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Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) released an updated resource estimate for its Graphite Creek deposit in Alaska: 17.95 million tonnes (“Mt”) indicated, grading 6.3% graphitic carbon (Cg), and 154.36 Mt inferred, with 5.7% Cg, using a 3% Cg cut-off grade. The previous inferred mineral resource estimate – released in January 2014 – had 186.90 Mt of 5.5% Cg at a cut-off grade of 3% Cg. This updated resource estimate will be the basis of an initial Preliminary Economic Assessment, according to CEO Anthony Huston.
As quoted in the press release:
Highlights of the Updated Mineral Resource Estimate:
- Indicated Mineral Resource of 17.95 Mt at 6.3% Cg and an Inferred Resource of 154.36 Mt of 5.7% Cg, both at 3% COG, makes the Graphite Creek deposit the largest published graphite resource in the United States
- An indicative 14% increase in grade within the area of 2014 infill drilling as shown by the new Indicated Mineral Resource from the previous Inferred Resource grade (5.54% to 6.3% Cg COG)
- The 2014 drilling program further confirmed positive continuity of near surface, higher grade graphite within a simple geological setting, moving 11% of the previous Inferred resource to the Indicated resource category
- High-grade graphite mineralization is present at the surface and has been extended to depths of over 200 m by drilling.
- The deposit remains open along strike in both the east and west directions, as well as down dip.
- The Company will utilize this updated mineral resource estimate to prepare an initial Preliminary Economic Assessment for the Graphite Creek Deposit under direction of RPA Inc., Vancouver, B.C.
“Our progress at Graphite Creek is due to a combination of factors: the continuity of the mineralization, a near surface location and simple geology. Taken together these factors have allowed us to grow our resource to an impressive size with limited drilling – just 50 drill holes to date,” stated Anthony Huston, CEO of Graphite One. “With this updated Mineral Resource Estimate, we have the basis for developing our initial PEA, and the foundation for an infill drill program in 2015 to bring additional resources into the measured and indicated category. The metallurgical samples we obtain will help us further refine our knowledge of the recovery and size distribution of our unique deposit and position Graphite Creek as a new source for the growing graphite market”.
Click here to read the Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) press release
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