Mason Graphite Boosts Lac Gueret’s Mineral Resource by 31 Percent

Mason Graphite Inc. (TSXV:LLG,OTCQX:MGPHF) announced that it has updated the mineral resource for its Quebec-based Lac Gueret project. The measured and indicated mineral resource now sits at 65.7 million tonnes grading 17.2 percent Cg at a cut-off grade of 5 percent — that’s a 31 percent increase from the previous estimate.

Other highlights include:

• Mineral resources in the Measured category increased 323% from 4.5 Mt to 19.1 Mt; with grade also increasing from 15.5% Cg to 17.9% Cg at 5% COG; and
• The high grade mineral resources in the M&I category (see unit ‘U3′ in Table 1) increased 45% from 6.7 Mt to 9.7 Mt, with an average grade of 31.2% Cg using a COG of 25%

Benoit Gascon, president and CEO of Mason, commented:

We are very pleased with the results of the updated resource. The update has further increased our knowledge and confidence in the Lac Gueret mineral deposit, which will be very helpful in identifying further optimization opportunities as we develop the Feasibility Study for the project. Furthermore, since only the Measured and Indicated categories are considered in the calculation of mineral reserves, the increases in the size and grade of these categories could result in a larger mineral reserve than what could have been expected with the previous mineral resource estimate. We expect to update the technical report in respect to the Lac Gueret project in conjunction with the Feasibility Study completion in 2015.

Click here to read the full Mason Graphite Inc. (TSXV:LLG,OTCQX:MGPHF) press release.