase in Contained Graphite Over 2017 PEA INFERRED RESOURCES: 91.89 Mt
About this update from Graphite One Inc.
[{"type":"text","content":" MEASURED and INDICATED RESOURCES: 10.95 Mt Grading 7.8% Cg at 5% Cg Cut-Off Grade 14% Increase in Contained Graphite Over 2017 PEA INFERRED RESOURCES: 91.89 Mt Grading 8.0% Cg at 5% Cg Cut-Off Grade VANCOUVER, British Columbia, March 26, 2019 (GLOBE NEWSWIRE) -- Graphite One Inc. (GPH: TSX-V; GPHOF: OTCQB) (“Graphite One” or the “Company”) is pleased to announce the completion of an updated mineral resource estimate for its Graphite Creek Project of 1.69 million tonnes (“Mt”) Measured, grading 8.0% graphitic carbon (“Cg”); 9.26 Mt Indicated, grading 7.7% Cg; and, 91.89 Mt Inferred, with 8.0% Cg, all using a 5% Cg cut-off grade. The results from the drill program completed during the 2018 field program moved from Indicated to Measured Resource status a portion of the previously released resource estimate set forth in the NI 43-101 Preliminary Economic Analysis on the Graphite One Project dated June 30, 2017 and filed July 12, 2017 (“PEA”). “This increase in resources demonstrates the potential for a robust, high-grade US Graphite project,” said Anthony Huston, Graphite One President and CEO. “Having these results in hand as we commence our Pre-Feasibility work will help us refine our mine design and knowledge of recovery, size distribution and the unique qualities of our graphite mineralization as highlighted in the PEA.” The U.S. Government has placed graphite on its Critical Minerals List of materials critical to “the national economy and national security of the United States”.1 There is currently no U.S. graphite production. “Graphite Creek continues to show potential to be a significant domestic source of critical materials for electric vehicle batteries, power storage and various other critical and strategic end uses,” Mr. Huston added. “With the rapid rise in graphite demand associated with renewable energy applications, and the proliferation of EV battery and energy storage manufacturing, we believe Graphite One could be an important part of this new energy supply chain.” The Graphite Creek Project is a large-flake graphite deposit located in the Kigluaik Mountains on the Seward Peninsula approximately 60 km north of the City of Nome, Alaska. ____________1 Page J5; Schulz, K.J., DeYoung, J.H., Jr., Seal, R.R., II, and Bradley, D.C., eds., 2017, Critical mineral r...