Mason Graphite Reports High Grade Intercepts in North-East Extension of Lac Gueret; One Hole Intersected 98m at 29.8% Cg Near...
July 29 2014 - 5:21PM
Marketwired Canada
Mason Graphite Inc. ("Mason Graphite" or the "Company") (TSX
VENTURE:LLG)(OTCQX:MGPHF) is pleased to report positive assay results from the
2013-2014 drilling program at its Lac Gueret project in northeastern Quebec. The
drill program consisted of 97 holes totaling 15,108 metres and was designed to
pursue three objectives:
-- to explore for mineral extensions to the North-East and beyond the
defined resource envelope of the GC Zone (18 holes totaling 2,085
metres);
-- to explore for mineral continuity within the defined resource envelope
of the GC Zone (68 holes totaling 11,323 metres); and
-- to conduct exploration drilling on graphite showings on the property
outside the areas where drilling was conducted in the past (11 holes
totaling 1,700 metres).
This press release reports assay results from drilling conducted in the
North-East extension; the remaining drilling results from other areas noted
above will be reported in upcoming communications.
Results Confirm Continuity of N-E Extension in GC Zone
Intercept highlights from the assay results in the North-East extension of the
GC Zone, include:
-- Hole LG-459 intersected 73 metres at 28.5% Cg close to surface (9
metres), including 41 metres at 39.0% Cg;
-- Hole LG-469 intersected 86 metres at 27.8% Cg, including 31 metres at
42.3% Cg;
-- Hole LG-472 intersected 70 metres at 28.8% Cg close to surface (4
metres), including 25 metres at 42.0% Cg;
-- Hole LG-489 intersected 66 metres at 30.0% Cg close to surface (4
metres), including 46 metres at 38.3% Cg;
-- Hole LG-491 intersected 98 metres at 29.8% Cg close to surface (4
metres), including 56 metres at 36.2% Cg.
"We are very encouraged with the results from the North-East extension. This
exploration target is located at the edge of the defined mineral resource, and
adjacent to the pit design from the preliminary economic assessment we completed
in April 2013. These results confirm mineralization near surface with excellent
widths and mineral continuity beyond the current mineral resource boundary."
said Benoit Gascon, President and CEO of Mason Graphite.
Table 1 - Most relevant drill results from the NE Extension (18 holes totaling
approximately 2,085 metres)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Section Drill hole # From (m) To (m) Length(1)(m) % Cg
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1350 LG-460 4 41 37 34.0
------------------------------------------------
incl. 4 32 28 39.8
----------------------------------------------------------------
LG-468 No significant mineralization
----------------------------------------------------------------
LG-469 44 130 86 27.8
------------------------------------------------
incl. 54 85 31 42.3
------------------------------------------------
incl. 105 130 25 30.1
----------------------------------------------------------------
LG-488 108 124 16 14.3
------------------------------------------------
129 140 11 21.0
----------------------------------------------------------------
LG-489 4 70 66 30.0
------------------------------------------------
incl. 6 52 46 38.3
------------------------------------------------
89 106 17 17.2
----------------------------------------------------------------------------
1400 LG-459 9 82 73 28.5
------------------------------------------------
incl. 9 50 41 39.0
----------------------------------------------------------------
LG-466 33 117 84 27.4
------------------------------------------------
incl. 57 93 36 36.1
----------------------------------------------------------------
LG-473 56 77 21 13.8
----------------------------------------------------------------
LG-477 6 43 37 8.2
------------------------------------------------
49 96 47 20.2
------------------------------------------------
incl. 69 90 21 31.7
----------------------------------------------------------------
LG-490 109 127 18 12.8
----------------------------------------------------------------
LG-491 4 102 98 29.8
------------------------------------------------
incl. 11 67 56 36.2
----------------------------------------------------------------------------
1450 LG-456 11 74 63 20.1
----------------------------------------------------------------
LG-472 4 74 70 28.8
------------------------------------------------
incl. 27 72 45 38.9
------------------------------------------------
incl. 27 52 25 42.0
----------------------------------------------------------------
LG-478 4 63 59 18.8
------------------------------------------------
incl. 4 41 37 23.8
----------------------------------------------------------------------------
1500 LG-462 48 55 7 16.7
----------------------------------------------------------------
LG-479 No significant mineralization
----------------------------------------------------------------
LG-492 No significant mineralization
----------------------------------------------------------------
LG-493 4 44 40 13.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes:
1. Lengths are measured drill intervals - the true thicknesses are not
known at this stage;
2. Length figures are rounded to nearest integer for clarity.
Figure 1 - Lac Gueret project map with drill hole locations is available at this
address: http://media3.marketwire.com/docs/959898e_Fig1.pdf
Operational Update and Upcoming Milestones
Mason Graphite has retained the services of Roche Ltee for the calculation of an
updated mineral resource estimate including the results from the 2013/2014
drilling program. The updated block model will be used as an input for the
upcoming feasibility study for the Lac Gueret project.
Also, in preparation for the upcoming feasibility study, the Company has been
working with the metallurgical laboratories, COREM (Quebec City) and URSTM
(Rouyn-Noranda), as well as consulting firm Soutex Inc. (Quebec City) for the
optimization of the concentration process. A mandate was also awarded to
Montreal-based consulting firm Hatch, to conduct trade-off studies and
peripheral studies (hydro-geological and geotechnical) required for the
development of the feasibility study.
A 100-ton bulk sample was collected at the Lac Gueret property in early July for
the upcoming pilot plant test program, which is scheduled to commence this fall
in conjunction with the feasibility study.
About Mason Graphite
Mason Graphite is a Canadian mining company focused on the exploration and
development of its 100% owned Lac Gueret graphite property, located in
northeastern Quebec. The property hosts a National Instrument 43-101 compliant
Mineral Resource featuring 50,024,000 tonnes grading 15.6% Cg, including
6,672,000 tonnes grading 32.4% Cg, in the Measured and Indicated categories and
11,861,000 tonnes grading 17.1% Cg, including 2,637,000 tonnes grading 30.5% Cg,
in the Inferred category (see press release dated December 5, 2013). Excellent
potential exists for further mineral growth. A Preliminary Economic Assessment
study was completed on a 7.6Mt mineral resource estimate from July 2012 which
features 22 years of production at 27.4% Cg and a pre-tax internal rate of
return of 33.7% (see technical report entitled "Technical Report on the Mineral
Resources Estimation Update 2013, Lac Gueret Graphite Project, Quebec, Canada"
issued on January 17, 2014). The Company's senior management team possesses
significant graphite expertise from their experience at Timcal/Imerys, including
Benoit Gascon, CPA, CA, who held executive positions for 20 years, including
over 6 years as President and CEO; Jean L'Heureux, Eng., Executive
Vice-President, Process Development, with over 20 years of experience; and Luc
Veilleux, CPA, CA, Chief Financial Officer and Executive Vice-President, with 8
years of experience. Timcal, now owned by Imerys, is one of the largest graphite
producers in the world.
Qualified Persons / Quality Control and Assurance
Yves Caron, P. Geo., Mason Graphite's Director of Exploration and Geology and a
Qualified Person as defined by National Instrument 43-101, supervised the drill
program and has reviewed and approved geological, scientific and technical
content of this press release.
Jean L'Heureux, Eng., Mason Graphite's Executive Vice-President Process
Development and a Qualified Person as defined by National Instrument 43-101, has
reviewed and approved the metallurgical, scientific and technical content of
this press release.
Analyses for this drilling campaign were carried out by AGAT Laboratories Ltd.
in Mississauga, Ontario, a company independent from Mason Graphite and ISO 17025
certified. A thorough Quality Control and Assurance program (QA/QC) was
exercised, with Mason Graphite inserting one blank, one standards and one
duplicate every 50 samples. Carbon as graphite ("Cg") assays reported in this
press release were obtained by using a LECO instrument following analytical
technique ASTM E1915-07A with a detection limit of 0.01% Cg. Drill holes were
sampled over an average of 1.5 metre intervals.
Stay Connected:
Twitter: @MasonGraphite
Facebook: /MasonGraphite
For more information about Mason Graphite, visit www.masongraphite.com.
Cautionary Statements
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; (x) 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 (xx) 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.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially affected
by environmental, permitting, legal, title, taxation, sociopolitical, marketing,
or other relevant issues.
The quantity and grade of reported inferred mineral resources in this news
release are uncertain in nature and there has been insufficient exploration to
define these inferred mineral resources as indicated or measured mineral
resources and it is uncertain if further exploration will result in upgrading
them to indicated or measured mineral resources.
The PEA is preliminary in nature and includes Inferred Mineral Resources, which
are considered too geologically speculative to have mining and economic
considerations applied to them that would enable them to be categorized as
mineral reserves. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. There is no certainty that the reserves
development, production, and economic forecasts on which the PEA is based will
be realized.
Neither 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
info@masongraphite.com
Simon Marcotte
Vice-President Corporate Development
+1 (416) 861-5822
Benoit Gascon, President & CEO
Head Office (Greater Montreal)
3030 Le Carrefour blvd. Suite 600
Laval QC H7T 2P5
Toronto Office
65 Queen Street West, Suite 800
Toronto, ON M5H 2M5
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