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Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) announced today its plans to pursue a financing of up to $0.80 million by issuing up to 10.50 million units at a unit price of $0.08. Each unit consists of a common share and a warrant (exercise price – $0.12 per share for two years).
Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) announced today its plans to pursue a financing of up to $0.80 million by issuing up to 10.50 million units at a unit price of $0.08. Each unit consists of a common share and a warrant (exercise price – $0.12 per share for two years). The company had completed a $1.3 million financing (oversubscribed) in August 2016.
In May 2015, GPH had announced the successful production of premium grade spheroidized graphite (“SPG”) from 99.98% Cg purified graphite. The test work used STAX graphite (spheroidal, thin, aggregate and expanded) sourced from the company’s Graphite Creek property in western Alaska. The yields in the trial run, conducted by the TRU Group Inc., averaged 74.6%. This is highly encouraging as typical yields are in the 30% – 40% range. One of the key findings of the study was that Graphite Creek’s STAX Graphite is potentially much less energy intensive than conventional flake graphite.
The Graphite Creek project’s NI 43-101 resource estimate indicates that it is the largest known, high-grade, large flake graphite deposit in North America. The resource estimate, based on a 3% Cg cut-off, is 18 Mt @ 6.3% Cg indicated, and 154 Mt @ 5.7% Cg inferred.
The resource is based on a 4.8 km strike, 230 m across the strike to the south east, and 320 m below surface. The indicated resource is based on a 730 m strike, 185 m across the strike to the southeast, and 200 m below surface. The total trend is estimated to be 18 km.
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