Graphano Energy Provides Drilling Update on LAB Graphite Project
Vancouver, British Columbia–(Newsfile Corp. – March 10, 2022) – Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) (the “Company” or “Graphano Energy“) is pleased to announce that phase-one drilling activity is ongoing on its 100% owned Lac Aux Bouleaux (LAB) Graphite Property in Quebec. Drilling contractor Forage Hébert Inc. of Amos, Quebec, was awarded the contract for the drill program.
Figure 1: Drill core from the LAB property.
Seven drill holes for a total of 931.8 metres have been drilled to date out of the planned 20 hole, 2,800 metre drill program (NQ size core). The program has, thus far, focused on “Zone 4”, where 2021 surface trenching and sampling programs identified significant grades and widths of graphite mineralization (see Graphano News Release dated January 13, 2022).
As previously disclosed on January 13, 2022, channel sample result highlights were:
- Channel sample results from Zone 1 include 7.9% Cg over 9.5 metres including 13.9% over 4.5 metres
- Channel sample results from Zone 4 include 18.0% Cg over 4.0 metres and 5.8% Cg over 8.0 metres which includes 14.8% over 3.0 metres
A drill hole summary from phase-one drilling is shown in the below table:
Most of the holes intercepted varying amounts of graphite mineralization from paragneiss and recrystallized limestone units. Assay results from the drill program will be released on a timely basis once results have been received from the laboratory. A total of 569 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.
Luisa Moreno, Chief Executive Officer of the Company, stated: “Notwithstanding some slowdowns due to COVID-19 and weather-related issues that has affected the drilling program, we are pleased to see positive early-stage drilling results. We will be drilling another 13 holes and focusing on areas that show high grade mineralization. The idea is to define a resource and we believe that the close proximity to an existing processing plant gives us a strong logistic advantage. Graphite demand continues to be high in view of the current EV revolution taking place and we aim to contribute to the supply chain.”
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
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 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.