Genius Properties CEO said the deposit has potential if investment capital can be secured. The survey results are pending.
Genius Properties (CSE:GNI) has hired Prospectair to conduct an aerial survey of its Mount Cameron graphite deposit in Nova Scotia, Canada and said the deposit has potential if investment capital can be secured. The heliborne high-resolution magnetic (MAG) and time-domain electromagnetic (TDEM) survey is expected to take three days to complete under calm weather conditions.
Company president and CEO Guy Goulet said they know “it’s a top quality of graphite” but are evaluating if it is “a sizable world class deposit.” The company acquired the property in October 2016 from Mount Cameron Minerals. The deposit is composed of flake graphite in marble rocks forming the George River Formation and has been identified along strike for approximately 12 kilometres, according to the firm. Graphite-bearing zones up to 1.5 km wide and interpreted to be up to 300 metres deep were discovered.
Mount Cameron is located in the Boisdale Hills region of Cape Breton, Nova Scotia and reports have indicated that this deposit has the potential of becoming one of the largest graphite mines in the world producing ultra high purity flake graphite.
Goulet said if the results of the surveying work are promising he will continue raising capital to develop the project. A decision to continue developing Mount Cameron would also mean that Genius Properties would become two wholly-owned subsidiaries with one focused on gold mining and the other on the firm’s graphite assets. Goulet added that a public listing on the Toronto Stock Exchange would be part of the process and anticipates that would happen in February.
He notes that high-quality flake graphite is in demand for the growing lithium-ion battery market. According to an October report from Research and Markets; the global lithium-ion battery market is expected to reach S93.1 billion by 2025, growing at a CAGR of 17.0 percent. Bloomberg New Energy Finance’s 2017 electrical vehicle outlook predicts that electric vehicles will account for about 54 per cent of new car sales by 2040.
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Securities Disclosure: I, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.