MONTREAL, April 3, 2013 /CNW/ - Mason Graphite Inc.
("Mason Graphite" or the "Company") (TSX.V: LLG) is pleased to
report assay results for the remaining 104 drill holes from the
2012 mineral resource expansion program at its Lac Guéret project
in northeastern Quebec. This drill
program was designed to test for mineralization extending outside
of the July 2012 resource envelope
within its hosted GC Zone, as well as in the GR Zone, a prospective
secondary target located less than one kilometre away from it (see
Figure 1). Mineralization with similar grades was successfully
identified in both zones.
The new results for 86 drill holes from the GC
Zone (see Table 1) and 18 drill holes from the GR Zone (see Table
2) conclude the 26,500 metre drill program conducted in the
second half of 2012 (see Nov. 21,
2012 and Feb. 28, 2013 press
releases for previously reported results).
Significant drill intercepts obtained from the
GC and GR zones in this group of results include:
GC Zone
- Hole LG-221 intersected 55 meters at 26.1 % Cgr
- Hole LG-234 intersected 128 meters at 21.1 % Cgr, including 27
meters at 37.3 %
- Hole LG-235 intersected 197 meters at 17.1 % Cgr, including 39
meters at 33.9 %
GR Zone
- Hole LG-248 intersected 31 meters at 20.2 % Cgr
- Hole LG-257 intersected 32 meters at 15.9 % Cgr
High grade drill intercepts from holes LG-221
(55 meters at 26.1 % Cgr) and LG-222 (36 meters at 27.5 % Cgr)
located in the GC zone suggest a possible extension to the
northeast of the July 2012 mineral
resource envelope. The Company intends to follow up on these holes
of interest in the next phase of drilling.
Benoît Gascon, CEO of Mason Graphite commented,
"We are very pleased with the new high grade intercepts. Overall,
this exploration program has returned very good results that have
confirmed the presence of mineralization well beyond the boundary
of the current mineral resource envelope. We are particularly
excited by the confirmation of continued mineralization to the
northeast of the current mineral resource in the GC zone and we
look forward to following-up on the good results in the newly
drilled GR Zone. It is clear to us that further drilling will be
required to establish the full extent and potential of both zones;
however in the short term we anticipate that the new results from
the GC zone will contribute to mineral growth in the upcoming
resource estimate."
An updated mineral resource estimate using the
Company's July 2012 resource
calculation and the 145 new drill results from the GC zone is
expected for completion in the coming months by Roche Ltd.
Consulting Group, who also completed the Company's previous
resource calculation. Progress on the Preliminary Economic
Assessment, conducted by Met-Chem and based on the July 2012 mineral resource calculation, is well
advanced and the Company expects to release its results in the
first part of the second quarter of 2013. The Lac Guéret project
currently hosts a 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).
Table 1 - Most relevant drill results from
the GC zone (86 drill holes totaling approximately 13,040
meters)
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Drill hole # |
|
From
(m) |
To
(m) |
Length
(m) 1 |
Graphite
(Cgr %) |
|
Drill hole # |
|
From
(m) |
To
(m) |
Length
(m) 1 |
Graphite
(Cgr %) |
LG-076 |
|
47 |
76 |
29 |
12.1 |
|
LG-116 |
|
No significant mineralization |
|
|
116 |
165 |
49 |
12.1 |
|
LG-118 |
|
85 |
101 |
15 |
20.6 |
LG-077 |
|
9 |
30 |
21 |
11.7 |
|
|
|
108 |
117 |
9 |
12.6 |
LG-078 |
|
9 |
22 |
13 |
20.2 |
|
LG-119 |
|
16 |
25 |
9 |
12.2 |
|
|
35 |
45 |
9 |
12.8 |
|
|
|
48 |
60 |
12 |
12.6 |
|
|
97 |
126 |
30 |
10.3 |
|
LG-120 |
|
25 |
38 |
13 |
10.5 |
LG-079 |
|
7 |
32 |
25 |
23.4 |
|
LG-121 |
|
No significant mineralization |
|
|
48 |
112 |
64 |
14 |
|
LG-122 |
|
69 |
92 |
23 |
12.4 |
|
incl. |
103 |
111 |
8 |
32.8 |
|
LG-123 |
|
No significant mineralization |
|
|
147 |
164 |
17 |
17.7 |
|
LG-126 |
|
83 |
118 |
35 |
11.6 |
LG-080 |
|
6 |
30 |
24 |
14.7 |
|
LG-127 |
|
52 |
64 |
12 |
10.6 |
|
|
54 |
101 |
47 |
11.6 |
|
LG-128 |
|
4 |
39 |
35 |
8.9 |
|
|
128 |
143 |
16 |
12.3 |
|
LG-129 |
|
No significant mineralization |
LG-081 |
|
26 |
33 |
7 |
14.3 |
|
LG-130 |
|
78 |
97 |
19 |
6.6 |
|
|
46 |
66 |
20 |
12.9 |
|
LG-134 |
|
17 |
52 |
35 |
9.4 |
|
|
99 |
107 |
8 |
20.9 |
|
|
|
83 |
105 |
23 |
13.5 |
LG-082 |
|
11 |
19 |
9 |
14.4 |
|
LG-219 |
|
No significant mineralization |
|
|
34 |
58 |
24 |
10.4 |
|
LG-220 |
|
90 |
96 |
7 |
22.5 |
LG-083 |
|
No
significant mineralization |
|
|
|
105 |
156 |
51 |
17.9 |
LG-085 |
|
108 |
137 |
29 |
12.8 |
|
LG-221 |
|
41 |
96 |
55 |
26.1 |
|
|
142 |
151 |
9 |
18.5 |
|
LG-222 |
|
13 |
50 |
36 |
27.5 |
LG-086 |
|
9 |
50 |
41 |
13.5 |
|
LG-223 |
|
7 |
27 |
20 |
16.1 |
|
incl. |
12 |
27 |
15 |
24.3 |
|
LG-232 |
|
43 |
64 |
21 |
9.9 |
|
|
62 |
119 |
57 |
12.6 |
|
LG-233 |
|
6 |
14 |
8 |
17.2 |
LG-087 |
|
4 |
15 |
11 |
14.8 |
|
LG-234 |
|
101 |
230 |
128 |
21.1 |
|
|
23 |
36 |
14 |
13.4 |
|
|
incl. |
203 |
230 |
27 |
37.3 |
|
|
49 |
63 |
15 |
16.5 |
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|
234 |
250 |
16 |
16.4 |
|
|
129 |
156 |
27 |
12.5 |
|
|
|
267 |
296 |
29 |
25.2 |
LG-088 |
|
81 |
97 |
17 |
11.3 |
|
|
incl. |
277 |
290 |
12 |
36.4 |
|
|
115 |
141 |
26 |
19.1 |
|
LG-235 |
|
74 |
271 |
197 |
17.1 |
LG-089 |
|
42 |
66 |
24 |
9.9 |
|
|
incl. |
192 |
230 |
39 |
33.9 |
LG-090 |
|
9 |
23 |
14 |
10.8 |
|
LG-236 (2) |
|
106 |
186 |
80 |
16.9 |
LG-091 |
|
No
significant mineralization |
|
|
incl. |
146 |
166 |
20 |
29.7 |
LG-092 |
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No
significant mineralization |
|
LG-237 (2) |
|
81 |
114 |
33 |
14.8 |
LG-093 |
|
21 |
25 |
5 |
40.3 |
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|
150 |
186 |
37 |
15.4 |
|
|
32 |
41 |
9 |
11.3 |
|
LG-238 |
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No significant mineralization |
|
|
111 |
141 |
30 |
9.2 |
|
LG-239 |
|
78 |
174 |
96 |
12.6 |
LG-094 |
|
4 |
66 |
62 |
12.3 |
|
|
incl. |
99 |
110 |
11 |
29.7 |
LG-095 |
|
134 |
165 |
32 |
17.2 |
|
LG-240 |
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No significant mineralization |
|
incl. |
146 |
156 |
11 |
30.4 |
|
LG-241 (2) |
|
82 |
111 |
29 |
16.2 |
LG-096 |
|
93 |
130 |
37 |
9.7 |
|
|
|
173 |
186 |
14 |
17.3 |
LG-098 |
|
56 |
65 |
9 |
11.6 |
|
LG-242 |
|
No significant mineralization |
LG-099 |
|
8 |
21 |
13 |
12.9 |
|
LG-243 (2) |
|
86 |
141 |
55 |
17.5 |
LG-100 |
|
No
significant mineralization |
|
|
incl. |
116 |
126 |
11 |
28.4 |
LG-101 |
|
40 |
90 |
50 |
10.8 |
|
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|
156 |
186 |
30 |
11 |
|
|
109 |
119 |
11 |
19.8 |
|
LG-320 |
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No significant mineralization |
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|
164 |
178 |
14 |
18.5 |
|
LG-321 |
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No significant mineralization |
LG-102 |
|
8 |
47 |
39 |
10 |
|
LG-322 |
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No significant mineralization |
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|
56 |
69 |
13 |
21.3 |
|
LG-323 |
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No significant mineralization |
LG-103 |
|
8 |
20 |
12 |
20 |
|
LG-324 |
|
No significant mineralization |
|
|
30 |
48 |
18 |
8.1 |
|
LG-325 |
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No significant mineralization |
LG-104 |
|
115 |
135 |
20 |
9.1 |
|
LG-326 |
|
No significant mineralization |
LG-105 |
|
77 |
85 |
8 |
15.9 |
|
LG-327 |
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No significant mineralization |
|
|
90 |
106 |
15 |
12.8 |
|
LG-328 |
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No significant mineralization |
LG-106 |
|
51 |
66 |
15 |
10.9 |
|
LG-329 |
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No significant mineralization |
LG-107 |
|
4 |
36 |
32 |
13.3 |
|
LG-330
(2) |
|
114 |
186 |
72 |
22.2 |
LG-109 |
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No
significant mineralization |
|
LG-331 |
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No significant mineralization |
LG-110 |
|
53 |
66 |
12 |
12.8 |
|
LG-332 |
|
109 |
183 |
75 |
9.7 |
|
|
99 |
109 |
10 |
11.5 |
|
LG-333 |
|
97 |
110 |
14 |
11 |
|
|
167 |
185 |
18 |
14.2 |
|
LG-334 |
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No significant mineralization |
LG-111 (2) |
|
24 |
44 |
20 |
12.6 |
|
LG-335 |
|
68 |
93 |
25 |
17.7 |
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|
130 |
144 |
15 |
16.8 |
|
LG-337 |
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No significant mineralization |
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|
176 |
192 |
17 |
12.6 |
|
LG-338 |
|
87 |
110 |
23 |
16.2 |
LG-112 |
|
4 |
38 |
34 |
15.4 |
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|
114 |
148 |
34 |
9.7 |
|
|
42 |
59 |
17 |
10 |
|
LG-339 |
|
88 |
125 |
36 |
14.5 |
LG-113 |
|
116 |
132 |
15 |
12.9 |
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|
LG-114 |
|
59 |
87 |
29 |
12.7 |
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LG-115 |
|
36 |
60 |
25 |
13.9 |
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Table 2 - Most relevant drill results from the GR Zone
(18 drill holes totaling approximately 2,320 meters)
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Drill hole # |
From
(m) |
To
(m) |
Length
(m) 1 |
Graphite
(Cgr %) |
|
Drill hole # |
From
(m) |
To
(m) |
Length
(m) 1 |
Graphite
(Cgr %) |
|
LG-244 |
No significant mineralization |
|
LG-255 |
No significant mineralization |
LG-244 |
No significant mineralization |
|
LG-256
(2) |
57 |
104 |
47 |
10.0 |
LG-244 |
No significant mineralization |
|
LG-257 (2) |
38 |
71 |
32 |
15.9 |
LG-247 |
41 |
69 |
28 |
10.8 |
|
|
90 |
95 |
5 |
18.8 |
|
72 |
99 |
27 |
12.2 |
|
LG-258 |
6 |
20 |
14 |
17.5 |
LG-248 |
11 |
42 |
31 |
20.2 |
|
|
102 |
117 |
15 |
10.2 |
|
80 |
87 |
8 |
13.2 |
|
LG-259 (2) |
6 |
29 |
22 |
11.1 |
LG-249 |
14 |
26 |
13 |
10.0 |
|
|
92 |
102 |
11 |
8.7 |
LG-250 |
92 |
104 |
13 |
9.0 |
|
LG-260 |
42 |
50 |
8 |
10.0 |
LG-251 |
57 |
74 |
17 |
7.3 |
|
|
155 |
167 |
12 |
11.3 |
LG-252 |
42 |
57 |
14 |
15.9 |
|
LG-261 (2) |
86 |
102 |
17 |
17.4 |
LG-253 |
7 |
19 |
12 |
17.9 |
|
|
132 |
152 |
20 |
11.2 |
|
52 |
63 |
11 |
12.7 |
|
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|
LG-254 |
4 |
17 |
13 |
11.8 |
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Notes: |
|
1. |
|
Lengths are measured drill intervals - the true thickness is
not known at this stage; |
|
2. |
|
Mineralization found at end of hole; |
|
3. |
|
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 Consultant to the Company and
a Qualified Person as defined by NI 43-101, has reviewed and
approved the technical information contained in this news
release.
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.
Engagement of Investor Relations Firm
The Company would also like to announce that it
has retained Transcend Resource Group, a full-service Investor
Relations company for a period of three months starting on
March 15, 2013 for a fee of
CAD$5,000/month to help increased the
Company's exposure through its large network of retail and
institutional clients.
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.
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/20130403_C2302_PHOTO_EN_25129.jpg