Standard Graphite Begins Resource Drilling at Mousseau East Graphite Deposit in Quebec
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/08/12 -- Standard Graphite Corp. (TSX VENTURE: SGH) (the "Company") SGH is pleased to announce that drilling has commenced on the Mousseau East property. The company is planning a 3000 m diamond drilling program aimed at qualifying and expanding the historical resource as well as exploring for additional potential resources elsewhere on the project.
Standard has contracted MRB & Associates ("MRB") of Val-d'Or, Quebec and P&E Mining Consultants ("P&E") of Toronto, Ontario to produce a NI 43-101 compliant resource estimate on its flagship Mousseau East property, based on the historical work. To validate previous results, a diamond drilling program has been designed to replicate a number of historical diamond drill holes emplaced on the main zone. The planning and execution of the drilling operations, including the logging and sampling of the core, will be carried out under the supervision of MRB. The modeling of the graphite zone(s) and the resource estimate calculation will be completed by P&E, based on the data validated by MRB during the drilling phase.
Standard is also planning additional diamond drilling outside of the main zone targeted at expanding the historical resource along strike and at depth. Previous work during the diamond drill programs completed between 1989 and 1992 has shown that the resource remained opened in every direction and also at depth. The drill holes have been planned to intersect the extension of the current mineralization at shallow depths. Lastly, the program will conclude with the testing of some additional targets that have been highlighted during the airborne geophysical survey and currently being investigated on surface.
Chris Bogart, President and CEO, comments: "This drill program is significant for Standard as it will allow us to confirm and target expansion of the historical resource. Our recent geologic work and interpretations have shown that the potential is excellent both in the direct extension of the current Mousseau body and elsewhere on the property."
The Mousseau East Deposit was discovered in 1983 following the emplacement of a new road in the area north of Ste-Veronique, Quebec. Systematic exploration was carried out by Graphicor between 1989 and 1993 with property-scale electromagnetic geophysical surveys along cut grids, and exploration and definition drilling, leading to resource estimates. The preliminary evaluation of the mining potential was based on resource estimates calculated internally in 1992 by Graphicor Resources for the levels comprised between surface and -40 metres. This estimate was further verified and validated independently by Derry, Michener, Booth and Wahl (DMB&W), now based in Vancouver. The historical non-NI 43-101 compliant estimates quoted are presented in the table below.
Mousseau East Deposit
Historical Resource Estimates
---------------------------------------------------------------------------
Category
---------------------------------------------------------------------------
Proven Probable Possible
--------- ------------------ ------------------ ------------------
Grade Grade Grade
Tonnes (% Cg) Tonnes (% Cg) Tonnes (% Cg)
---------------------------------------------------------------------------
Graphicor 598,480 8.29 219,450 8.13 288,760 7.85
---------------------------------------------------------------------------
DMB&W 578,500 8.02 528,080 8.28
---------------------------------------------------------------------------
A qualified person has not completed the work necessary to verify the historical estimates as mineral reserves or resource for purposes of NI 43-101. The Company is not treating the historical mineral resource estimates as NI 43-101 defined current resources or reserves. The historical estimates should not be relied upon. This property will require considerable further evaluation, which Standard's management and consultants intend to carry out in due course.
Antoine Fournier, P.Geo., manages Standard's exploration and development programs and is the Qualified Person as defined by National Instrument 43-101. He supervised the preparation of the technical information in this release.
About Standard Graphite
Standard Graphite Corp is focused exclusively on the exploration and development of a large portfolio of flake graphite properties in Canada. The company is rapidly positioning itself as North America's premier pure-play graphite exploration company and it controls 100% interest in 13 highly prospective graphite properties within known graphite districts in both Quebec and Ontario. An aggressive 2012 exploration strategy has commenced and will be implemented by a geologic team with the pedigree of a previous world-class graphite discovery.
ON BEHALF OF THE BOARD
Chris Bogart, President & CEO
Cautionary Statement:
The foregoing information may contain forward-looking statements relating to the future performance of Standard Graphite Corp. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Standard Graphite Corp.'s filings with the appropriate securities commissions.
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.
Contacts:
Standard Graphite Corporation
Chris Bogart
President & CEO
(604) 683-2509
(604) 683-2506 (FAX)
info@standardgraphite.com
www.standardgraphite.com
G2 Consultants Corp.
Investor Inquiries
NA Toll-Free: (866) 742-9990 or (604) 742-9990
info@g2consultants.com