Graphite One Resources reports additional drill results from Graphite Creek Property
Graphite One Resources (TSX.V: GPH) reported additional results Wednesday from the recently completed drill program at its 100% owned Graphite Creek Property.
The results of the 2013 drill program were successful in extending mineralization along strike by an additional 850 meters and further confirming continuity.
Drill hole 13GCH012 intercepted 86.38 meters of 5.06% graphitic carbon (Cg), including 33.58 meters of 7.09% Cg beginning 15.42 meters at depth followed by 10 meters of 13.07% Cg beginning 36 meters at depth.
“It is exciting seeing one of the most significant, coarse flake graphite resources in the world grow with every drill hole,” said Graphite One President Anthony Huston in the news release. “Being an advanced stage graphite deposit in the United States is a significant advantage, for both permitting, funding and off take strategies in the future.”
The Graphite Creek Property consists of 129 mineral claims encompassing nearly 6,800 hectares along the Seward Peninsula of west-central Alaska. The property resides 65 kilometers north of Nome, Alaska.
Exploration to date has traced mineralization within graphite-bearing schists across a 3.5 kilometer strike length with numerous showings at surface.
After acquiring the project in 2012, the company completed an initial 4,200 meter core drill program spanning 18 holes. This led to release of a maiden National Instrument (NI) 43-101 mineral resource estimate released that outlined an Inferred resource of 107.2 million tonnes grading 5.78% Cg for total contained graphite of 6.2 million metric tonnes at a 3% Cg cutoff grade.
Graphite One completed an additional 10 drill hole drill program this yera and also conducted preliminary metallurgical work, which reported high-purity recovery concentrates of up to 99.2% Cg from simple leaching.
Management plans to incorporate the new assay results into an updated and expanded NI 43-101 Inferred resource estimate, which is scheduled for release during the first quarter of 2014.
Shares of Graphite One are traded on the TSX Venture under the ticker symbol GPH. The company has 117 million shares outstanding and holds a market cap of $20.59 million as of Wednesday’s close. Shares are up nearly 30% year-to-date and 25% over the last 52-week period.