The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
GPH: TSX-V
Chairman and CEO: Charles Chebry
President: Anthony Huston
Vice President, Exploration: Dean Besserer
Upon closing a C$2.2-million financing in September, Graphite One Resources Inc. mounted a late season drill campaign aimed at expanding the aptly named Graphite Creek project.
Situated roughly 40 miles (65 kilometers) north of Nome, Graphite Creek has long been suspected to host between 6 million and 20 million tons of crystalline-flake graphite.
This assumption was based on a 100-meter-thick graphite-rich layer that outcrops to the surface for some five kilometers (three miles) along the northern slopes of the 42-mile (68 kilometers) Kigluaik Mountains that run east to west on Alaska's Seward Peninsula.
A 4,248-meter drill program carried out at Graphite Creek in 2012 established a maiden NI 43-101-compliant inferred resource of 107.2 million metric tons averaging 5.78 percent graphitic carbon, or some 6.2 million metric tons of graphite.
The resource at Graphite Creek represents drilling along 2.2 kilometers (1.4 miles) of an 18-kilometer- (11.2 miles) long conductor zone revealed by a 999 line-kilometer airborne magnetic-electromagnetic survey flown in 2012.
Hole 12GCH008, drilled about 2.2 meters southeast of the resource, cut 177 meters averaging 3 percent graphitic carbon, including 52 meters averaging 6.09 percent graphite.
This step-out hole, take alongside the results of surface mapping and geophysical surveys, indicate that the graphite deposit extends well beyond the bounds of the resources established with 17 holes drilled in 2012.
Graphite One intends to confirm the continuity of the graphite-rich layers and expand the current resource along strike with the six to eight holes planned for the late season program.
Aside from the resource expansion, the 2013 program will assist the development of a quality assurance program plan and implement bench-scale metallurgical testing.
The company said this data will be useful as it works towards a preliminary economic assessment and feasibility study over the upcoming months.
Cash and short-term deposits: C$14,663 (June 30, 2013)
Working capital: deficit of C$169,603 (June 30, 2013; closed C$2.2 million financing on Sept. 18, 2013)
Market capitalization: C$18.8 million (Oct. 1, 2013)
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Tel: 604-681-8780
Fax: 604-681-8775
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