Graphite Corp. (OTCQB:GRPH) announced the initial results from a field study on its Clay County, Alabama-based Carr and Cahaba leases. Brian Goss, the company’s president, noted that the study indicates that the properties contain surface graphite that could easily be mined.
As quoted in the press release:
Sampling of the various showings and old mine workings was also undertaken with samples submitted to an assay lab for analysis. It will be up to a month before results are available, but historical grades have shown 3 to 6% graphite with casual field observations recording higher percentages. Further analysis of these results and current data will aid in finalizing preparations to continue the evaluation program aimed at verifying the historic US Bureau of Mines data which, as previously announced, indicates a resource potential of 4.363 million measured tons of weathered material and 2.802 million indicated tons of un-weathered material for a total of 7.165 million tons combined.