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MONTREAL, Feb. 28, 2013 /CNW/ - Mason Graphite Inc.
("Mason Graphite" or the "Company") (TSX.V: LLG) reports assay
results for 36 new drill holes (6,830 meters) from the mineral
resource expansion program at its Lac Guéret project in
northeastern Quebec. Significant
drill intercepts in this group of results include:
- Hole LG-038 intersected 60 meters at 13.2% Cgr and 36
meters at 15.8% Cgr
- Hole LG-039 intersected 113 meters at 15.5% Cgr (including 11
meters at 38.7% Cgr)
- Hole LG-057 intersected 55 meters at 16.4% Cgr (including 16
meters at 27.1% Cgr)
- Hole LG-207 intersected 44 meters at 17.1% Cgr (including 12
meters at 31.4 % Cgr) and 28 meters at 16.9% Cgr (including 13
meters at 27.2% Cgr)
- Hole LG-213 intersected 26 meters at 18.1% Cgr and 63 meters at
15.4% Cgr
- Hole LG-215 intersected 31 meters at 24.3% Cgr and 17 meters at
18.3% Cgr
- Hole LG-227 intersected 33 meters at 13.3% Cgr and 76 meters at
12.0% Cgr
Benoît Gascon, CEO of Mason Graphite commented,
"We are very pleased by the consistently high grade intercepts in
this group of results. The mineralized intersections to the South,
South-West and North-East of the current mineral resource
demonstrate strong potential for continued growth beyond the
current resource envelope and we look forward to including these
results in the calculation of an upcoming mineral resource
update."
The 36 assay results reported below are part of
an exploration program that was initiated in July 2012 and completed last November. This drill
program consisted of 163 drill holes totaling approximately 26,500
meters and was designed to delineate mineral continuity primarily
in the GC zone. This zone hosts a National Instrument 43-101
mineral resource of 300,000 tonnes at 24.4% Carbon as Graphite ("Cgr") in the Measured
category and 7.3 million tonnes at 20.2% Cgr in the Indicated
category (see Technical Report dated July
3 2012 for details). Complete results and the
corresponding collar location map are presented below. Results for
the remaining 104 drill holes will be published as soon as the data
is compiled.
Roche Ltd. Consulting Group, who completed the
Company's National Instrument 43-101 mineral resource estimates in
July 2012, has been retained to
complete the upcoming mineral resource update.
Table 1 - Best drill intercepts
from each of the 36 drill holes (6,830 meters) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drill hole |
From
(m) |
To
(m) |
Length1,2
(m) |
Graphite
(Cgr %) |
|
|
|
Drill hole |
From
(m) |
To
(m) |
Length1,2
(m) |
Graphite
(Cgr %) |
LG-038 |
|
39 |
99 |
60 |
13.2 |
|
|
|
LG-073 |
|
4 |
21 |
18 |
13.4 |
incl. |
80 |
93 |
13 |
25.1 |
|
|
|
|
52 |
65 |
13 |
16.0 |
|
114 |
150 |
36 |
15.8 |
|
|
|
|
72 |
86 |
15 |
16.9 |
LG-039 |
|
25 |
35 |
10 |
15.3 |
|
|
|
|
141 |
161 |
20 |
19.5 |
|
70 |
183 |
113 |
15.5 |
|
|
|
LG-074 |
|
18 |
63 |
45 |
10.3 |
incl. |
115 |
126 |
11 |
38.7 |
|
|
|
|
110 |
129 |
20 |
14.2 |
LG-045 |
|
17 |
52 |
35 |
12.2 |
|
|
|
LG-075 |
|
51 |
70 |
19 |
15.5 |
|
60 |
102 |
42 |
13.7 |
|
|
|
LG-205 |
|
4 |
77 |
72 |
8.7 |
incl. |
65 |
75 |
10 |
22.4 |
|
|
|
LG-206 |
|
45 |
96 |
51 |
10.9 |
|
125 |
150 |
25 |
12.3 |
|
|
|
|
|
139 |
152 |
13 |
17.4 |
LG-046 |
|
73 |
110 |
37 |
11.5 |
|
|
|
LG-207 |
|
26 |
70 |
44 |
17.1 |
incl. |
92 |
101 |
9 |
20.3 |
|
|
|
incl. |
40 |
52 |
12 |
31.4 |
|
125 |
149 |
24 |
11.7 |
|
|
|
|
89 |
116 |
28 |
16.9 |
LG-057 |
|
25 |
89 |
64 |
10.9 |
|
|
|
incl. |
100 |
113 |
13 |
27.2 |
|
110 |
165 |
55 |
16.4 |
|
|
|
LG-208 |
|
6 |
23 |
18 |
16.2 |
incl. |
143 |
159 |
16 |
27.1 |
|
|
|
LG-209 |
|
8 |
22 |
14 |
9.9 |
LG-058 |
|
5 |
13 |
8 |
14.4 |
|
|
|
|
164 |
181 |
17 |
12.0 |
|
93 |
136 |
43 |
13.6 |
|
|
|
LG-210 |
|
22 |
28 |
7 |
11.0 |
incl. |
118 |
130 |
12 |
25.7 |
|
|
|
LG-211 |
|
4 |
11 |
7 |
11.1 |
|
165 |
176 |
11 |
14.2 |
|
|
|
LG-212 |
|
No
significant mineralization |
LG-059 |
|
58 |
68 |
10 |
9.2 |
|
|
|
LG-213 |
|
15 |
41 |
26 |
18.1 |
|
83 |
100 |
16 |
15.3 |
|
|
|
|
102 |
165 |
63 |
15.4 |
LG-060 |
|
26 |
54 |
29 |
16.3 |
|
|
|
LG-214 |
|
57 |
89 |
32 |
26.5 |
LG-066 |
|
5 |
21 |
16 |
16.0 |
|
|
|
incl. |
73 |
87 |
14 |
31.9 |
|
38 |
63 |
25 |
11.2 |
|
|
|
|
157 |
169 |
12 |
9.9 |
|
120 |
138 |
18 |
14.7 |
|
|
|
LG-215 |
|
5 |
26 |
21 |
13.3 |
LG-067 |
|
81 |
106 |
25 |
19.2 |
|
|
|
|
34 |
65 |
31 |
24.3 |
LG-068 |
|
15 |
36 |
21 |
10.3 |
|
|
|
incl. |
47 |
65 |
19 |
30.9 |
LG-069 |
|
28 |
76 |
48 |
12.6 |
|
|
|
|
171 |
188 |
17 |
18.3 |
incl. |
29 |
37 |
8 |
27.3 |
|
|
|
|
202 |
218 |
16 |
16.1 |
|
119 |
131 |
12 |
12.5 |
|
|
|
LG-216 |
|
4 |
27 |
22 |
10.2 |
LG-070 |
|
5 |
23 |
18 |
21.0 |
|
|
|
|
169 |
175 |
6 |
22.7 |
|
29 |
37 |
8 |
12.4 |
|
|
|
LG-217 |
|
No
significant mineralization |
|
42 |
49 |
7 |
21.6 |
|
|
|
LG-218 |
|
No
significant mineralization |
|
92 |
138 |
46 |
12.6 |
|
|
|
LG-227 |
|
50 |
82 |
33 |
13.3 |
LG-071 |
|
26 |
35 |
10 |
14.3 |
|
|
|
|
110 |
186 |
76 |
12.0 |
|
182 |
188 |
7 |
12.2 |
|
|
|
incl. |
132 |
149 |
17 |
22.5 |
LG-072 |
|
9 |
29 |
20 |
17.6 |
|
|
|
LG-228 |
|
43 |
89 |
46 |
13.9 |
|
45 |
77 |
32 |
10.5 |
|
|
|
incl. |
60 |
70 |
10 |
28.6 |
|
83 |
108 |
25 |
16.1 |
|
|
|
LG-229 |
|
44 |
68 |
24 |
12.5 |
|
145 |
165 |
20 |
14.7 |
|
|
|
|
75 |
96 |
21 |
10.7 |
|
|
|
|
|
|
|
|
|
LG-230 |
|
36 |
65 |
29 |
16.1 |
|
Notes:
1. Lengths are measured drill intervals - the true thickness is
not known at this stage
2. Length figures are rounded to nearest integer for
clarity |
|
See "Technical Report on the Lac Guéret Graphite
Project" dated July 3, 2012 under
Mason Graphite's profile on SEDAR at www.sedar.com for additional
information, including exploration information and data
verification.
Quality Control and Assurance
The drill program was supervised by Benoît
Moreau, P.Eng. Nathalie
Guillemette, P. Geo., M.Sc., a Company's consultant and a
Qualified Person as defined by NI 43-101, has reviewed and approved
the technical information contained in this news release. Ms.
Guillemette has verified the data disclosed in this news
release, including sampling, analytical and test data underlying
the information disclosed in this news release. Ms. Guillemette has
verified that the results were accurate from the official assay
certificates provided to the Company.
Analyses for this drilling campaign were carried
out by AGAT Laboratories Ltd. in Mississauga, Ontario, a company independent
from Mason Graphite, exercising a thorough Quality Control and
Assurance program (QA/QC) with Mason Graphite personnel inserting
one blank, two standards and one duplicate every 100 samples. AGAT
Laboratories is an accredited analytical laboratory. Carbon as graphite ("Cgr") assays reported in
this press release were obtained by using the LECO analytical
technique ASTM E1915-07A with a detection limit of 0.01% Cgr. Drill
holes were sampled over an average of 1.5 metre intervals.
About Mason Graphite
Mason Graphite is a Canadian mining company
focused on the exploration and development of its 100% owned Lac
Guéret graphite property, which is located in northeastern Québec
near the main service center of Baie-Comeau. The Lac Guéret graphite
property currently hosts a National Instrument 43-101 compliant
Mineral Resource of about 300,000 tonnes at 24.4% Cgr in the
Measured category and 7.3 million tonnes at 20.2% Cgr in the
Indicated category. (see news release issued on July 16, 2012). Exploration potential exists on
the property with the current Mineral Resource based on exploration
of only 17% of one well defined zone. Mason Graphite is led by
Benoit Gascon, CA CMA, who has held 20 years of executive positions
at Timcal, including over 6 years as CEO. Timcal, now owned by
Imerys, is one of the largest graphite producers in the world.
Other Information
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this release
and has in no way passed upon the merits of the Transaction and has
neither approved nor disapproved of the contents of this press
release.
Cautionary Statements Regarding Forward
Looking Information
This press release contains "forward-looking
information" within the meaning of Canadian securities legislation.
All information contained herein that is not clearly historical in
nature may constitute forward-looking information. Generally, such
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 state 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 the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: (i)
volatile stock price; (ii) the general global markets and economic
conditions; (iii) the possibility of write-downs and impairments;
(iv) the risk associated with exploration, development and
operations of mineral deposits; (v) the risk associated with
establishing title to mineral properties and assets; (vi) the risks
associated with entering into joint ventures; (vii) fluctuations in
commodity prices; (viii) the risks associated with uninsurable
risks arising during the course of exploration, development and
production; (ix) competition faced by the resulting issuer in
securing experienced personnel and financing; * access to adequate
infrastructure to support mining, processing, development and
exploration activities; (xi) the risks associated with changes in
the mining regulatory regime governing the resulting issuer; (xii)
the risks associated with the various environmental regulations the
resulting issuer is subject to; (xiii) risks related to regulatory
and permitting delays; (xiv) risks related to potential conflicts
of interest; (xv) the reliance on key personnel; (xvi) liquidity
risks; (xvii) the risk of potential dilution through the issue of
common shares; (xviii) the Company does not anticipate declaring
dividends in the near term; (xix) the risk of litigation; and **
risk management.
Forward-looking information is based on
assumptions management believes to be reasonable at the time such
statements are made, including but not limited to, continued
exploration activities, no material adverse change in metal prices,
exploration and development plans proceeding in accordance with
plans and such plans achieving their stated expected outcomes,
receipt of required regulatory approvals, and such other
assumptions and factors as set out herein. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
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 forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such forward-looking
information. Such forward-looking information has been provided for
the purpose of assisting investors in understanding the Company's
business, operations and exploration plans and may not be
appropriate for other purposes. Accordingly, readers should not
place undue reliance on forward-looking information.
Forward-looking information is made as of the date of this press
release, and the Company does not undertake to update such
forward-looking information except in accordance with applicable
securities laws.
SOURCE Mason Graphite Inc.
Image with caption: "Figure 1 - Plan view with drill hole
locations at Lac Guéret (CNW Group/Mason Graphite Inc.)". Image
available at:
http://photos.newswire.ca/images/download/20130228_C9107_PHOTO_EN_24137.jpg