Alabama Graphite Receives Initial Assay Results from the Ongoing Drill Program at Its Coosa Project, Alabama, USA
June 24, 2015 (Source: Marketwired) — Alabama Graphite Corp. (“Alabama Graphite” or the “Company”) (TSX VENTURE:ALP)(OTCQX:ABGPF)(FRANKFURT:1AG)(WKN:A1J35M)(ISIN# CA0102931080) is pleased to announce that it has received the initial assay results from its ongoing drilling program conducted at its flagship Coosa Project. The purpose of the drill program was to expand the oxide resource through step-out drilling to the northeast, southeast and southwest.
All of the reported drill holes are on the northeast margin of the Coosa Resource. Because the Coosa Resource trends NE-SW, drill holes AGC-15-K18 and -K20 helped to define the southeastern margin of the graphitic mineralization. The remaining holes are either step-out or in-fill holes proximal to holes previously drilled by Alabama Graphite.
Drilling was performed by 3D Dycus Drilling of Wyethville, VA, using a diamond core drill. The core was sampled and logged by Alabama Graphite personnel at the Company’s Sylacauga facility. ActLabs of Ancaster, Ontario, conducted the assay work. Samples were collected on five-foot intervals with the majority of the holes drilled perpendicular to foliation. QA/QC protocols were recently reviewed by Metals Mining Consultants of Highlands Ranch, CO. In keeping with the Company’s environmental commitment, drill sites are leveled and reclaimed after drilling.
Below is a table summarizing the results from the drill holes:
|Drill Hole||Total Depth (ft)||Average
|Oxidized Zone (ft)||Oxidized
|AGC-15-E13||150′||2.53||45′||3.05||5 to 40′||3.51|
|AGC-15-F15||150′||2.46||60′||2.76||25 to 55′||3.79|
|AGC-15-H14||132′||3.05||53′||2.89||70 to 105′||3.83|
|AGC-15-H16||150′||3.04||60′||2.87||30 to 85′||4.30|
|AGC-15-H22||150′||3.04||55′||2.59||50 to 115′||4.04|
|AGC-15-I19||190′||1.04||45′||2.30||10 to 25′||2.72|
|AGC-15-I21||195′||3.77||45′||2.93||45 to 150′||4.12|
|AGC-15-J11||150′||3.61||50′||5.34||5 to 45′||6.12|
|AGC-15-J15||150′||3.83||40′||2.87||45 to 115′||4.67|
|AGC-15-K13||150′||2.90||70′||3.26||35 to 70′||3.95|
|NSV = No Significant Values|
Preliminary metallurgy performed on trench samples from this area show favorable results. A composite sample from trench TR-03a with an average grade of 3.10% Cg contained 33.9% of the graphite in the +80 mesh range. A second composite sample from trench BT-4 with an average grade of 2.94% Cg contained 21.8% of the graphite in the +80 mesh range. These results were previously reported in news releases dated February 15, 2015 and May 26, 2015, respectively.
“We are encouraged by these first results from our drilling program,” states Ron Roda, President and Co-CEO of Alabama Graphite. “Not only do they extend the limits of the graphitic mineralization to the northwest, but they are of a higher graphitic content than what we expected to see from this area. We expect to issue more drill results over the next several weeks as the drill program progresses. Our goal is to have an updated resource estimate completed before the end of summer as we move toward completing a Preliminary Economic Assessment (PEA) on the Coosa Project by the fall of 2015.”
Get our daily investorintel update
Rick Keevil, P. Geo., VP of Project Development, is a Qualified Person as defined by National Instrument 43-101, has approved the disclosure of the scientific or technical information concerning the Coosa Property contained in this press release.
About Alabama Graphite
Alabama Graphite Corp.’s mission is to become one of the greenest graphite producers in the world. The Company, through its wholly-owned subsidiary, Alabama Graphite Company Inc., is conducting exploration and development both at its flagship Coosa Graphite Project in Coosa County, Alabama, USA, and the recently acquired Bama Mine Project in Chilton County, Alabama, USA. Alabama Graphite holds a 100% interest in the mining leases in respect of these two advanced-stage projects, both of which are on private land. The two projects encompass over 43,000 acres and are located in an area with significant historical production of crystalline flake graphite. The Company has the largest NI 43-101 indicated flake graphite resource in the United States based on drilling 0.18 square miles (0.3% of the total acreage). The Alabama deposits are unique in that a significant portion of the graphite-bearing material is oxidized and has been broken down into an extremely soft rock. Both projects have in place critical infrastructure, are within close proximity to transportation routes and enjoy a hospitable climate allowing for year-round production and delivery. For further information and updates on the Company, please visit www.alabamagraphite.com.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information under applicable Canadian securities laws (“forward-looking statements”) that are based on the beliefs of management and reflect Alabama Graphite Corp.’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current view of Alabama Graphite Corp. with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of graphite; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company’s publicly filed documents. Forward-looking statements are also based on a number of assumptions, including that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.
Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and Alabama Graphite Corp. undertakes no obligation to update forward-looking statements (unless required by law) if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Alabama Graphite Corp. cautions that the foregoing list of material factors and assumptions are not exhaustive. When relying on Alabama Graphite Corp. forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and assumptions and other uncertainties and potential events. Alabama Graphite Corp. has also assumed that the material factors and assumptions will not cause any forward-looking statements to differ materially from actual results or events. However, the list of these factors and assumptions is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>