Saint Jean Files NI 43-101 Technical Report on the Walker Graphite
Property in Quebec
OAKVILLE, ONTARIO--(Marketwired - Apr 24, 2014) - Saint Jean
Carbon Inc. ("Saint Jean" or the "Company") (TSX-VENTURE:SJL) is
pleased to report that it has filed a National Instrument 43-101
("NI 43-101") technical report describing the exploration work and
graphite potential related to the Walker graphite property.
The independent technical report, entitled "Technical Report on
the Walker Graphite Property, Buckingham Township, Quebec, Canada"
(the "Technical Report"), dated April 17, 2014 was prepared for
Saint Jean by Mrs. Isabelle Robillard, Geo, M.Sc., QP, the
Company's geologist and an associate of Inlandsis Consultants from
Montreal. The Technical Report is available under the Company's
profile on SEDAR at www.sedar.com and on the Company's website at
www.saintjeancarbon.com.
Paul Ogilvie, CEO of Saint Jean commented: "We are delighted to
be able to provide this initial Walker NI 43-101 to our
shareholders and investors. It provides all of our stakeholders and
Saint Jean with a defined exploration program for 2014 and we look
forward to commencing the recommended work with Isabelle Robillard
and our management team. The report represents one more systematic
step forward in the execution of our development plans for all of
our Quebec hydrothermal vein graphite properties. We look forward
to providing further updates on all properties as the work
proceeds".
Report Summary
The key elements of the NI 43-110 for the Walker Property are
summarized in the brief points that follow:
- The Walker Mine was a past graphite producer with about 816
tons of graphite extracted between 1876 and 1906 in both the
disseminated and vein type form. Mined work at the former Walker
Mine consisted of shafts and openings and a concentrating plant
that was reconditioned and put in operation in 1888. Mining work at
the Walker mine resulted in 30 pits scattered over the property,
most of them being small openings and a Main Pit located some 300m
west of the mill. The Main Pit contained beds of disseminated
graphite that were mined from an adit followed by a drift that
reached 22m and stoped out to form a chamber 22m long and 4.5m
wide. About 100 tons of vein type graphite was extracted from the
site.
- The property is found in the Central Metasedimentary Belt (CMB)
of the Grenville geological Province, with regional metamorphism
reaching upper amphibolite grade and granulite facies locally. The
Walker Property is mostly overlain by a sillimanite-garnet gneiss
that corresponded to the Grenville Series (Wilson 1920). Minor
metasedimentary units, such as marbles and metsomatized marbles
(skarns) extending northeast southwest are scattered throughout the
property. These rocks were distinguished from younger intrusive
rocks: syenite, diorite gabbros, pyroxenite, granite and pegmatite
that belonged to the Buckingham Series.
- Exploration work was undertaken during the summer and fall of
2013. Remnants of graphite vein from a historic mined pit was
assayed in Actlabs and returned a concentration of 89.5%Cg. The
same material was submitted to purification test and achieved
upgraded concentration 97.3%Cg after a first program of grinding
and flotation stages and with caustic leaching process. This
initial concentration was further increased up to 99%C after an
additional series of tests. In October 2013, a beep mat survey was
undertaken over an area of 600m by 500m centered over the mined
graphite vein area. The survey resulted in about 20 conductive
anomalies distributed in two distinct clusters located in the
northwest and northeast corner of the surveyed grid. Graphite veins
hosted in pegmatite or silicified rocks were found under some of
the strong beep mat anomalies.
- The new report recommends an exploration program (the "Work
Program") with the following steps: (1) perform a detailed
geophysical survey to confirm and complete historical data along
with trenches to validate recorded anomalies, and; (2) undertake a
short drilling program of 150m to verify the best targets revealed
by the geophysical survey and the trenching program. A detailed
budget is included in the report including which proposes an amount
of $83,150 for Phase I, and which includes follow-up target testing
and airborne TDEM geophysics. The report also outlines an amount of
$135,000 for Phase II for drill-testing the resulting anomalies,
and contingent on significant conductive axis resulting from Phase
I.
Conclusion
Mrs. Isabelle Robillard, the Company's geologist, P. Geo., and
Qualified Person, reviewed and approved this release and commented:
"Establishment of a NI 43-101 mineral resource estimate is a very
important step forward in advancing the Walker Project. These
results describe the economic potential of graphite vein
occurrences at Walker Property. This top-quality graphite will help
develop the property since it will allow access to high-value
markets possibilities. We intend to proceed with the program
recommended in the Technical Report as soon as Saint Jean is ready
to proceed. Now that the weather has improved in the Walker area we
do not anticipate any problems with access to the site or ground
work. It will be an exciting process to review this past producer
and expand on the preliminary work done in August of 2013."
The Company notes that until such time as a complete feasibility
study has been completed and economic viability established, there
is no certainty that it will be able to develop the Quebec
properties as planned or compete in the graphite marketplace. The
Company does look forward to completing all advanced assessment
work on the properties and providing key updates as information
becomes available.
About Saint Jean
Saint Jean is a publicly traded junior mining exploration
company with a number of mining claims. The Walker property
consists of 4 claims covering the past mine and 15 claims covering
interesting geological context for more graphite mineralization in
the region around the deposit, which is located 40 km north-east of
Ottawa. The Saint Jovite graphite property is located 8.5 km
south-south-east of the village of Brebeuf in the Laurentian region
is approximately 153 km northwest of Montreal. It consists of 4
claims. The Wallingford graphite property is located 10 km north of
Buckingham village in the Central Metasedimentary Belt of the
Grenville geological Province, some 182 km west of Montreal. It
consists of two mining claims.
The Mount Copeland molybdenum deposit lies within metamorphic
rocks flanking the southern margin of Frenchman Cap Dome, 32
kilometers northwest of Revelstoke, British Columbia (the "Mount
Copeland Property"). The Fort-Eden copper property is comprised of
18 mineral tenures that total 2,828.6 hectares in area. The mineral
claims are located 100 km west of Fort St. James, BC (the "Fort
Eden Property"). The Red Bird deposit is comprised of three zones
of molybdenum concentration referred to as the Main, Southeast and
Southwest zones within a property totaling 1,836 ha (4,400 acres)
and is located 133 km southwest of Burns Lake and 105 km north of
Bella Coola (the "Red Bird Property"). The Company plans to divest
(the "Divestitures") each of the Mount Copeland Property, the Fort
Eden Property and the Red Bird Property through a sale or joint
venture, thus allowing it to focus on building a graphite mining
company. Additionally, Saint Jean expects to acquire a further new
lump graphite properties in Quebec (the "Clot, Acquisition") and
the previously announced new lump graphite properties in Sri Lanka
from Han Tal Graphite (Pvt) Ltd. (the "Han Acquisition" and
together with the Clot Acquisition, the "Acquisitions") in
furtherance of its new focus.
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.
FORWARD LOOKING STATEMENTS: This news release
contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Saint Jean's business
and affairs. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does
not expect", "intends" "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" 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". Such forward-looking statements include those with
respect to obtaining financing sufficient to fund the Work Program,
determining the final budget necessary to carry out the Work
Program, commencing work as expected and the availability of the
management team in respect thereof, allocating funds to the Work
Program as expected, carrying out the elements of the Work Program
as expected, results of the Work Program providing the information
and data anticipated, carrying out the testing and assaying,
preparing pre and/or full feasibility studies, expectations of
product quality, grade and operating economics of the Company's
graphite properties, the Company's ability to complete the
Divestitures and Acquisitions, and become a graphite producing
company.
These forward-looking statements are based on current
expectations, and are naturally subject to uncertainty and changes
in circumstances that may cause actual results to differ
materially.
Although Saint Jean believes that the expectations
represented in such forward-looking statements are reasonable,
there can be no assurance that these expectations will prove to be
correct. There are risks which could affect Saint Jean's future
results and could cause the results to differ materially from those
expressed in these forward-looking statements including negotiation
failure or delay, the impact of general economic conditions in
Canada and globally and the risk that they will deteriorate,
industry conditions, including fluctuations in the price of
supplies and the risk that they will increase, that required
consents and approvals from regulatory authorities will not be
obtained and the liabilities and risks inherent in Company's
operations.
Statements of past performance should not be construed as an
indication of future performance. Forward-looking statements
involve significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors, including those discussed
above, could cause actual results to differ materially from the
results discussed in the forward-looking statements. Any such
forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
All of the forward-looking statements made in this press
release are qualified by these cautionary statements. Readers are
cautioned not to place undue reliance on such forward-looking
statements. Forward-looking information is provided as of the date
of this press release, and Saint Jean assumes no obligation to
update or revise them to reflect new events or circumstances,
except as may be required under applicable securities
laws.
To view the Remnants of Graphite Veins 1, please visit the
following link:
http://media3.marketwire.com/docs/SJL-Veins1.jpg.
Saint Jean Carbon Inc.Laurie McCarneyDirector of Corporate
Communications(905) 844-1200 ext:
305lmccarney@saintjeancarbon.comwww.saintjeancarbon.com
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