Business
Northern Graphite's Lac des Iles Mine May have Many More Years, Preliminary Drill Results Show
Ottawa, Ontario--(Newsfile Corp. - August 2, 2023) - Northern Graphite Corporation  (TSXV: N...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite's Lac des Iles Mine May have Many More Years, Preliminary Drill Results ShowOttawa, Ontario--(Newsfile Corp. - August 2, 2023) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the \"Company\" or \"Northern\") is pleased to announce initial drill results from its Lac des Iles (\"LDI\") mine that point to the potential to extend the life of North America's only significant graphite producer.Northern embarked on the new drilling program within the existing mine lease at Lac des Iles in May after a detailed review of historical studies and mine plans, and an airborne geophysical program identified a number of target zones on the LDI property. To date, 43 holes for 4,081 metres have been drilled.\"Lac des Iles has been producing graphite for over 30 years, but the previous owners of the property had underinvested in exploration. After looking at past data we decided to dive deeper, and we are discovering some very interesting prospects,\" said Northern Chief Executive Officer Hugues Jacquemin. \"There is big potential here.\"Northern acquired Lac des Iles in April 2022 and financed the drilling program with the proceeds of the Company's $2.25 million charity flow-through private placement completed on April 27, 2023. The program's target zones on the LDI property (located in Quebec, 180 kilometres northwest of Montreal) included the northern extension of the pit, mineralization in the west side of the pit wall and numerous electromagnetic conductors. Final assay results from the program are anticipated to be available in the fourth quarter.\"With nearly half the results in from our drilling campaign, preliminary findings show the potential to extend the life of the mine at Lac des Iles, meaning it could be around for a lot longer than what was indicated when we acquired the mine,\" said Northern Chief Operating Officer Kirsty Liddicoat. \"There is a lot more drilling to be done and we won't know for sure until all the results are available, but we are optimistic that in coming months we will be able to say not only if, but for how long we can extend the life of this mine.\"LDI has long been supplying traditional graphite markets - from refractory bricks for steelmaking to heat management in mobile phones and friction and lubrication products for brakes and brake linings fo...