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Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (the "Company" or "Northern") is pleased to announce that it has increased its land position at the South Okak Ni-Cu-Co Project ("South Okak") by staking an additional 219 claims. This brings the Company's land holdings to 473 claims covering 11,825 hectares at South Okak which is located 80 km north of Voisey's Bay, Labrador. The additional claims were staked based on information obtained from ongoing data compilation and cover prospective ground not part of the original property acquisition.
"The South Okak area produced some of the best Ni-Cu-Co drill intervals following discovery of the world class Voisey's Bay deposits and it contains numerous highly prospective exploration targets," said Gregory Bowes, Northern's CEO. The Project adds an exploration element to the Company and provides diversification into other battery minerals at a time when their supply/demand outlook is extremely favorable. New sources of supply in politically stable jurisdictions are urgently required."
The compilation of historical data is near completion and field crews will be on the South Okak property shortly. The 2021 field season will focus on evaluating and prioritizing both existing and new targets using geological mapping, prospecting, sampling and ground magnetometer surveys. The results of the 2021 field program will facilitate planning the 2022 field season in anticipation of a full drill program.
In preparation for the field program, satellite-based ASTER Imaging (Advanced Spaceborne Thermal Emission and Reflectance Radiometer) and structural interpretation studies have been commissioned with results expected shortly. The information provided by these studies will be combined with 3D magnetic inversions of airborne data to better define several of the highest priority targets and to identify new targets.
Millions of dollars have been spent by previous owners in the South Okak region and a substantial amount of historical data is available. The area requires a second look due to advances in geophysical data processing including 3D modelling, and a much better understanding of the geology of the high grade Voisey's Bay deposits. They are contained within a large, lower grade disseminated halo located on a large structural break. The South Okak property is situated on the same structure and previous exploration resulted in the discovery of several areas containing significant intervals of disseminated low-grade Ni-Cu-Co mineralization. The importance of these features was not fully understood or appreciated at the time.
About Northern Graphite
Northern Graphite is a mineral development and technology company focused on developing its Bissett Creek graphite deposit and upgrading mine concentrates into high value components used in lithium-ion batteries, electric vehicles, fuel cells, graphene and other advanced technologies. An independent study estimates that Bissett Creek will have the highest margin of any existing or proposed graphite deposit due to its very favorable location, simple metallurgy and the high quality of its concentrates which will provide a competitive advantage in manufacturing products for the green economy.
Bissett Creek is an advanced stage project with a full Feasibility Study and its major mining permit which puts the Company in position to make a construction decision, subject to financing. The Project is located in the southern part of Canada between the cities of North Bay and Ottawa and close to the Trans-Canada highway providing ready access to labour, supplies, equipment, natural gas and markets.
Qualified Person
Gregory Bowes, B.Sc. MBA, P. Geo., a Qualified Person as defined under National Instrument 43-101, has reviewed and is responsible for the technical information in this news release.
For additional information
Please visit the Company's website at https://www.northerngraphite.com/investors/presentation/, the Company's profile on www.sedar.com, contact Gregory Bowes, CEO (613) 241-9959 or visit our Social Channels.
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This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this release include statements regarding, among others; economic and technical studies, graphite prices, project economics, permitting, the development timeline and the graphite market. All such forward-looking statements are based on assumptions and analyses made by management based on their experience and perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. However, these statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of other parties to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure and the failure of ongoing and contemplated studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Readers are cautioned not to place undue reliance on forward-looking information or statements.
Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/92169.
