Business
Olympic Resources to Acquire Flora Lake Graphite Property in Labrador - Appoints Dean Nawata as President and CEO
VANCOUVER, May 2, 2012 /CNW/ - Olympic Resources Ltd. (TSX-V: OLA) (the "Company" or "Olymp...
About this update from Ophir Metals Corp
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 2, 2012 /CNW/ - Olympic Resources Ltd. (TSX-V: OLA) (the\n \"Company\" or \"Olympic\") reports that the Company has signed an\n agreement with Zimtu Capital Corp. (TSX-V: ZC; FSE: ZCT1) (\"Zimtu\") and\n one of Zimtu's prospecting partners whereby Olympic can earn a\n 100%-interest in the Flora Lake Graphite Property located in Labrador,\n Canada.  Olympic also announces the appointment of Mr. Dean Nawata as\n President, CEO and Director of the Company and a non-brokered private\n placement.\n\n\nFlora Lake Graphite Property:\n\n\nThe Flora Lake Graphite Property (the \"Property\") consists of five\n contiguous claim blocks totaling approximately 4,104 hectares located 8\n kilometers east of Labrador City, Labrador. The Property is accessible\n via Trans Labrador Highway 500, and is transected by other\n infrastructure that services the nearby iron mines, such as power lines\n and railroads.\n\n\nThe Property was previously explored by the Newfoundland & Labrador\n Corporation Ltd. in 1953, where a reconnaissance scale property mapping\n campaign discovered several graphite occurrences. Impure quartzites and\n crystalline limestones on the property are reported to contain\n disseminated graphite.  Additionally, other rock types of\n feldspar-quartz-biotite gneiss and mica-garnet gneiss are reported to\n contain graphitic schists on the Property.  Regionally, these rocks\n have been mapped as part of the Lower Proterozoic Gagnon Group, which\n is a high-grade metamorphic terrane host to several other graphite\n deposits in neighbouring Quebec; including the Lac Guéret and Lac Knife\n Deposits.\n\n\nThe graphite occurrences on the Property are described by the author of\n the report, W.P. Boyko (1953) as: \"graphitic bands up to 10 feet in the\n feldspar-quartz biotite gneiss. The graphite occurs as disseminated\n flakes to a solid seam up to 2 inches thick.\"\n\n\nOlympic intends to mount an exploration campaign on the Property\n commencing with a complete compilation of historic geologic work\n followed by electromagnetic geophysical surveys, surface mapping and\n sampling, trenching, and diamond drilling. The exploration target is an\n open-pittable, crystalline flake graphite deposit similar to other\n graphite deposits and mines in Quebec such as Focus Metals Inc's (TSXv:\n F...