Business
Northern Graphite Announces Updated Mineral Resource Estimate for Lac-des-Iles Mine
Indicated Mineral Resources total approximately 3.29 Mt at an average grade of 6.4% Cg, containin...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite Announces Updated Mineral Resource Estimate for Lac-des-Iles MineIndicated Mineral Resources total approximately 3.29 Mt at an average grade of 6.4% Cg, containing approximately 213,000 tonnes of CgInferred Mineral Resources total approximately 1.43 Mt at an average grade of 7.4% Cg, containing approximately 106,000 tonnes of CgResource increase creates potential to extend mine life by at least eight yearsFurther expansion potential seen with Phase II drill programCompany plans to increase production rate in Q2 by up to 25,000 tpy to meet rising demandOttawa, Ontario--(Newsfile Corp. - January 17, 2024) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the \"Company\" or \"Northern\") is pleased to announce an updated mineral resource estimate for its Lac-des-Iles mine (\"LDI\") in Quebec. The mineral resource update was prepared by SLR Consulting (Canada) Ltd. (\"SLR\"), which Northern engaged to update the mineral resource estimate that was previously prepared for the Company by SLR as disclosed in the technical report dated February 2, 2022, entitled \"Technical Report on the Lac-des-Iles Quarry, Quebec\".The Company also announces that it intends to meet rising demand by moving to a seven-days-per-week operation in the second quarter, targeting annual nameplate capacity of 25,000 tpy.The new resource creates potential to extend the life of the Company's cornerstone asset and North America's only graphite producing mine by at least eight years, which will be confirmed and quantified through an updated mineral reserve estimate and life-of-mine plan that will be available later this quarter.\"We are very excited to announce a material increase in our resource base at LDI, just as graphite demand gains momentum from industrial users and from battery makers building for North America's electric vehicle revolution,\" said Northern Chief Executive Officer Hugues Jacquemin. \"The Company acquired LDI with its fully permitted and operational processing plant and tailings facility with a vision of extending the mine life, increasing production, and developing it into a cornerstone asset. The resource and production increases represent the first step in that process, and we look forward to further exploration success and additional expansions in the future.\"The updated miner...