Berkwood Resources established in growing graphite district of Quebec
October 21, 2013 (Source: Accesswire) — Since Berkwood Resources (TSX-V: BKR) (“Berkwood” or the “Company”) acquired the Lac Gueret East Graphite Property (the “Property”) in 2012, this region of northeastern Quebec has gained attention for being the location of an advanced developing high grade, flake graphite deposit owned by Mason Graphite. Mason Graphite’s Lac Gueret deposit has NI 43-101 compliant measured & indicated mineral resources of 7.6 million tonnes grading 20.40% Cgr (Carbon as graphite).
Over the last 12 months Mason Graphite has achieved important milestones critical to advancing their Lac Gueret project towards the development of a mine, including; the completion of a 26,500 metre drilling program, graphite recoveries in excess of 96%, the presence of 29% large flake graphite, a 96.3% concentrate purity (+150 mesh cumulative) and the completion of a Preliminary Economic Assessment (PEA). The PEA outlines 22 years of production at 27.4% Cgr (LOM), direct capital costs of $89.9M and production costs of $390/tonne.
Berkwood’s Lac Gueret East Graphite Property consists of 63 claims totalling 3402 Ha and is adjacent to the eastern boundary of Mason Graphite’s Lac Gueret Property. As Mason Graphite work toward milestones on their Lac Gueret project which include an update of the mineral resource estimate, completion of a 15,000 metre drilling program, results from more detailed metallurgical test work and completion of a Feasibility Study (see Mason Graphite news release dated October 2, 2013), Berkwood also intends to step up exploration efforts on its Lac Gueret East Graphite Property. During prospecting by Berkwood in 2012 the first graphite bearing zone on the Property was discovered (see Berkwood news release dated October 29, 2012) and this year four additional contiguous claims where acquired by the Company which cover a reported graphite showing discovered in 2011 during geological mapping by government geologists of Geologie Quebec. The graphite mineralization is described as massive with elevated Cgr values (see Berkwood news release dated July 18, 2013).
Brian Buchanan CEO and President of Berkwood states, “We plan to aggressively explore the property for graphite mineralization paying special attention to regional geophysical signatures that cross Berkwood’s Lac Gueret East Graphite Property and indicate potential for discovery of additional graphite mineralization.”
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The commercial market for graphite is diverse worldwide. The graphite industry is experiencing an increase in demand from numerous industrial sectors, spanning both developing and developed economies. Traditional uses of graphite include steelmaking, electrodes in electric arc furnaces, brake linings, modern pebble bed nuclear reactors, and dry lubricants. There has been an escalation in the use of graphite in clean energies such as lithium ion batteries and fuel cells, which power hybrid and electric vehicles. The outlook for high-quality, large flake graphite demand is strong due to the development of new technologies, which use graphite as an essential component. The United States, Europe and China have included graphite among a short list of critical materials.
Alain Berclaz, P.Geo., a consultant to the Company and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.
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On Behalf of Berkwood Resources
Brian Buchanan, President and Director
Forward Looking Statements
This Berkwood News Release may contain certain “forward-looking” statements and information relating to Berkwood that are based on the beliefs of Berkwood’s management as well as assumptions made by and information currently available to Berkwood’s management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Except as required by law, Berkwood does not assume the obligation to update any forward-looking statement.
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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>