Business
Mason Graphite initiates new exploration program at Lac Guéret following completion of $5 million private placement financing
MONTREAL , July 3, 2013 /CNW/ - Mason Graphite Inc. ("Mason Graphite" or the "Company"...
About this update from Transoceanic Investments Inc.
[{"type":"text","content":"\n\n\nMONTREAL, July 3, 2013 /CNW/ - Mason Graphite Inc. (\"Mason Graphite\" or the \"Company\") (TSX.V: LLG) announces that,\n following the completion of a $5 million private placement financing\n (see press release dated June 28, 2013), it is initiating its 2013\n exploration program at its Lac Guéret graphite property. The\n exploration campaign will include approximately 15,000 metres of\n drilling, designed to test for further continuity of the mineralization\n of the GC and GR Zones, which in the aggregate cover 100 hectares, as\n well as surface work and drilling on other graphite mineralized areas\n located on the 11,630 hectare property.\n\n\nIn addition to the exploration campaign, the Company intends to conduct\n metallurgical test work on sections of the 26,500 metres of core\n drilled last year in order to further its understanding of all the\n mineralized areas of the deposit, and to optimize the positive results\n published by the Company in February 2013, which were based on testing\n conducted on approximately 1,400 kg of graphite-bearing mineralization\n collected at the surface of the current mineral resource. Such results\n include graphite recoveries in excess of 96%, concentrate purity of\n 96.3% graphite for the +150 mesh (106 µm) cumulative and a particle\n size distribution of 29% of +80 mesh (180 µm) cumulative, including 16%\n of +50 mesh (300 µm).\n\n\nThe Company also intends to complete the environmental baseline studies\n that were initiated in June 2012, which represents an important\n milestone for the project permitting.\n\n\nIn 2012, the company completed a drilling program consisting of 163\n drill holes (approximately 26,500 meters) which was successful in\n delineating mineralization with similar grades outside of the current\n mineral resource envelope (see press releases dated November 21, 2012,\n February 28, 2013 and April 3, 2013). An updated mineral resource\n estimate incorporating the results from the 145 drill holes completed\n in 2012 on the GC Zone is expected to be completed in September 2013.\n\n\nThe Company also announces that it has granted an aggregate of 885,000\n options to officers, employees and consultants of the Company. Each\n option will allow for the purchase of one common share of Mason\n Graphite at a price of $0.60 until July 2, 2018. The opt...