Drill Results for this Step-out Hole (22GC079) Include
58.2m of 4.18% Graphite
Feasibility Study Drill Work Shows Deposit Remains Open to
the East, West, and Down Dip
VANCOUVER, BC, Feb. 7, 2023
/CNW/ - Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF)
("Graphite One", "G1" or the "Company"), planning a complete
domestic U.S. supply chain for advanced graphite materials, is
pleased to announce drill results from its 2022 Field Program at
its Graphite Creek Property ("Graphite Creek" or the
"Property"), located in the Kigluaik Mountains on the
Seward Peninsula approximately 60
kilometers (37 miles) north of Nome,
Alaska. Graphite Creek is living up to its designation by
the US Geological Survey as the largest and highest grade graphite
resource in the United
States1 2.
Conducted from June to September
2022, the field program was comprised of increasing the
field camp capacity, completing key environmental baseline studies,
and drilling 1,940 meters of core for resource definition as well
as 210 meters of geotechnical drilling for mill site and tailing
area determination.
The 2022 drill results will be used to update the most recent
Measured, Indicated and Inferred results published in the Graphite
One Project Preliminary Feasibility Study released October 13, 2022 (the "PFS"). The Company
expects to release updated Measures, Indicated, and Inferred
results by the end of the first quarter 2023.
___________________________
1
https://www.sciencebase.gov/catalog/item/619e7a34d34eb622f696bdbf
|
2
https://www.graphiteoneinc.com/u-s-government-cites-graphite-ones-graphite-creek-as-the-largest-graphite-deposit-in-the-united-states/
|
Select Drill Results Include:
- 22GC071 returned 18.5m
of 4.7% Cg, 22.2m of 6.8% and
20m of 6.7% Cg starting
from 19m downhole.
- 22GC072 returned 31.7m of 5.6% Cg, and
37.6m of 5.2%
Cg starting from 62m
downhole.
- 22GC073 returned 3.8m
of 7.6% Cg, 27.6m
of 5.1%, 26.4m of 6.2%Cg
and 17.3m of
4.3% Cg starting from 13m
downhole.
- 22GC075 returned 10.5m of
7.7% Cg, 32.9m of 6.4% Cg and
2.1m of 12.0% Cg starting
from 3m downhole.
- 22GC076 returned 53.1m of 7.5% including
12.3m of 11.5% Cg including
2.8m of 25.6% Cg starting
from 72m downhole.
- 22GC079 located 2 km west of previous closest drilling returned
31.8m of 3.4% Cg, including
6.3m of 6.7% Cg, 21.5m of 2.6% Cg, 10.7m of 2.6%Cg, and 13m of 5.4%Cg starting 5m below the surface.
Interpretation of Results:
- Core drilling in the deposit area continued to encounter
visible graphite minerization over wide intervals, consistent with
previous drilling.
- Hole 22GC079, drilled 2 km west of previous resource drilling
and 4 km west of the PFS pit boundary, showed significant intervals
above mill cut-off grade. Selected intervals totaled 58.2 m of 4.18% graphite.
- The deposit remains open to the West, East, and down dip.
- 2022 drilling targeted extending inferred resource to the west
and upgrading inferred resources to measured and indicated around
the PFS pit area.
- All holes drilled in the proposed North pit wall encountered
significant zones of graphite which will likely expand the pit to
the North.
Figure 1: Graphite Creek Geophysical Anomaly with Resource
Drilling to Date
Figure 1: Graphite
Creek Resource Anomaly with Resource Drilling to Date.
Results shown are total of significant intervals of raw assay
results above select cutoff grade with 2-meter minimum length, and
2-meter internal dilution.
|
"Our 2022 drill results continue to demonstrate excellent
continuity over the length of the anomaly, and we look forward to
releasing new resources numbers shortly," said Anthony Huston, CEO of Graphite One. "Our
2022 drilling results come at a critical point as we continue to
see the demand for graphite increase. We believe this deposit
could potentially supply a major portion of North America's graphite demands far into the
future."
Figure 2: Graphite Creek Resource Drilling to Date with PFS
Pit Outline3
Feasibility Study Update:
With the positive results of the PFS, Graphite One has begun
work on the Graphite Project Feasibility Study (the "FS").
The lack of United States'
domestic anode material suppliers combined with the projected
increase in demand for electric vehicle anode materials has
prompted Graphite One to investigate increasing the designed
production capacity to be used in the FS.
Graphite One plans to complete a total of 20,000 meters of
drilling in 2023 and 2024, subject to financing, with the objective
of increasing the annual concentrate production for the upcoming FS
compared to that assumed in the PFS.
"We are very excited about the upcoming summer program. We
will be shifting gears this year and focusing on completing much
more drilling during our 2023 summer program. We are well situated
for this work, having increased the capacity of the camp at
Graphite Creek from 24 to 60 people last year." said
Mike Schaffner Sr. Vice President of
Mining "We will also be switching from a helicopter-based drilling
program to a road-based drilling program. With the large
amount of fog and rain in the area, we expect to see significant
improvements in the amount of drilling we can complete in the
summer season with significantly reduced costs".
___________________________
3 Note: Hole 22GC079 is not shown on Figure 2 and is
located 4 km west of the western PFS pit boundary
|
Table 1: 2022 Drill Results
HOLE
ID
|
Section
|
Azimuth
|
Dip
|
Total Depth
(m)
|
From
(m)
|
To
(m)
|
Width
(m)
|
%Cg
|
22GC071
|
4600
|
175
|
-50
|
191.72
|
19.27
|
25.42
|
6.15
|
4.67
|
|
|
|
|
|
54.64
|
67.00
|
12.36
|
4.77
|
|
|
|
|
Including:
|
55
|
64
|
9
|
5.14
|
|
|
|
|
|
68.00
|
90.16
|
22.16
|
6.76
|
|
|
|
|
Including:
|
78.61
|
88.16
|
9.55
|
10.60
|
|
|
|
|
|
157.40
|
177.37
|
19.97
|
6.69
|
|
|
|
|
Including:
|
158.40
|
164.40
|
6.00
|
10.02
|
22GC072
|
4650
|
131
|
-45
|
195.99
|
62.37
|
94.04
|
31.67
|
5.60
|
|
|
|
|
Including:
|
90.29
|
94.04
|
3.75
|
8.81
|
|
|
|
|
|
138.57
|
176.17
|
37.60
|
5.21
|
|
|
|
|
Including:
|
152.37
|
158.71
|
6.34
|
16.02
|
22GC073
|
4200
|
160
|
-50
|
151.91
|
13.19
|
17.03
|
3.84
|
7.63
|
|
|
|
|
|
27
|
54.64
|
27.64
|
5.08
|
|
|
|
|
Including:
|
27
|
36
|
9
|
7.59
|
|
|
|
|
|
74.07
|
100.50
|
26.43
|
6.21
|
|
|
|
|
Including:
|
90
|
92
|
2
|
10.24
|
|
|
|
|
|
103.16
|
120.5
|
17.34
|
4.29
|
|
|
|
|
Including:
|
108
|
110
|
2
|
11.97
|
22GC074
|
4300
|
160
|
-50
|
170.69
|
55.98
|
77.35
|
21.37
|
4.79
|
|
|
|
|
Including:
|
57.91
|
67.91
|
10
|
6.87
|
|
|
|
|
|
134.85
|
146.85
|
12
|
6.86
|
|
|
|
|
Including:
|
134.85
|
138.85
|
4
|
13.29
|
22GC075
|
4200
|
160
|
-50
|
150.00
|
2.60
|
13.10
|
10.50
|
7.72
|
|
|
|
|
Including:
|
2.6
|
9.1
|
6.5
|
10.5
|
|
|
|
|
|
41.36
|
74.30
|
32.94
|
6.36
|
|
|
|
|
Including:
|
65.88
|
67.88
|
2
|
12.55
|
|
|
|
|
And
|
72.18
|
74.3
|
2.12
|
12.05
|
22GC076
|
4550
|
144
|
-50
|
235.31
|
72.73
|
125.88
|
53.15
|
7.47
|
|
|
|
|
Including:
|
81.73
|
94.05
|
12.32
|
11.52
|
|
|
|
|
And
|
98.72
|
101.53
|
2.81
|
25.59
|
|
|
|
|
|
161.6
|
175.6
|
14
|
3.17
|
|
|
|
|
|
179.60
|
214.88
|
35.28
|
3.76
|
|
|
|
|
Including:
|
188.75
|
195.75
|
7
|
6.61
|
22GC077
|
4350
|
160
|
-50
|
196.90
|
33.83
|
42.29
|
8.46
|
6.72
|
|
|
|
|
|
49.66
|
107.56
|
57.90
|
4.71
|
|
|
|
|
Including:
|
57.65
|
63.65
|
6
|
7.54
|
|
|
|
|
|
136.5
|
143
|
6.5
|
6.17
|
|
|
|
|
|
151.82
|
159.91
|
8.09
|
6.82
|
22GC078
|
4100
|
160
|
-50
|
173.74
|
35.05
|
48.77
|
13.72
|
4.00
|
|
|
|
|
|
71.10
|
101.01
|
29.91
|
5.02
|
|
|
|
|
Including:
|
77.1
|
88.83
|
11.73
|
7.45
|
|
|
|
|
|
104.20
|
140.68
|
36.48
|
3.47
|
|
|
|
|
Including:
|
123.62
|
128.57
|
4.95
|
8.12
|
22GC079
|
-100
|
160
|
-50
|
218.93
|
5.40
|
37.20
|
31.80
|
3.43
|
|
|
|
|
Including:
|
11.4
|
17.7
|
6.3
|
6.73
|
|
|
|
|
|
45.85
|
67.39
|
21.54
|
2.55
|
|
|
|
|
|
104.33
|
115
|
10.67
|
2.55
|
|
|
|
|
|
125.92
|
138.86
|
12.94
|
5.36
|
|
|
|
|
Including:
|
131.43
|
137.86
|
6.43
|
7.02
|
|
|
|
|
|
143.86
|
163.4
|
19.54
|
2.53
|
|
|
|
|
|
179.77
|
190.5
|
10.73
|
2.43
|
22GC080
|
3900
|
160
|
-50
|
152.40
|
15.24
|
38.50
|
23.26
|
5.19
|
|
|
|
|
Including:
|
26.24
|
29.34
|
3.1
|
8.64
|
Table 1: Table of select intervals from 2022 drill
results. Intervals are composites with a minimum of 2-meter
length, maximum internal dilution of 2 meters, and a cutoff grade
of 2% Drill orientation is nominally orthogonal to mineralization;
however, drill results may not be representative of true width of
mineralization.
QA/QC Program
Graphite One maintains a rigorous QA/QC program with respect to
the preparation, shipping, analysis and checking of all samples and
data from the Property. Quality control for drill programs at the
Company's projects covers the complete chain of custody of samples,
including verification of drill hole locations (collar surveys and
down-hole directional surveys), core handling procedures (logging,
sampling, sample shipping) and analytical-related work, including
duplicate sampling, "check analyses" at other laboratories and the
insertion of standard and blank materials. The QA/QC program also
includes data verification procedures.
Mr. Andrew K. Angel, P. Geo, with
Alaska Earth Sciences, Inc. provided oversight to the 2022 drilling
and sampling program. Mr. Angel 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. The Graphite One project plan includes an advanced
graphite material and battery anode manufacturing plant expected to
be sited in Washington State
integrated with the development of the Property. The plan includes
a recycling facility to reclaim graphite and the other battery
materials, to be co-located at the Washington State site, the third link in
Graphite One's circular economy strategy.
About Graphite One Inc.
GRAPHITE ONE INC. (TSXV: GPH) (OTCQX: GPHOF) continues to
develop its Graphite One Project (the "Project") to become an
American producer of high-grade anode materials that is integrated
with a domestic graphite resource. The Project is proposed as a
vertically integrated enterprise to mine, process and manufacture
anode materials primarily for the lithium–ion electric vehicle
battery market. As set forth in the Company's 2022 Pre-Feasibility
Study, graphite mineralization mined from the Company's Graphite
Creek Property, situated on the Seward
Peninsula about 60 kilometers north of Nome, Alaska, would be processed into
concentrate at an adjacent processing plant. Natural and artificial
graphite anode materials and other value–added graphite products
would be manufactured from the concentrate and other materials at
the Company's proposed advanced graphite materials manufacturing
facility expected to be located in Washington State. The Company intends to make
a production decision on the Project upon the completion of a
Feasibility Study.
On Behalf of the Board of Directors
"Anthony Huston" (signed)
On Twitter @GraphiteOne
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.
All statements in this release, other than statements of
historical facts, including those related to the anticipated
results of the 2022 drill program, timing and completion of the
anticipated Feasibility Study, future production, establishment of
a processing plant and a graphite manufacturing plant,
establishment of a battery materials recycling facility, and events
or developments that the Company intends, expects, plans, or
proposes are forward-looking statements Generally,
forward–looking information can be identified by the
use of forward–looking terminology such as
"proposes", "expects", "is expected", "scheduled", "estimates",
"projects", "plans", "is planning", "intends", "assumes",
"believes", "indicates", "to be" or variations of such words and
phrases that state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". The Company cautions that there is no certainty that
tests of the Company's material will be successful or that such
tests will result in the development of successful products.
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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