Saint Jean Files NI 43-101 Technical Report on the Clot Graphite Property in Quebec
OAKVILLE, ONTARIO--(Marketwired - Jun 1, 2015) - 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 Clot graphite property.
The independent technical report, entitled "Technical Report on the Clot Graphite Property, located, in Joly Township, about 150 km northwest of Montreal in the province of Quebec, Canada" (the "Technical Report"), dated May 18, 2015 was prepared for Saint Jean by Dr. Christian Derosier, P. Geo., M.Sc., D.Sc., the Company's geologist from Quebec. 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 pleased to provide our shareholders with Dr. Derosier's review of the Clot property, as well as his recommendations that the property merits further development and exploration work. We have remained optimistic on the Clot property since its initial acquisition due to the clear evidence that lump graphite was successfully mined in the past. Its proximity to our other projects such as the Walker Mine is further encouragement and support for continued work on developing the property. Accordingly, we look forward to proceeding with Dr. Derosier's development program as soon as possible".
Report Summary
Saint Jean Carbon Inc. owns 100% of the Clot Graphite Project. The property is located, in Joly Township, about 150 km northwest of Montreal. At present it consists of five (5) claims which covers an area of about 297.35 hectares (ha) (735 acres); three (3) additional claims in demand which will be transferred to the Company as soon as the M.E.R.N.Q. has approved the attribution; and one additional claim which is being transferred from 9228-6202 Quebec Inc. The four new claims will add an area of 237.88 ha (588 acres) to the Clot graphite property, bringing the total area of the property to 535.23 ha (1,323 acres).
The Clot graphite property has been the subject of a series of artisanal mining efforts since the early part of the 20th Century. Over the course of those efforts approximately 1,000 tons of lump graphite has been mined and shipped to customers in Canada and the US. The geographic area within which Clot exists has been the subject of a broad range of graphite development, including projects such as the Asbury Mine in Notre-Dame-du-Laus and the Lac-des-Iles Mine south of Mont-Laurier.
On the basis of this historical review, Dr. Derosier notes in his report that the "property represents a highly prospective area due to the geological context". The report continues this comment by noting that the property merits additional work to bring it to a production level. The recommended first steps in this process are a complete three-phase, success-contingent exploration program. The three phases are designed to explore the east portion of the Labelle Deformation Zone (LDZ) which covers the property, from surface down to the -200 m level over the entire marble and gneiss formations; to verify and qualify the historical mineral resources included in the metamorphosed envelope; and to confirm the geophysical anomalies reported by surveys done in 1955 and 1982.
Brief Summary of Each Phase
Phase I: This surface exploration program will consist of a helicopter-borne survey, line cutting, geological mapping, magnetometric and electromagnetic surveys, stripping, trenching and pitting. This phase is estimated to cost approximately $90,600.00.
Phase II: This phase will consist of a drilling program planned for the verification of the geophysical anomalies and geological targets discovered following Phase I. This second phase is estimated to cost approximately $204,200.00.
Phase III will comprise some metallurgical testing to verify the quality of the mineralization and the best manner to purify it. A complete NI 43-101 compliant report will be produced at the end of the program. The cost is estimated to $ 35,000.00.
The total budget of the three-phase exploration program with the administration and contingencies is estimated to be approximately $395,800.00.
Conclusion
Dr. Derosier, the Company's geologist, P. Geo., and Qualified Person, reviewed and approved this release and commented: "It has been a pleasure working with the team at Saint Jean Carbon in preparing this report on the Clot property. As my report indicates I believe additional development work is justified and look forward to assisting the Company as it implements the exploration programs I've proposed".
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 graphite mining claims on five 100% Company-owned properties located in the province of Quebec in Canada. The five properties include the Walker property, a past producing mine, the Wallingford property, the St. Jovite property, East Miller and Clot Property. The Company also holds the Page graphite property in Ontario. The Company is led by a management team with in-depth experience in the graphite sector. For information on Saint Jean's other properties and the latest news please go to the website.
On Behalf of the Board of Directors
Saint Jean Carbon Inc.
Paul Ogilvie CEO and Director
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.
Contact
Saint Jean Carbon Inc.
Laurie McCarney
Director of Corporate Communications
(905) 844-1200
info@saintjeancarbon.com
www.saintjeancarbon.com