Galaxy Graphite Corp. Reports Drill Results From SUN Graphite Project, Quebec
18.01.2013 | Marketwire
VANCOUVER, 01/18/13 - Galaxy Graphite Corp. (TSX VENTURE: GXY) (the "Company" or "Galaxy") is pleased to announce that it has received all assay results from its Fall 2012 drill program on the SUN Graphite project in Quebec. Drilling has outlined two zones of prospective graphite mineralization, each covering a strike length of at least 400 meters, up to 10 meters in width with average graphite contents ranging from 1 to 3%.The drill program totaled 1525m in 16 holes, evenly split between the West and East zones. The drilling was carried out by Forage Val d'Or, and the field program was managed by Consul-Teck Exploration Inc. of Val d'Or, QC. All samples were analyzed for graphite content at Acme Metallurgical Labs in Vancouver.
Full results of the drilling are shown in the following table:
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Total Collar Collar
Hole # Zone depth Dip Azimuth From To Length %Cg
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SG-12-01 West 103.00 -50.00 340.00 48.00 56.07 8.07 1.29
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SG-12-02 West 75.00 -50.00 160.00 3.70 7.40 3.70 1.09
and 61.92 63.92 2.00 1.13
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SG-12-03 West 102.00 -50.00 160.00 No significant assays
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SG-12-04 West 75.00 -50.00 160.00 27.95 32.00 4.05 1.70
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SG-12-05 West 102.00 -50.00 160.00 59.05 60.05 1.00 2.49
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SG-12-06 West 75.00 -50.00 160.00 13.55 21.70 8.15 2.07
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SG-12-07 West 102.00 -50.00 160.00 47.70 52.50 4.80 1.02
and 65.20 70.11 4.91 1.31
and 72.00 78.50 6.50 1.73
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SG-12-08 West 75.00 -50.00 160.00 18.45 28.95 10.50 1.32
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SG-12-09 East 102.00 -50.00 160.00 58.00 61.40 3.40 1.33
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SG-12-10 East 102.00 -50.00 160.00 No significant assays
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SG-12-11 East 102.00 -50.00 160.00 No significant assays
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SG-12-12 East 102.00 -50.00 160.00 87.00 89.50 2.50 1.24
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SG-12-13 East 102.00 -50.00 160.00 11.25 20.25 9.00 1.23
and 32.25 36.75 4.50 1.70
and 80.10 83.10 3.00 1.47
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SG-12-14 East 102.00 -50.00 160.00 7.50 10.50 3.00 1.53
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SG-12-15 East 102.00 -50.00 160.00 18.00 21.00 3.00 1.50
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SG-12-16 East 102.00 -50.00 340.00 5.00 6.00 1.00 3.41
and 32.00 41.50 9.50 1.14
and 57.00 60.62 3.62 1.26
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Sun Graphite Property, Quebec:
The Sun Graphite property consists of 4,200 hectares, located approximately 145 km by road, north of Baie-Comeau, QC. The property is owned 100% by Galaxy [wp=2168]Graphite Corp.[/wp] The claim block hosts multiple targets for large flake graphite, initially identified by Outokumpu Mines Inc. in 1998, looking for base metal mineralization.
The property is located within the Central Metasedimentary Belt of the Grenville Province of the Canadian Shield. This geological province is characterized by a high level of metamorphism, critical in the development of coarse flake graphite. This metamorphism is believed to have occurred approximately one billion years ago.
Within the property boundary, in excess of 25 km of conductive horizons were identified from the airborne survey. All of this may be considered prospective for graphite mineralization.
Galaxy has an option to earn a 100-per-cent interest in the Sun Graphite Property from Zimtu Capital Corp. and three of their prospecting partners by making the following payments and issuing the following common shares to the vendors: i) $15,000 upon signing the letter agreement (paid), ii) $15,000 and 1,000,000 common shares on receipt of the TSX Venture Exchange ("TSX-V") acceptance of the agreement (paid), iii) $30,000 and 500,000 common shares fourteen months from TSX-V acceptance, iv) $40,000 and 500,000 common shares 24 months from TSX-V acceptance. During the period which is 12 months from the date of TSX-V acceptance, Galaxy Graphite Corp. will complete a minimum of C$150,000 of exploration on the Property (completed). The vendors will retain a 2-per-cent net milling royalty on the property, 1% of which can be purchased by Galaxy for C$1,000,000.
About Galaxy
Galaxy Graphite Corp. (TSX VENTURE: GXY) is a publicly traded Canadian exploration company which is focused on exploring and developing graphite properties, especially in the Grenville geological province in eastern Canada. In addition, the company is exploring a highly prospective gold property in northeastern Saskatchewan, Brownell Lake.
Jean-Sebastien Lavallee (OCG #773), a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD
Chris M. Healey
President and CEO
We seek safe harbor.
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.
Contacts:
Galaxy Graphite Corp.
Chris M. Healey, President and CEO
(604) 921-1810
(604) 921-1898 (FAX)