Graphite Corp. Reviews Data Indicating Over 7M Ton Resource on Alabama Property
28.11.2012 | Marketwire
Historic Data Recommends "Aggressive Exploration" With Increased Results AnticipatedELKO, 11/28/12 - Graphite Corp. (OTCQB: GRPH) ("Graphite Corp." or the "Company"), an exploration stage company focused on the evaluation, acquisition and development of domestic graphite mining opportunities, is pleased to announce its initial findings from a compilation study of official records and related data that the Company's geological consulting staff have recently undertaken.
The historic data for the Company's Clay County, Alabama graphite property indicates a resource potential of 4.363 million measured tons of weathered material and 2.802 million indicated tons of un-weathered material for a total of 7.165 million tons combined.
The findings are derived from government records and other historic sources of information relating to the property based on a period of activity when a number of mines on Graphite Corp's Clay County block were engaged in ongoing exploration and production.
The data compilation was chiefly extracted from US Bureau of Mines reports during an era when access to foreign sources of graphite was cut off. In summary, 4,363,000 tons of friable, easily minable and processible weathered graphite schist was determined to exist in six of the seven deposits known to exist on the property. In addition, a further 2,802,000 tons of non-weathered graphitic schist was outlined on the property, for a total resource of over 7 million tons of mineralized material known to-date.
The results below are not currently conclusive with respect to all resources that can be reasonably expected to be found on the property as the Bureau of Mines Geologists at the time made recommendations for continued aggressive exploration at several locations on the property. It is noted that the focus of earlier exploration was totally geared only towards the weathered schist, and the Company believes it probable that the un-weathered resource could increase considerably through the application of modern exploration techniques.
Deposit Measured Indicated
Weathered Un-Weathered
Grand
Grade A Grade B Grade C Total Totals
tons tons tons tons tons tons
Quenelda 499,000 103,000 1,009,000 1,611,000 996,000 2,607,000
CB Allen 337,000 172,000 58,000 567,000 182,000 749,000
Eagle 165,000 631,000 796,000 510,000 1,306,000
Superior 123,000 248,000 638,000 1,009,000 864,000 1,873,000
Crucible 380,000 380,000 250,000 630,000
------------------------------ ---------- ------------- ----------
Totals 959,000 1,068,000 2,336,000 4,363,000 2,802,000 7,165,000
Grade A: > - 15 lbs +50 mesh graphite per ton/ore >85% C
Grade B: 10 - 15 lbs +50 mesh graphite per ton/ore >85% C
Grade C: 5 - 10 lbs +50 mesh graphite per ton/ore >85% C
Company President Brian Goss states, "The information we are providing today is historic data and should not be considered a definitive resource assessment and the public should take this into account. However, given its provenance as US Bureau of Mines data, we feel strongly that the indicated figures are noteworthy and extremely promising. We look forward to increasing our efforts in the field in order to rapidly develop a comprehensive study aimed at validating the current data, expanding our resource assessment and to ensure acceptance by modern regulatory obligations in order to best serve our growing number of stakeholders."
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit our website at www.graphite-corp.com and ensure you view our corporate video at: www.graphite-corp.com/investors/presentations.
About Graphite Corp. (OTCQB: GRPH)
Graphite Corp. is a publicly traded Elko, Nevada-based resource exploration stage company focused on the evaluation and development of graphite based deposits within the United States. The Company is positioning itself to emerge as a leading pure-play exploration company through the development of its current strategic land positions in Alabama and Montana straddling the heartland of America's most significant graphite resources. The Company's experienced geological team continues to pursue additional prospective graphite, precious metal, and rare earth opportunities to advance and develop into strategic assets that increase shareholder value. For more information, visit our website at www.graphite-corp.com
Note Regarding Forward-Looking Statements
This release contains forward-looking statements that reflect the Company's plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "probable," "believe," "forecast," "objective," "plan," "goal" and similar expressions including references to historic data are used to identify forward-looking statements representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
Contact:
GRPH Investor Relations
Phone: +1-888-278-7140
Email: investors@graphite-corp.com
Website: www.graphite-corp.com