Graphite Corp. Mobilizes Detailed Grid Survey as Prep for Proposed Alabama Drill Program
February 11, 2013 (Source: Marketwire) Elko, NV — Graphite Corp. (OTCQB: GRPH), an exploration stage company focused on the evaluation, acquisition and development of domestic graphite mining opportunities, wishes to advise of preparations underway towards a proposed drill program at its graphite-bearing properties on the Carr and Cahaba leases totaling 3,759.6 acres located in Clay County, Alabama.
The Company has mobilized a crew to perform a detailed grid survey focussing on a key block of land prospective for significant graphite shows on its Alabama property. The survey has been engineered to undertake an estimated 1,358 samples for laboratory analysis. The samples will all be taken at surface along pre-planned lines and tested for graphitic carbon (Cg). The sample lines are designed to test the width of the graphite bearing geologic formations through dense sampling across (sub-perpendicular) stratigraphy (geologic units) and known graphite deposits.
The survey is expected to take approximately three weeks to complete, and the Company is soliciting bids from several assay labs for comparative purposes. Results are anticipated commencing approximately 4 to 8 weeks after completion.
As part of an overall program designed to develop a comprehensive drill program and related overview of the site, the work crew will also undertake low-level geologic mapping by identifying and logging rock types found at each sample site. The purpose is to build a geologic and geochemical data set that can be used to delineate final drill targets and to engineer plans for the actual drill holes. Graphite Corp. anticipates the need for a follow up phase two survey to adjust grid spacing based on the assay results and indicated mineralization as demonstrated in phase one.
An additional goal of the survey will be to test and map a widespread portion of the property as an adjunct to the proposed drill program. It is anticipated that eventual results from drill samples as well as additional tests can be extrapolated across portions of the property in order to expand upon, and confirm, our knowledge of the inherent graphite mineralization.
Company President Brian Goss states, “Plans are already in place to undertake surveys utilizing proven techniques such as geophysical imaging using induced polarization (‘IP’) in order to test conductivity, resistivity and chargeability. Correlating a surface sampling program that identifies surface anomalies along with a geophysical program that identifies subsurface anomalies is one of the keys to a cost effective, efficient and comprehensive drill program. We firmly believe that given the current market and economic environment in the resource sector, prudent planning demands we demonstrate to the investment community and to the public at large that we are evaluating our land positions in the most efficient manner possible.”
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Additional details of the Company’s business, finances, appointments and agreements can be found as part of the Company’s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission’s (“SEC”) EDGAR database.
Graphite Corp. is a publicly traded Elko, Nevada-based resource exploration stage company focused on the evaluation and development of graphite based deposits within the United States. The Company is positioning itself to emerge as a leading pure-play exploration company through the development of its current strategic land positions in Alabama and Montana straddling the heartland of America’s most significant graphite resources. The Company’s experienced geological team continues to pursue additional prospective graphite, precious metal, and rare earth opportunities to advance and develop into strategic assets that increase shareholder value.
Note Regarding Forward-Looking Statements
This release contains forward-looking statements that reflect the Company’s plans and expectations. In this press release and related comments by Company management, words like “expect,” “anticipate,” “estimate,” “probable,” “believe,” “forecast,” “objective,” “plan,” “goal” and similar expressions including references to historic data are used to identify forward-looking statements representing management’s current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
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