Graphite One Confirms that Significant Graphite Grade Continues 4 Kilometers from PFS Pit Boundary Drill Results for this Step-out Hole (22GC079) Include 58.2m of 4.18% Graphite Feasibility Study Drill Work Shows Deposit Remains Open to the East, West, and Down Dip
Graphite One Confirms that Significant Graphite Grade Continues 4
Kilometers from PFS Pit Boundary
Drill Results for this Step-out Hole (22GC079) Include
58.2m
of 4.18% Graphite
Feasibility Study Drill Work Shows Deposit Remains Open to the East, West, and Down Dip
VANCOUVER, BC
,
Feb. 7, 2023
/CNW/
- Graphite One Inc.
(TSXV: GPH) (OTCQX: GPHOF)
("Graphite One", "G1" or the "Company"),
planning a
complete domestic U.S. supply chain for advanced graphite materials, is pleased to announce drill results from its 2022 Field Program at its Graphite Creek
Property ("
Graphite Creek
" or the "
Property
"), located in the Kigluaik Mountains on the
Seward Peninsula
approximately 60 kilometers (37 miles) north of
Nome, Alaska
. Graphite Creek is living up to its designation by the US Geological Survey as the largest and highest grade graphite resource in
the United
States
1 2
.
Conducted from June to
September 2022
, the field program was comprised of increasing the field camp capacity, completing key environmental baseline
studies, and drilling 1,940 meters of core for resource definition as well as 210 meters of geotechnical drilling for mill site and tailing area determination.
The 2022 drill results will be used to update the most recent Measured, Indicated and Inferred results published in the Graphite One Project Preliminary
Feasibility Study released
October 13, 2022
(the "PFS"). The Company expects to release updated Measures, Indicated, and Inferred results by the end of
the first quarter 2023.
___________________________
1
https://www.sciencebase.gov/catalog/item/619e7a34d34eb622f696bdbf
2
https://www.graphiteoneinc.com/u-s-government-cites-graphite-ones-graphite-creek-as-the-largest-graphite-deposit-in-the-united-states/
Select Drill Results Include:
22GC071 returned
18.5m
of 4.7% Cg,
22.2m
of 6.8% and
20m
of 6.7% Cg
starting from
19m
downhole.
22GC072 returned
31.7
m of 5.6% Cg, and
37.6m
of 5.2% Cg
starting from
62m
downhole.
22GC073 returned
3.8m
of 7.6%
Cg,
27.6m
of 5.1%,
26.4m
of 6.2%Cg
and
17.3m
of 4.3% Cg
starting from
13m
downhole
.
22GC075 returned
10.5
m
of 7.7% Cg,
32.9m
of 6.4% Cg and
2.1m
of 12.0% Cg
starting from
3m
downhole.
22GC076 returned
53.1m
of 7.5% including
12.3m
of 11.5% Cg including
2.8m
of 25.6% Cg
starting from
72m
downhole.
22GC079 located 2 km west of previous closest drilling returned
31.8m
of 3.4% Cg, including
6.3m
of 6.7% Cg,
21.5m
of 2.6% Cg,
10.7m
of 2.6%Cg,
and
13m
of 5.4%Cg
starting
5m
below the surface.
Interpretation of Results:
Core drilling in the deposit area continued to encounter visible graphite minerization over wide intervals, consistent with previous drilling.
Hole 22GC079, drilled 2 km west of previous resource drilling and 4 km west of the PFS pit boundary, showed significant intervals above mill cut-off grade.
Selected intervals totaled
58.2 m
of 4.18% graphite.
The deposit remains open to the West, East, and down dip.
2022 drilling targeted extending inferred resource to the west and upgrading inferred resources to measured and indicated around the PFS pit area.
All holes drilled in the proposed North pit wall encountered significant zones of graphite which will likely expand the pit to the North.
Figure 1: Graphite Creek Geophysical Anomaly with Resource Drilling to Date
Figure 1: Graphite Creek Geophysical Anomaly with Resource Drilling to Date Figure 1: Graphite Creek Resource Anomaly with Resource Drilling to Date.
Results shown are total of significant intervals of raw assay results above select cutoff grade with 2-meter minimum length, and 2-meter internal dilution. (CNW
Group/Graphite One Inc.)
Figure 1: Graphite Creek Resource Anomaly with Resource Drilling to Date. Results shown are total of significant intervals of raw assay results above select cutoff grade with 2-meter minimum length, and 2-meter internal dilution.
"Our 2022 drill results continue to demonstrate excellent continuity over the length of the anomaly, and we look forward to releasing new resources numbers
shortly," said
Anthony Huston
, CEO of Graphite One. "Our 2022 drilling results come at a critical point as we continue to see the demand for graphite
increase. We believe this deposit could potentially supply a major portion of
North America's
graphite demands far into the future."
Figure 2: Graphite Creek Resource Drilling to Date with PFS Pit Outline
3
Figure 2: Graphite Creek Resource Drilling to Date with PFS Pit Outline (CNW Group/Graphite One Inc.)
Feasibility Study Update:
With the positive results of the PFS, Graphite One has begun work on the Graphite Project Feasibility Study (the "FS"). The lack of
United States'
domestic
anode material suppliers combined with the projected increase in demand for electric vehicle anode materials has prompted Graphite One to investigate
increasing the designed production capacity to be used in the FS.
Graphite One plans to complete a total of 20,000 meters of drilling in 2023 and 2024, subject to financing, with the objective of increasing the annual
concentrate production for the upcoming FS compared to that assumed in the PFS.
"We are very excited about the upcoming summer program. We will be shifting gears this year and focusing on completing much more drilling during our 2023
summer program. We are well situated for this work, having increased the capacity of the camp at Graphite Creek from 24 to 60 people last year." said
Mike
Schaffner Sr.
Vice President of Mining "We will also be switching from a helicopter-based drilling program to a road-based drilling program. With the large
amount of fog and rain in the area, we expect to see significant improvements in the amount of drilling we can complete in the summer season with significantly
reduced costs".
___________________________
3
Note: Hole 22GC079 is not shown on Figure 2 and is located 4 km west of the western PFS pit boundary
Table 1: 2022 Drill Results
HOLE ID
Section
Azimuth
Dip
Total Depth (m)
From (m)
To (m)
Width (m)
%Cg
22GC071
4600
175
-50
191.72
19.27
25.42
6.15
4.67
54.64
67.00
12.36
4.77
Including:
55
64
9
5.14
68.00
90.16
22.16
6.76
Including:
78.61
88.16
9.55
10.60
157.40
177.37
19.97
6.69
Including:
158.40
164.40
6.00
10.02
22GC072
4650
131
-45
195.99
62.37
94.04
31.67
5.60
Including:
90.29
94.04
3.75
8.81
138.57
176.17
37.60
5.21
Including:
152.37
158.71
6.34
16.02
22GC073
4200
160
-50
151.91
13.19
17.03
3.84
7.63
27
54.64
27.64
5.08
Including:
27
36
9
7.59
74.07
100.50
26.43
6.21
Including:
90
92
2
10.24
103.16
120.5
17.34
4.29
Including:
108
110
2
11.97
22GC074
4300
160
-50
170.69
55.98
77.35
21.37
4.79
Including:
57.91
67.91
10
6.87
134.85
146.85
12
6.86
Including:
134.85
138.85
4
13.29
22GC075
4200
160
-50
150.00
2.60
13.10
10.50
7.72
Including:
2.6
9.1
6.5
10.5
41.36
74.30
32.94
6.36
Including:
65.88
67.88
2
12.55
And
72.18
74.3
2.12
12.05
22GC076
4550
144
-50
235.31
72.73
125.88
53.15
7.47
Including:
81.73
94.05
12.32
11.52
And
98.72
101.53
2.81
25.59
161.6
175.6
14
3.17
179.60
214.88
35.28
3.76
Including:
188.75
195.75
7
6.61
22GC077
4350
160
-50
196.90
33.83
42.29
8.46
6.72
49.66
107.56
57.90
4.71
Including:
57.65
63.65
6
7.54
136.5
143
6.5
6.17
151.82
159.91
8.09
6.82
22GC078
4100
160
-50
173.74
35.05
48.77
13.72
4.00
71.10
101.01
29.91
5.02
Including:
77.1
88.83
11.73
7.45
104.20
140.68
36.48
3.47
Including:
123.62
128.57
4.95
8.12
22GC079
-100
160
-50
218.93
5.40
37.20
31.80
3.43
Including:
11.4
17.7
6.3
6.73
45.85
67.39
21.54
2.55
104.33
115
10.67
2.55
125.92
138.86
12.94
5.36
Including:
131.43
137.86
6.43
7.02
143.86
163.4
19.54
2.53
179.77
190.5
10.73
2.43
22GC080
3900
160
-50
152.40
15.24
38.50
23.26
5.19
Including:
26.24
29.34
3.1
8.64
Table 1: Table of select intervals from 2022 drill results. Intervals are composites with a minimum of 2-meter length, maximum internal dilution of 2 meters, and
a cutoff grade of 2% Drill orientation is nominally orthogonal to mineralization; however, drill results may not be representative of true width of mineralization.
QA/QC Program
Graphite One maintains a rigorous QA/QC program with respect to the preparation, shipping, analysis and checking of all samples and data from the Property.
Quality control for drill programs at the Company's projects covers the complete chain of custody of samples, including verification of drill hole locations (collar
surveys and down-hole directional surveys), core handling procedures (logging, sampling, sample shipping) and analytical-related work, including duplicate
sampling, "check analyses" at other laboratories and the insertion of standard and blank materials. The QA/QC program also includes data verification
procedures.
Mr.
Andrew K. Angel
, P. Geo, with Alaska Earth Sciences, Inc. provided oversight to the 2022 drilling and sampling program. Mr. Angel 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. The Graphite One project plan includes an advanced graphite material and battery
anode manufacturing plant expected to be sited in
Washington State
integrated with the development of the Property. The plan includes a recycling facility to
reclaim graphite and the other battery materials, to be co-located at the
Washington State
site, the third link in Graphite One's circular economy strategy.
About Graphite One Inc.
GRAPHITE ONE INC. (TSXV: GPH) (OTCQX: GPHOF) continues to develop its Graphite One Project (the "Project") to become an American producer of high-
grade anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine, process and
manufacture anode materials primarily for the lithium–ion electric vehicle battery market. As set forth in the Company's 2022 Pre-Feasibility Study, graphite
mineralization mined from the Company's Graphite Creek Property, situated on the
Seward Peninsula
about 60 kilometers north of
Nome, Alaska
, would be
processed into concentrate at an adjacent processing plant. Natural and artificial graphite anode materials and other value–added graphite products would be
manufactured from the concentrate and other materials at the Company's proposed advanced graphite materials manufacturing facility expected to be located
in
Washington State
. The Company intends to make a production decision on the Project upon the completion of a Feasibility Study.
On Behalf of the Board of Directors
"Anthony Huston" (signed)
On Twitter @GraphiteOne
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.
All statements in this release, other than statements of historical facts, including those related to the anticipated results of the 2022 drill program, timing and
completion of the anticipated Feasibility Study, future production, establishment of a processing plant and a graphite manufacturing plant, establishment of a
battery materials recycling facility, and events or developments that the Company intends, expects, plans, or proposes are forward-looking statements
Generally, forward
–
looking information can be identified by the use of forward
–
looking terminology such as "proposes", "expects", "is expected",
"scheduled", "estimates", "projects", "plans", "is planning", "intends", "assumes", "believes", "indicates", "to be" or variations of such words and phrases that
state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The Company cautions that there is no
certainty that tests of the Company's material will be successful or that such tests will result in the development of successful products. 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, [email protected]
CO: Graphite One Inc.
CNW 07:00e 07-FEB-23