Drilling program focused on gathering geotechnical data
needed to complete the Feasibility Study on the largest known
graphite deposit in the U.S.
CEO: Graphite One is on track to meet target of issuing
the Feasibility Study by December
2024 under the terms of Department of Defense Production Act
grant
VANCOUVER, BC, June 26,
2024 /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, announced today the commencement of the
Company's 2024 Field Program at its Graphite Creek Property located
north of Nome, Alaska.
Based on the positive results of the 2023 drilling program (link
to January 8, 2024 press release),
the 2024 Field Program has been developed to gather the remaining
data required to complete the Company's Feasibility Study.
Three drill rigs are currently operating to gather the
geotechnical information needed to engineer the pit walls and
foundations for the process facility, tailings/waste rock facility,
and other infrastructure.
Graphite One is pleased that job fairs conducted in the local
communities of Teller, Brevig Mission and Nome have resulted in 22 of the summer
positions being filled by residents of the local
communities.
"The 2024 Field Program is a key milestone for our stakeholders
as we advance our Feasibility Study with a scheduled December
completion target, under the terms of our Defense Production Act
grant from the Department of Defense," said Anthony Huston, President and CEO of Graphite
One. "As the U.S. Government's US Geological Survey has recognized
Graphite Creek as the nation's largest graphite deposit, and 'among
the largest in the world,' we are confident that this year's
program will further demonstrate the importance of Graphite One's
complete supply chain strategy in meeting demand for a material
that is critical to the 21st Century technology economy
and U.S. national security."
In parallel to the drilling program, site visits and field work
by the engineering team and environmental specialists are also
underway, to continue baseline studies on:
- Surface water quality
- Ground water quality
- Hydrogeologic investigations
- Bathymetric and water quality characterization of the Imuruk
Basin
- Fish and other aquatic species surveys
- Raptor nesting
- Cultural heritage/archaeological investigations
Graphite One's senior team will continue to engage the
communities and tribal organizations nearest Graphite Creek on the
2024 field program and provide a forum for dialogue on a
development path that benefits local residents. Completion of the
Feasibility Study is subject to financing.
Graphite One's Domestic Supply Chain Strategy
With the United States
currently 100 percent import dependent for natural graphite,
Graphite One is developing a complete U.S.-based, advanced graphite
supply chain solution anchored by the Graphite Creek deposit,
recognized by the US Geological Survey as the largest graphite
deposit in the U.S. "and among the largest in the world." The
Graphite One Project plan includes an advanced graphite material
and battery anode material manufacturing plant located in
Warren, Ohio. The plan also
includes a recycling facility to reclaim graphite and the other
battery materials, to be co-located at the Ohio 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 active 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 active 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 located in northeastern Ohio. The Company intends to make a production
decision on the Project upon the completion of the Feasibility
Study.
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.
All statements in this release, other than statements of
historical facts, including those related to the anticipated timing
and results of the 2024 Field 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.sedarplus.ca.
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SOURCE Graphite One Inc.