Graphano Reports 21 Metres Grading 5.51% Cg from Drilling Program at the Standard Mine Project

Vancouver, British Columbia–(Newsfile Corp. – February 23, 2023) – Graphano Energy Ltd. (TSXV: GEL) (FSE: 97G0) („Graphano“ or the „Company„) is pleased to report that all assay results from the 2022 winter drilling program at the historical Standard Mine Project have been received.

Luisa Moreno, Chief Executive Officer of the Company, stated: „We are delighted that the initial exploration drilling program at the Standard Mine Project resulted in the highest graphite mineralized intersections that the Company has reported to date, exceeding in significance even the very positive results from its LAB Project immediately adjacent to Canada’s only producing graphite mine. The results are highly encouraging as Graphano looks to establish mineral resources in this region of historical graphite production and great infrastructure. Our focus is to bring to market the much-needed low carbon footprint graphite for the North America electric vehicle supply chain, in the shortest possible timeline.“

Graphano owns a 100% interest in four graphite properties, including the Standard Mine Project and all within trucking distance from the Lac-Aux-Bouleaux („LAB„) mine region, to allow for the Company’s resource consolidation strategy to feed a centralized processing plant at LAB. The historical resource at LAB, the recently announced Zone 3 discovery at LAB (see news release dated February 8, 2023) and now the exciting results from the Standard Mine Project re-enforce the economic potential of this consolidation strategy.

The winter drill program at the Standard Mine has intersected very significant graphite mineralization over more than a 500-metre length. The mineralized zones range in thickness from 3 to 20.5 metres with an average thickness of 9.3 metres. The mineralization has been tested from surface (see Table 2: Surface Trenching Results) to a maximum vertical depth of approximately 60 metres and remains open in all directions for continued expansion.

Key Highlights (See Full Results in Table 1)

• Drill Hole ST23-10 intersected 5.11% graphitic carbon (Cg) over 20.5 meters (m) starting at 39.0 m drilled depth, including 6.7% Cg over 9.0 m at 41 m;
• Drill Hole ST23-11 intersected 7.44% Cg over 13.0 m at 31 m;
• Drill Hole ST23-13 intersected 8.99% Cg over 11.3 m at 4.2 m, and 7.65% Cg over 13 m at 56 m;
• Drill Hole ST23-05 intersected 5.79% Cg over 14.0 m at 4.6 m; and
• Drill Hole ST23-07 intersected 5.5% Cg over 8.5 m at 17 metres.

(Note: All intersections reported are based on drilled width and have not been converted to the true width.)

Select samples from the 14 holes drilled at the Standard Mine Project were submitted for assay analysis and the results are reported below. A total of 1033 metres were drilled. Most of the drilled holes were shallow to test the immediate near surface depth and thickness of the graphite mineralization that was exposed during the trenching and channelling program conducted earlier during the 2022 fall program. Highlights of the exposed surface mineralization include 6.21% Cg over 26 metres and 10.32% Cg over 9.5 metres in trenches 18 and 21 respectively. See Table 2 for surface trenching results for reference.

One method of evaluating and visually demonstrating the exploration significance of a drill program and thus the indicated economic potential is to calculate a drill hole’s mineralized zone thickness multiplied by the zone’s grade. The last column of the table on Figure 1 shows the thickness times metres values for Standard Mine drill holes. The values greater than 20 (yellow highlight) are significant and those above 50 (red highlight) are very significant.

Figure 1 – Map with the location of the drill holes at the Standard Project

To view an enhanced version of this graphic, please visit:
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All drill core samples were bagged and tagged using best practices and were delivered to Activation Laboratories („ACTLABS„), Ancaster, Ontario, for sample preparation and analyses using laboratories‘ Code 4F-C Graphitic, analyzing C-Graphite (infrared) where the sample is subjected to a multistage furnace treatment to remove all forms of carbon with the exception of graphitic carbon; and C-Total (infrared). ACTLABS is an independent commercial, accredited ISO Certified Laboratory. The core samples also include field duplicates and blanks for quality control and quality assurance (QA/QC) purposes.

Table 1 – Drill Hole Results

 Table 2 – Surface Trenching Results

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Roger Dahn, B.Sc., P.Geo., a director of the Company and a „Qualified Person“ as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, who has provided the technical information in this press release, and by Mr. Martin Ethier, Géo (#1520), who is a Member of the Order of Geologists of Québec and also a „Qualified Person“ under NI 43-101.

About Graphano Energy

Graphano Energy Ltd. is an exploration and development company that is focused on evaluating, acquiring and developing energy metals resources from exploration to production.

Graphite is one of the most in-demand technology minerals that is required for a green and sustainable world. The Company’s Lac Aux Bouleaux property, situated adjacent to Canada’s only producing graphite mine, in Quebec, Canada, has historically been an active area for natural graphite. With the demand for graphite growing in some of the most prominent and cutting-edge industries, such as lithium batteries in electric cars and other energy storage technologies, the Company is developing its project to meet the demands of the future.

ON BEHALF OF THE BOARD OF DIRECTORS

Luisa Moreno
Chief Executive Officer and Director
E: info@graphano.com

Neither 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.

Cautionary Note Regarding Forward-Looking Statements:

This news release contains certain „forward-looking information“ and „forward-looking statements“ (collectively „forward-looking statements“) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, relating to future operations, including exploration, drilling and other activities of Graphano, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as „expects“, „anticipates“, „believes“, „intends“, „estimates“, „potential“, „possible“, and similar expressions, or statements that events, conditions, or results „will“, „may“, „could“, or „should“ occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company’s exploration plans, results therefrom, and the impact thereof. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Graphano, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Graphano does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws. We seek safe harbour.