Great Lakes Graphite Winter Drill Program Provides Additional Results for the Completion of NI 43-101-Compliant Resource Estimate
March 10, 2015 (Source: Accesswire) — Great Lakes Graphite Inc. (TSXV: GLK) (OTC: GLKIF) (8GL.F) (“Great Lakes” or the “Company“) announced today that further high-grade graphite intercepts have been reported in the final assay results from the Company’s 2014 – 2015 infill and step-out drilling program at its 100%-owned Lochaber Graphite Project in southwestern Québec. Included are assay results from the remaining six holes: GLK-14-03 through GLK-14-08, as well as the results from the previously released first two drill holes. All the drill holes in this program were put down in the southern part of the Lochaber Township claim group, in the vicinity of the historical Plumbago mine site.
– 3.00 m grading 6.90% Cg (“carbon as graphite”) including a higher grade intercept of 1.20 m of 9.56% Cg
– 16.4 m grading 2.03% Cg including a higher grade intercept of 4.40 m of 4.3% Cg including 2.40 m of 7.38% Cg
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– 33.00 m grading 2.46% Cg including a higher grade intercept of 3.0 m of 4.57% Cg
Drill Results Provides Valuable Information to Complete Upcoming Resource Estimate
“This drill program augments drilling performed by the previous operator and positions us to complete the NI 43-101 resource calculation that is currently underway.” said CEO Paul Gorman. “We are extremely pleased with the results of this drill program and are confident that these results, combined with all of the previous work, provide a solid foundation for the resource calculation that is nearing completion.
SRK Consulting, our independent contractor, is working to incorporate these latest results with previous drill results and existing drill data to complete the project’s resource estimate, which remains on schedule to be completed and released in the first quarter of 2015. The drilling data obtained in this program will also be used to optimize open pit design within a planned Feasibility Study.”
Table: Summary drill holes and assay results
|DRILL HOLE||Dip (°)||Total
(All lengths reported are drill-intersected core lengths and do not represent true widths)
Qualified Person, Quality Control and Assurance
Mr. Martin Éthier, P.Geo., who is a Member of the Order of Geologists of Québec and a “Qualified Person” under NI 43-101, has reviewed and approved the technical content of this press release.
Great Lakes Graphite maintains a comprehensive chain of custody and QA-QC program on assays from its Lochaber Graphite Project. Half-sawn core is processed at its preparation facility in Sudbury, Ontario, before being shipped to AGAT Laboratories, an ISO 9001-accredited facility, in Mississauga, Ontario for assay. Industry-standard certified reference materials and blanks are inserted into the sample stream prior to dispatch to AGAT.
Graphitic carbon assays are performed using a modified infrared assay method. Great Lakes is committed to using this method in order to achieve a high level of accuracy. This method is preferable to other industry-accepted assay methods including varying forms of Loss on Ignition (LOI) analysis as some carbonates require high temperatures to decompose, in the same range where graphite will burn increasing the possibility of the introduction of errors in the results, typically on the high side.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focused on bringing carbon products to a well defined market through a vertically integrated supply chain.
As there is currently no significant graphite production in North America, Great Lakes Graphite has the ability to become one of the first domestic suppliers to a growing regional customer base that requires high quality natural graphite, where pricing and demand continue to rise.
The Company, through strategic acquisitions and capable management is becoming a leader in the industrial minerals marketplace.
The Company through its Innovations Division is currently re-commissioning an Ontario-based Micronization Facility for re-start in late 2015 to achieve the following objectives:
– Establish a position in the upgraded graphite products market with North American customers;
– Create a competitive and disruptive advantage by leveraging existing assets;
– Pursue an accelerated timeline to cash flow and revenue by micronizing and upgrading flake graphite, enabled by supply agreements with current graphite producers; and
– Develop customer relationships that will, in the longer term, position the Company to pursue off-take arrangements for Great Lakes’ 100% owned Lochaber Graphite Deposit, located in SW Québec.
The Lochaber Graphite Deposit is located just 30 km east of Ottawa, in southwestern Québec. The Company has also entered into option and joint venture agreements with Eloro Resources Inc. on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the Baie James region of Québec. Further information regarding Great Lakes can be found on the Company’s website at: www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 78,714,820 shares outstanding (107,602,456 fully diluted).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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