Galaxy Graphite Corp. Receives Permit for Laurier Drilling
July 10, 2013 (Source: Marketwire) — Galaxy Graphite Corp. (TSX VENTURE:GXY) (the “Company” or “Galaxy”) is pleased to announce that it has received the necessary permit to allow the commencement of a drill program on its Laurier graphite project in Ontario. The permit, issued by the Ontario Ministry of Northern Development and Mines on July 5, 2013, is valid for three years.
Laurier Graphite Property, Ontario:
The Laurier graphite property is located in Laurier Township, Ontario, approximately 40 kilometres south-southeast of North Bay, Ont. The property is located in the highly prospective Central metasedimentary belt of the Grenville geological province, host to many active graphite projects. The host rocks for the target zone are graphitic paragneisses. The property covers a total of approximately 2,300 hectares on 46 mining claims.
The property was described in Ontario Geological Survey (OGS) open file report 5649, published in 1987. The report is entitled “Graphite in the Central Gneiss belt of the Grenville province in Ontario.” The report describes four graphite occurrences, two of which are currently being prepared for production. These are referred to in the report as Butt Township (which is the Kearney mine, Ontario Graphite) and Maria Township (the Bissett Creek deposit, Northern Graphite Corp).
Work performed in the summer of 2012 verified the reports from historic work on the property, and demonstrates the presence of a zone of high grade graphite mineralization, with grades up to 22% graphite.
Work was restricted to only a small area of the property to corroborate information from the OGS report. A well-defined conductor axis at the centre of the grid, which correlates to a magnetic high, has been defined. Both the magnetometer and VLF anomalies coincide with the OGS mapped graphite zone.
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Mapping and prospecting indentified abundant graphite, occurring in a quartz-feldspar-biotite-graphite schist metasedimentary unit outcropping in the centre of the grid. Channel sampling of outcrops, both across and along the strike of the zone, returned assays of 3% to 22%.
The property has road access from Highway 11, which is five km to the west.
The company owns a 100% interest in the property.
Galaxy Graphite Corp (TSX VENTURE:GXY) is a publicly traded Canadian exploration company which is focused on exploring and developing graphite properties, especially in the Grenville geological province in eastern Canada. In addition, the company is exploring a highly prospective gold property in northeastern Saskatchewan, Brownell Lake.
Chris M. Healey, P.Geo, President and CEO of Galaxy, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD
Chris M. Healey, President and CEO
We seek safe harbor.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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