2 Kilometer Step Out from Known Resource Encounters Graphite
Mineralization
VANCOUVER, BC, Oct. 6, 2022
/CNW/ - Graphite One Inc. (TSX‐V: GPH) (OTCQX: GPHOF) ("Graphite
One" or the "Company") is pleased to announce it has completed the
2022 Field Program at its 100%-owned Graphite Creek Project in
Alaska. The 2022 Field Program included infill and step-out
core drilling in the resource area. Additional core and sonic
drilling were completed for geotechnical data collection at the
proposed mill site, planned dry tailings/waste rock storage areas
and the access route.
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A total of 2,090 meters were drilled during the 2022 Field
Program, including infill drilling and exploration drilling on the
geophysical anomaly. Core drilling in the deposit area continued to
encounter visible graphitic mineralization over wide intervals
consistent with previous drilling results as reported in 2021 and
as detailed in the press release of August
29, 2022 regarding Graphite One's 2022 Pre-Feasibility Study
("PFS"), which will be incorporated in a National Instrument 43-101
technical report posted at the Company's website and filed on SEDAR
under the Company's profile at www.sedar.com on October 13, 2022.
"With only 7% of our 16 km geophysical anomaly incorporated in
the PFS, which shows a pre-tax NPV of US$1.9
billion, our 2022 Field Program gives us confidence the
Graphite Creek Project is truly a generational strategic resource,"
said Anthony Huston, CEO of Graphite
One. "It is anticipated that the 2022 summer drilling program data
will be incorporated when the Company is in a position to file a
feasibility study to advance Graphite Creek during this critical
time of under supply for U.S. strategic materials such as
graphite."
The drill results for the 2022 Field Program will be released
when data analysis is completed.
The 2022 Field Program activities included:
- Completion of geotechnical drilling on the proposed access
route
- Ongoing Baseline environmental studies including:
-
- Raptor surveys
- Freshwater fishery surveys
- Imuruk Basin water quality and Basin fishery surveys
- Stream flow surveys
- Pit water quality testing
- Waste/Ore Humidity Cell testing
- Installation of weather stations
- Increasing the Graphite Creek field camp capacity from 24 to 60
persons
In addition, Graphite One representatives conducted community
engagement meetings and subsistence advisory committee
meetings.
Mr. Robert Retherford, P.Geo.
with Alaska Earth Sciences, provided technical review for the 2022
Field Program. Mr. Retherford is a Qualified Person as defined
under NI 43-101 and has reviewed and approved the technical content
of this release.
Graphite One's Supply Chain
Strategy
With the United States currently 100 per cent
import dependent for natural graphite, Graphite One is planning to
develop a complete U.S.-based, advanced graphite supply chain
solution anchored by the Graphite Creek resource
near Nome, Alaska. The Graphite One project plan is
anticipated to include an advanced graphite material and battery
anode manufacturing plant expected to be sited in Washington
State. The plan also includes a recycling facility to reclaim
graphite and other battery materials, to be co-located at
the Washington State site, the third link in Graphite
One's circular economy strategy.
As announced on March 7, 2022
1, Graphite One's Graphite Creek resource in
Alaska has been cited as the
largest known graphite deposit in the
United States by the U.S. Geological Survey (USGS) in its
updated U.S. Mineral Deposit Database (USMIN).
The USGS report confirms Alaska Governor Mike
Dunleavy's statement in support of Graphite One's designation as a
U.S. government high-priority infrastructure project, stating,
"Graphite Creek is the largest deposit of graphite in the nation
and would be a superior domestic supply of this critical
mineral.
About Graphite One Inc.
GRAPHITE ONE INC. (GPH: TSX‐V; GPHOF: OTCQX) is focused on
developing its Graphite One Project (the "Project"), aimed at
making the Company the dominant American producer of high-grade
battery anode materials integrated with a domestic graphite
resource. The Project is envisioned as a vertically integrated
enterprise to mine, process, manufacture and recycle high grade
anode materials primarily for the lithium-ion electric vehicle
battery market. Graphite mined from the Company's Graphite Creek
Property, located on the Seward
Peninsula about 60 kilometers north of Nome, Alaska (the "Property"), would be
processed into concentrate at an adjacent plant. The concentrate
and other materials would be transformed into graphite anode
materials and other value added graphite products at the Company's
proposed advanced graphite materials manufacturing facility to be
located in Washington State. The
Company intends to make a production decision on the Project upon
completion of a Feasibility Study.
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https://www.graphiteoneinc.com/u-s-government-cites-graphite-ones-graphite-creek-as-the-largest-graphite-deposit-in-the-united-states/
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On Behalf of the Board of
Directors
"Anthony Huston" (signed)
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
This release includes certain statements that may be deemed
to be forward-looking statements. All statements in this release,
other than statements of historical facts, including the outcome of
data analysis on the drill results for the 2022 Field Program, the
timing of completion of a feasibility study, adequate funding in
place to continue as a going concern and to complete a feasibility
study, continue receipt of regulatory approvals, exploration
drilling, exploitation activities, future production, establishment
of a processing plant, and events or developments that the Company
expects, are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability
to obtain necessary permits, licenses and title and delays due to
third party opposition, changes in government policies regarding
mining and natural resource exploration and exploitation, and
continued availability of capital and financing, and general
economic, market or business conditions. Readers are cautioned not
to place undue reliance on this forward-looking information, which
is given as of the date it is expressed in this press release, and
the Company undertakes no obligation to update publicly or revise
any forward-looking information, except as required by applicable
securities laws. For more information on the Company, investors
should review the Company's continuous disclosure filings that are
available at www.sedar.com.
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SOURCE Graphite One Inc.