Graphano Announces Initial Results from Pit Zone at the LAB Graphite Project - Remains Open for Expansion
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Graphano Announces Initial Results from Pit Zone at the LAB Graphite
Project - Remains Open for Expansion
Vancouver, BC, March 20, 2024 - Graphano Energy Ltd. (“Graphano” or the “Company”) (TSX-V:
GEL; OTCQB: GELEF; FSE: 97G0) is pleased to report initial assay results from the 2023 -24 winter
drilling program at its 100% owned Lac Aux Bouleaux (“LAB”) Graphite Property that is situated adjacent
to Canada’s only producing graphite mine in Québec, the Lac des Iles Mine.
The drilling program consisted of 13 drill holes totaling 1,034 metres. The four holes reported in this update
were drilled as infill holes to confirm the historically defined graphite mineralization at the Pit Zone. The
remaining drill program focused on graphite zone expansion, following up the new discovery of Zone 3 in
early 2023 (see news release dated February 8, 2023). Pit Zone and Zone 3 are two of the eight prospective
targets which have been defined on the LAB Property to date.
Luisa Moreno, Chief Executive Officer of the Company, commented: “The LAB Pit Zone holds significant
potential, and once fully assessed, it could play a key role in our expedited approach to bringing the LAB
project to production. We are excited to validate past findings and explore opportunities for growth."
Key Highlights from the LAB Pit Zone (See Full Results in Table 1)
➢ The drilling has verified grade and spatial characteristics of graphite mineralization defined by
historical drilling and correlates well with the 3D geological model being developed for ongoing
Mineral Resource estimation work;
➢ Multiple graphite horizons are present. The mineralization remains open primarily to the north and
east for expansion;
➢ Drill Hole LB23-59 intersected 8.26% graphitic carbon (Cg) over 4.80 metres (m) starting at
41.18m drilled depth;
➢ Drill Hole LB23-58 intersected 5.89% Cg over 5.89m starting at 92.47m drilled depth; and
➢ Drill Hole LB23-56 intersected 6.91% Cg over 4.65m starting at 71.3m drilled depth.
(Note: All intersections reported are based on core length and true width is approximately 85% of the core
length.)
The four holes totaling 360m completed on the Pit Zone were drilled to support and validate the
interpretations forming the current 3D geological solid model being utilized for ongoing Mineral Resource
estimation work. The current drilling intersected stratigraphy and mineralization as expected. The graphite
mineralization in the Pit Zone area occurs as multiple horizons, which remain open primarily to the North
and East for expansion. Assay results from the four holes are presented in Table 1 and drill hole locations
in Figure 1. Further assay results are expected to be released from the LAB Zone 3 drilling in the coming
weeks.
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Table 1 – Drill Hole Results
Hole No. Azimuth Dip Easting Northing From (m) To (m) Thickness
(m) A1 % Cg
Thickness
(m) A1 x %Cg
LB23-56 187 -50 458207 5133996 71.30 75.95 4.65 6.91 32
LB23-57 100 -60 458114 5133981 50 53.2 3.20 3.04 10
LB23-58 240 -60 458285 5133965 92.47 98.36 5.89 5.89 35
LB23-59 270 -66 458301 5133815 41.18 45.98 4.80 8.26 40
Notes:
UTM NAD 83, Zone 18
A 1 Intervals are core length. True width is between 75-85% of the core length.
LAB Graphite Project
PIT ZONE - Exploration Drill Results
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Figure 1 – Map with the location of the drill holes at the LAB Pit Zone
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Select samples from the 1 3 holes drilled from LAB were submitted for assay analysis. A total of 1,034m
were drilled during the program. All drill core samples were sampled, stored, and shipped using industry
best practices and were delivered to Activation Laboratories (“ Actlabs”) in Ancaster, Ontario for sample
preparation and analyses using Actlabs’ Code 4F-C Graphitic, analyzing C-Graphite (infrared) where the
sample is subjected to a multistage furnace treatment to remove all forms of carbon except for graphitic
carbon; and C-Total (infrared). Actlabs is an independent commercial and ISO Certified Laboratory. The
core sample program also included field duplicates, blanks , and a gr aphite standard sample for quality
control and quality assurance (QA/QC) purposes.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Matthew Harrington,
P.Geo, of Mercator Geological Services Ltd. , an “Independent Qualified Person” as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral Projects Projects (“NI 43 -101”), and Roger
Dahn, B.Sc., P.Geo., a director of the Company and a “Qualified Person” as defined in NI 43-101.
About Graphano Energy
Graphano Energy Ltd. is an exploration and development company that is focused on evaluating, acquiring,
and developing energy metals resources from exploration to production.
Graphite is one of the most in -demand technology minerals that is required for a green and sustainable
world. The Company’s Lac Aux Bouleaux Property, situated adjacent to Canada’s only producing graphite
mine, in Quebec, Canada, has historically been an active area for natural graphite. With the demand for
graphite growing in some of the most prominent and cutting -edge industries, such as lithium batt eries in
electric cars and other energy storage technologies, the Company is developing its project to meet the
demands of the future.
ON BEHALF OF THE BOARD OF DIRECTORS
Luisa Moreno
Chief Executive Officer 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.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain “forward -looking information” and “forward -looking statements”
(collectively “forward-looking statements”) within the meaning of applicable securities legislation. All
statements, other than statements of historical fact, included herein, without limitation, relating to future
operations, including exploration, drilling and other activities of Graphano , are forward -looking
statements. Forward -looking statements are frequently, but not always, identified by words such as
“expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar
expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur
or be achieved. Forward-looking statements in this news release relate to, among other things, the role that
the LAB Pit Zone could play in the Company’s expedited approach to bringing the LAB project to
production, potential opportunities for growth, and the timing of the release of further assay results. There
can be no assurance that such statements will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements. Forward -looking statements reflect the
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beliefs, opinions and projections on the date the statements are made and are based upon a number of
assumptions and estimates that, while considered reasonable by Graphano, are inherently subject to
significant business, economic, competitive, political a nd social uncertainties and contingencies. Many
factors, both known and unknown, could cause actual results, performance or achievements to be materially
different from the results, performance or achievements that are or may be expressed or implied by suc h
forward-looking statements and the parties have made assumptions and estimates based on or related to
many of these factors. Such factors include, without limitation, the ability to complete proposed exploration
work, the results of exploration, continued availability of capital, and changes in general economic, market
and business conditions. Readers should not place undue reliance on the forward -looking statements and
information contained in this news release concerning these items. Graphano does not a ssume any
obligation to update the forward -looking statements of beliefs, opinions, projections, or other factors,
should they change, except as required by applicable securities laws. We seek safe harbour.