M&I Increase Comes After US Geological Survey Report
Identifies Graphite Creek Deposit "as Among the Largest in the
World."
VANCOUVER, BC, March 13,
2023 /CNW/ - Graphite One Inc. (TSXV: GPH)
(OTCQX: GPHOF) ("Graphite One" or the "Company"), planning a
complete domestic U.S. supply chain for advanced graphite
materials, is pleased to announce the results of the 2022 drilling
program and updated resource estimate, which shows an increase of
15.5% in Measured and Indicated tonnage with a corresponding
increase of 13.1% in contained tonnes of graphite. The
Measured and Indicated Resources now stand at 37.6 M tonnes at 5.14% graphite, with an Inferred
Resource of 243.7 M tonnes at 5.07%
graphite.
"We've been very consistent about the potential we see in
Graphite Creek," said Anthony
Huston, President and CEO of Graphite One. "The
recognition by USGS coupled with this increase in our Measured and
Indicated Resources and the fact that we have explored only 26% of
our graphite anomaly underscores that Graphite Creek is truly a
generational resource."
"These strong results from our 2022 program will assist in
developing our 2023 drilling plan," said Mike Schaffner, Senior Vice President, Mining,
"and the continued expansion of our Graphite Creek resource will
support our plan to quadruple the annual production from our PFS
study."
Table 1: Comparison of Graphite
Creek's 2023 Resources to 2022 Resources1
|
|
2023
Resources
|
2022
Resources
|
|
|
Category
|
Cg%
Cutoff
|
Millions
Tonnes
|
Cg%
|
Million
Tonnes
Cg
|
Millions
Tonnes
|
Cg%
|
Millions
Tonnes
Cg
|
YOY
Change
Tonnes Cg
|
YOY
Change
Tonnes
|
Measured
|
2 %
|
5.63
|
5.75 %
|
0.32
|
4.67
|
5.83 %
|
0.27
|
19.00 %
|
20.60 %
|
Indicated
|
2 %
|
31.96
|
5.03 %
|
1.61
|
27.87
|
5.15 %
|
1.44
|
12.00 %
|
14.70 %
|
Inferred
|
2 %
|
243.70
|
5.07 %
|
12.34
|
254.67
|
5.11 %
|
13.00
|
-5.10 %
|
-4.30 %
|
Measured
and Indicated
|
2 %
|
37.59
|
5.14 %
|
1.93
|
32.54
|
5.25 %
|
1.71
|
13.10 %
|
15.50 %
|
________________________________
|
1 Mineral
Resources are inclusive of Mineral Reserves. Mineral Resources that
are not Mineral Reserves have not demonstrated economic viability.
There is no certainty that any part of a Mineral Resource will ever
be converted into Reserves. Inferred Mineral Resources represent
material that is considered too speculative to be included in
economic evaluations. Additional trenching and/or drilling will be
required to convert Inferred Mineral Resources to Indicated or
Measured Mineral Resources. It cannot be assumed that all or any
part of the inferred resources will ever be upgraded to a higher
resource category.
|
|
The updated resource did not include Hole 22GC079, drilled 2.1
km west of the current block model, which encountered 58 meters of
4.18% graphite, due to distance constraints used in the block
model. The planned 2023 drilling program will target doubling the
measured and indicated resources and increasing the inferred
resource by infill drilling along trend to Hole 22GC079.
The resource updates from Graphite One's October 2022 Pre-feasibility Study ("PFS") and
the 2022 Drilling Program come after the US Geological Survey
report that states:
"The Graphite Creek graphite deposit, located in
the Kigluaik Mountains 60 km north of Nome on the Seward
Peninsula, Alaska, is the
largest known flake graphite resource in the USA and is among the largest in the
world."2
Graphite One's PFS was based on a proven and probable reserve
that utilized 7% of the anomaly's strike length. This updated
Measured, Indicated and Inferred resource is based on drilling 26%
of the surface area of the anomaly. The planned 2023 Drilling
Program will continue to delineate the scope and size of the
resource, as the Graphite Creek deposit remains open to the West,
East, and down dip.
Mr. Rob Retherford, P. Geo, with
Alaska Earth Sciences, Inc. provided oversite to the 2022 drilling
and sampling program. Mr. Retherford is a Qualified Person as
defined under NI 43–101 and has reviewed and approved the technical
content of this release.
_____________________________
|
2
https://link.springer.com/article/10.1007/s00126-023-01161-3
|
|
Marketing Awareness
Program
As part of Graphite One's ongoing strategy to raise the profile
of the Graphite One Project to investors, the Company has entered
into marketing agreements with CFN Media and Outside The Box
Capital Inc. to provide investor and market outreach campaigns for
a period of up to 12 months. Subject to the approval of the TSX
Venture Exchange, the agreements' effective start date will be
March 13, 2023.
The Company will pay CFN Media US$8,000 per month for 12 months plus expenses of
up to US$20,000 per month. The
agreement may be terminated without penalty after 90 days.
The Company will pay Outside The Box Capital Inc. CA$100,000 for
a 6-month period plus expenses of up to CA$25,000 per month for the
duration of the agreement.
To the best of the Company's knowledge, neither CFN Media,
Outside The Box Capital Inc. nor any of its principals currently
own any common shares in the Company.
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. 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)
For more information on Graphite One Inc., please visit the
Company's website, www.GraphiteOneInc.com
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 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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SOURCE Graphite One Inc.