MONTREAL, QUEBEC–(Marketwired – July 19, 2017) – SRG GRAPHITE INC. (TSX VENTURE:SRG) (“SRG” or the “Company”) today announced drilling results, which continue to expand the potential of the Company’s Lola Graphite project in Eastern Guinea, West Africa. Assay results from 27 boreholes continue to confirm the high-grade potential of the Lola Graphite deposit with ten intercepts grading above 10% graphitic carbon (“Cg”). Composite results are shown in Table 1.
Highlights:
- Surface weathered profile thicknesses are 32% thicker than the initially estimated 20 meters
- Borehole LL45-011373 returned 31 meters grading 5.76% Cg, including 14.67 meters at 9.80% Cg
- Borehole LL44-768470 returned 13 meters grading 14.22% Cg, including 4.50 meters at 36.97% Cg
- Borehole LL45-011592 returned 19 meters grading 7.2% Cg, including 7.00 meters at 14.80% Cg
The current drilling program aims at producing the first mineral estimates for the property’s surface weathered profile, which will be included in a preliminary economic assessment scheduled for Q4 2017. The weathered profile is approximately 32% thicker than the Company’s initial estimate of 20 meters, with several holes demonstrating thicknesses of up to 50 meters. The drilling program will cover approximately 16% of the total surface area of deposit as defined by geological mapping, a geophysical Max-Min survey and previous drilling and pitting.
“Drill results continue to reaffirm our belief in the quality of this remarkable graphite asset,” stated Dr. Marc-Antoine Audet, President and Chief Executive Officer, SRG.
Table 1: Composite Results
The following table presents a summary of the 27 drill hole results. Mineralized intervals were defined using 1.0% Cg cut-off grades (“cog”).
| HOLE-ID | FROM (m) |
LENGTH (m) |
CG (%) |
|
| LL44-768470 | 23.00 | 13.00 | 14.22 | |
| Including1 | 4.50 | 36.97 | ||
| LL45-028438 | 0.00 | 26.50 | 5.09 | |
| Including1 | 10.50 | 8.00 | ||
| Including2 | 3.00 | 10.90 | ||
| LL45-052446 | 0.00 | 34.50 | 3.16 | |
| Including1 | 4.50 | 10.70 | ||
| Including2 | 1.50 | 17.10 | ||
| LL45-070451 | 0.00 | 39.00 | 3.34 | |
| Including1 | 9.00 | 6.20 | ||
| LL45-011373 | 3.00 | 31.00 | 5.76 | |
| Including1 | 14.67 | 9.80 | ||
| Including2 | 5.00 | 16.32 | ||
| LL45-094198 | 0.00 | 33.00 | 4.30 | |
| Including1 | 9.50 | 9.00 | ||
| Including2 | 3.50 | 12.41 | ||
| LL45-112206 | 0.00 | 34.50 | 5.36 | |
| Including1 | 21.75 | 7.60 | ||
| Including2 | 1.00 | 10.90 | ||
| Including2 | 1.00 | 18.50 | ||
| LL45-131212 | 0.00 | 22.70 | 4.56 | |
| Including1 | 9.00 | 6.60 | ||
| LL45-148219 | 0.00 | 15.00 | 5.33 | |
| Including1 | 9.00 | 7.50 | ||
| Including2 | 1.50 | 11.40 | ||
| Including2 | 1.50 | 11.20 | ||
| LL44-782476 | 3.00 | 18.00 | 2.17 | |
| Including1 | 1.35 | 10.50 | ||
| LL45-033503 | 0.00 | 23.60 | 2.65 | |
| LL45-075510 | 0.00 | 24.50 | 5.38 | |
| Including1 | 6.50 | 12.09 | ||
| LL45-004489 | 9.00 | 17.50 | 4.88 | |
| LL45-002536 | 7.50 | 24.00 | 6.82 | |
| LL45-174598 | 1.50 | 19.50 | 4.34 | |
| LL45-181651 | 1.50 | 16.60 | 5.09 | |
| LL45-162645 | 16.50 | 13.00 | 6.25 | |
| LL45-105625 | 12.00 | 7.50 | 4.68 | |
| LL45-067612 | 15.00 | 13.90 | 4.91 | |
| LL45-011592 | 3.00 | 19.00 | 7.02 | |
| Including1 | 7.00 | 14.46 | ||
| LL45-030598 | 3.00 | 27.00 | 2.53 | |
| LL45-170756 | 0.00 | 14.50 | 5.66 | |
| LL47-796005 | 0.00 | 27.00 | 3.65 | |
| LL48-015012 | 0.00 | 24.30 | 7.27 | |
| LL48-033019 | 0.00 | 23.00 | 3.76 | |
| Including1 | 9.00 | 4.74 | ||
| Including1 | 2.50 | 7.64 | ||
| LL48-052026 | 4.00 | 20.00 | 4.97 | |
| LL48-071033 | 0.00 | 16.50 | 3.41 | |
| 1 | 3% Cg cog. |
| 2 | 10% Cg cog. |
The Lola Graphite Project is 100% owned by Sama Resources Guinea SARL, a fully owned subsidiary of the Company. The Graphite Project is located near the town of Lola in eastern Guinea and within 50 km from the border with Côte d’Ivoire.
Core logging and sampling was performed at SRG’s facility in the Lola village. Sample preparations were performed at Veritas Laboratory in Abidjan, Ivory Coast. Sample pulps were delivered to Activation Laboratories Ltd., Ancaster, Ontario, Canada. The samples were treated through a multistage furnace process to remove organic carbon and carbonate carbon. The remaining graphitic carbon was measured as carbon dioxide in the infrared (“IR“) cell as gases flow through the cell. Carbon dioxide absorbs IR energy at a precise wavelength within the IR spectrum. All analysis were performed using Eltra instruments.
About SRG Graphite Inc. (SRG)
SRG is a Canadian-based company focused on developing the Lola Graphite deposit, located in the Republic of Guinea, West Africa. SRG is committed to operate in a socially, environmentally and ethically responsible manner.
For additional information, please visit SRG’s website at www.srggraphite.com.
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.
Forward-Looking Statements
Certain of the statements made and information contained herein are “forward-looking statements” within the meaning of Canadian securities legislation or “forward-looking information” within the meaning of the Ontario Securities Act and the Securities Act (British Columbia). This includes statements concerning the Company’s plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to vary or be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or forward-looking information. Information regarding drilling results may also be deemed to be forward-looking statements or forward-looking information in that they reflect a prediction of what may be found to be present when and if a project is actually developed.
Forward-looking statements and forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties.
In addition, forward-looking statements and forward-looking information are based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.
Dr. Marc-Antoine Audet
President & CEO
(514) 726-4158
ceo@srggraphite.com