Graphite One Completes 2022 Field Program with 2,090m of drilling for the Feasibility Study 2 Kilometer Step Out from Known Resource Encounters Graphite Mineralization
Graphite One Completes 2022 Field Program with 2,090m of drilling
for the Feasibility Study
2 Kilometer Step Out from Known Resource Encounters Graphite Mineralization
VANCOUVER, BC
,
Oct. 6, 2022
/CNW/ - Graphite One Inc. (TSX
V: GPH) (OTCQX: GPHOF) ("Graphite One" or the "Company") is pleased to
announce it has completed the 2022 Field Program at its 100%-owned Graphite Creek Project in Alaska. The 2022 Field Program included infill and
step-out core drilling in the resource area. Additional core and sonic drilling were completed for geotechnical data collection at the proposed mill site,
planned dry tailings/waste rock storage areas and the access route.
A total of 2,090 meters were drilled during the 2022 Field Program, including infill drilling and exploration drilling on the geophysical anomaly. Core
drilling in the deposit area continued to encounter visible graphitic mineralization over wide intervals consistent with previous drilling results as reported in
2021 and as detailed in the press release of
August 29, 2022
regarding Graphite One's 2022 Pre-Feasibility Study ("PFS"), which will be incorporated
in a National Instrument 43-101 technical report posted at the Company's website and filed on SEDAR under the Company's profile at
www.sedar.com
on
October 13
, 2022.
"With only 7% of our 16 km geophysical anomaly incorporated in the PFS, which shows a pre-tax NPV of
US$1.9 billion
, our 2022 Field Program gives
us confidence the Graphite Creek Project is truly a generational strategic resource," said
Anthony Huston
, CEO of Graphite One. "It is anticipated that
the 2022 summer drilling program data will be incorporated when the Company is in a position to file a feasibility study to advance Graphite Creek
during this critical time of under supply for U.S. strategic materials such as graphite."
The drill results for the 2022 Field Program will be released when data analysis is completed.
The 2022 Field Program activities included:
Completion of geotechnical drilling on the proposed access route
Ongoing Baseline environmental studies including:
Raptor surveys
Freshwater fishery surveys
Imuruk Basin water quality and Basin fishery surveys
Stream flow surveys
Pit water quality testing
Waste/Ore Humidity Cell testing
Installation of weather stations
Increasing the Graphite Creek field camp capacity from 24 to 60 persons
In addition, Graphite One representatives conducted community engagement meetings and subsistence advisory committee meetings.
Mr.
Robert Retherford
, P.Geo. with Alaska Earth Sciences, provided technical review for the 2022 Field Program. Mr. Retherford is a Qualified Person
as defined under NI 43-101 and has reviewed and approved the technical content of this release.
Graphite One's Supply Chain Strategy
With the United States currently 100 per cent import dependent for natural graphite, Graphite One is planning to develop a complete U.S.-based,
advanced graphite supply chain solution anchored by the Graphite Creek resource near Nome, Alaska. The Graphite One project plan is anticipated to
include an advanced graphite material and battery anode manufacturing plant expected to be sited in Washington State. The plan also includes a
recycling facility to reclaim graphite and other battery materials, to be co-located at the Washington State site, the third link in Graphite One's circular
economy strategy.
As announced on
March 7, 2022
1
, Graphite One's Graphite Creek resource in
Alaska
has been cited as the largest known graphite deposit in
the
United States
by the U.S. Geological Survey (USGS) in its updated U.S. Mineral Deposit Database (USMIN).
The USGS report confirms Alaska Governor Mike Dunleavy's statement in support of Graphite One's designation as a U.S. government high-priority
infrastructure project, stating, "Graphite Creek is the largest deposit of graphite in the nation and would be a superior domestic supply of this critical
mineral.
About Graphite One Inc.
GRAPHITE ONE INC. (GPH: TSX
V; GPHOF: OTCQX) is focused on developing its Graphite One Project (the "Project"), aimed at making the
Company the dominant American producer of high-grade battery anode materials integrated with a domestic graphite resource. The Project is
envisioned as a vertically integrated enterprise to mine, process, manufacture and recycle high grade anode materials primarily for the lithium-ion
electric vehicle battery market. Graphite mined from the Company's Graphite Creek Property, located on the
Seward Peninsula
about 60 kilometers
north of
Nome, Alaska
(the "Property"), would be processed into concentrate at an adjacent plant. The concentrate and other materials would be
transformed into graphite anode materials and other value added graphite products at the Company's proposed advanced graphite materials
manufacturing facility to be located in
Washington State
. The Company intends to make a production decision on the Project upon completion of a
Feasibility Study.
_________________________
1
https://www.graphiteoneinc.com/u-s-government-cites-graphite-ones-graphite-creek-as-the-largest-graphite-deposit-in-the-united-states/
On Behalf of the Board of Directors
"Anthony Huston" (signed)
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
This release includes certain statements that may be deemed to be forward-looking statements. All statements in this release, other than statements
of historical facts, including the outcome of data analysis on the drill results for the 2022 Field Program, the timing of completion of a feasibility
study, adequate funding in place to continue as a going concern and to complete a feasibility study, continue receipt of regulatory approvals,
exploration drilling, exploitation activities, future production, establishment of a processing plant, and events or developments that the Company
expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from
those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits,
licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and
exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned not to
place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company
undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more
information on the Company, investors should review the Company's continuous disclosure filings that are available at
www.sedar.com
.
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For further information:
on Graphite One Inc., please visit the Company's website, www.GraphiteOneInc.com or contact: Anthony Huston, CEO,
President & Director, Tel: (604) 889-4251, Email: [email protected]; Investor Relations Contact, Tel: (604) 684-6730,
CO: Graphite One Inc.
CNW 07:00e 06-OCT-22