Graphano Energy Drills First Hole at LAB Graphite Project
VANCOUVER, BC, Feb. 4, 2022 /CNW/ – Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) (the “Company” or “Graphano Energy“) is pleased to announce that Phase 1 drilling activity has commenced at its 100% owned Lac Aux Bouleaux Graphite Property (“LAB“, the “LAB Property” or the “Property“) in Quebec (see Figure 1). Drilling contractor Forage Hébert Inc. of Amos, Quebec, has been awarded the contract for the drill program.
Figure 1: Drill core from the LAB property.
The Company plans to complete approximately 20 holes totaling 2,800 meters NQ size core drilling on the Property. The program will focus on Zones 1 and 4 where 2021 surface trenching and sampling programs identified significant grades and widths of graphite mineralization (see Graphano mews release dated January 13, 2022), including:
- Channel sample results from Zone 1 include 7.9% Cg over 9.5 meters including 13.9% over 4.5 meters; and
- Channel sample results from Zone 4 include 18.0% Cg over 4.0 meters and 5.8% Cg over 8.0 meters which includes 14.8% over 3.0 meters.
The intent of the drill program is to evaluate the characteristics and magnitude of mineralization in these two zones. The program will be the Company’s initial step in building a current Canadian Institute of Mining Metallurgy and Petroleum (CIM) / National Instrument 43-101 compliant mineral resource on the Property.
Zones 1 and 4 are just two of the eight prospective targets which have been defined on the Property to date through the Company’s surface trenching and sampling programs completed in 2021, as well as a compilation of historical drilling and other exploration data. The most relevant historical data is from Orrwell Energy Corp.’s 1980s program consisting of 79 diamond drill holes totalling 19,550 feet (5,958 metres) and resource estimation work. This historical drilling is located on the southern portion of the Property outside the eight target zones recently defined (see Figure 2). The resource estimation resulted in an historical resource of 1,320,847 tons at 9% Cg, or 1,452,932 tons at 8% Cg (Source: Douglas Parent 1982, MRNF report GM46736, also see Graphano’s technical report available under the Company’s profile on SEDAR (www.sedar.com)). Note: The above historical resources were calculated by block models using different cut-off grades, and a specific gravity of 2.76. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as a current mineral resource or reserve.
Luisa Moreno, Chief Executive Officer, commented: “We are pleased that the drilling program is now under way and we will be spending the next four to six weeks performing exploratory drilling in two of the eight new target areas. An important asset of LAB is its metallurgy. The Property contains a high proportion of large and jumbo flakes from which a high purity concentrate was proven to be produced across all flakes by a simple flotation process. We also have the historical resource site that will be investigated as we prepare to build a resource.”
Figure 2: Plan map of historical resource area and 2022 target zones.
The technical content disclosed in this press release was reviewed and approved by Mr. Martin Ethier, Géo (#1520), who is a Member of the Order of Geologists of Québec and a “Qualified Person” under National Instrument 43-101, and Afzaal Pirzada, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia with license No. 28657.
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 in Québec, 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, Graphano Energy is developing its project to meet the demands of the future.
On Behalf of the Board of Directors
Chief Executive Officer and Director
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Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the business and operations of the Company and the Company’s ability to execute its business plan. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Graphano Energy to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Graphano Energy does not undertake to update any forward-looking information, except in accordance with applicable securities laws.