Northern Graphite Announces Resource Estimate and Filing of Technical Report on Mousseau Graphite Property
Northern Graphite Announces Resource
Estimate and Filing of Technical Report on
Mousseau Graphite Property
Ottawa, Ontario--(Newsfile Corp. - October 12, 2023) - Northern Graphite Corporation
(TSXV: NGC)
(OTCQB: NGPHF) (FSE: ONG) (XSTU: ONG)
(the "
Company
" or "
Northern
") is pleased to
announce a mineral resource estimate
on its Mousseau property (previously known as Mousseau West)
which adds significant resources to the Company's portfolio as it grows to supply the energy transition.
Northern acquired the Mousseau West graphite project in October 2022 and in March 2023 increased
its land package by an additional 101.64 ha through the acquisition of part of the neighbouring
Mousseau East property, resulting in a total land package for Mousseau of 590.57 ha. The Mousseau
project is located approximately 80 km from the Company's producing Lac des Iles ("
LDI
") graphite
mine and has the potential to further extend LDI's life and expand its production by shipping material to
LDI's processing facility. Mousseau is Northern's fourth significant graphite project along with LDI,
Bissett Creek in Ontario and Okanjande in Namibia.
"This report confirms the addition of almost 3 million tonnes of measured and indicated graphite
resources to the Company's portfolio and supports our long-term growth strategy of leveraging LDI's
permitted plant and tailings facility to bolster our position as the only significant producer of natural
graphite in North America," said Northern Chief Operating Officer Kirsty Liddicoat. "Early test work
indicates concentrate grades of +95 percent and recovery of 90 percent. We believe the next phase of
drilling will expand resources further at Mousseau."
Category
Volume (m
3
)
Specific Gravity
(t/m
3
)
Tonnes
Graphite (%)
Graphite (t)
Measured
283,605
2.85
808,275
7.612
61,525
Indicated
706,234
2.85
2,012,766
8.026
161,554
Measured and Indicated
989,839
2.85
2,821,041
7.908
223,079
Inferred
116,451
2.85
331,884
9.254
30,714
Notes:
1
.
The parameters used to estimate an open pit cut-off grade for the mineral resources are as follows: graphite price of US$1,500/t,
exchange rate of US$1.00=CAD$0.78; estimated costs including mining ($2.50), process ($50/t), haulage ($22/t) and G&A ($5/t), process
recovery of 90% and a pit slope of 50°. Mineralized material that is not included within the open pit shell is not part of the mineral resource
estimate.
2
.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3
.
The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and it is uncertain if further exploration
work will result in upgrading them to an Indicated or Measured mineral resource category.
4
.
Mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral
Resources and Reserves, Definitions and Guidelines.
5
.
Values in the table may differ due to rounding.
Increasing graphite resources and reserves is a key catalyst for Northern as the Company executes on
its strategy of becoming a long-term, sustainable, integrated mine-to-market-to-battery supplier to North
America's widescale EV revolution, energy transition and march to Net Zero 2050. The Company is also
planning to start construction in 2026 on a 200,000-tpy Battery Anode Material plant in Baie-Comeau,
Quebec.
"Northern is currently focused on exploration and expansion at its cornerstone LDI mine. As market
demand develops and additional drilling is carried out, we plan to complete a Preliminary Economic
Assessment ("
PEA
") on Mousseau which has the potential to become a significant project in its own
right," said Ms. Liddicoat.
The resource estimate was prepared by independent consultants, Micon International Limited ("
Micon
").
The Company has filed a technical report in respect of the Mousseau project and the resource estimate
prepared by Yvan Bussieres, P.Eng. (OIQ) and Antoine Yassa, P.Geo. (OGQ) of Micon in accordance
with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
(the "
Technical
Report
"). The Technical Report, titled "NI 43-101 Technical Report for the 2023 Mineral Resource
Estimate for the Mousseau West Graphite Deposit, Mousseau Property, Brunet and Mousseau
Townships, Mont-Laurier Area, Québec, Canada" and dated September 30, 2023 (with an effective date
of July 29, 2023), can be found on the Company's website (
www.northerngraphite.com
) or under the
Company's issuer profile on SEDAR+ (
www.sedarplus.ca
).
Graphite is the largest component in lithium-ion batteries that make the transition to electric vehicles
possible.
It is also a critical component in fuel cells and it is an additive that makes many products
lighter, stronger and more energy efficient.
About Northern Graphite
Northern is a Canadian, TSX Venture Exchange listed company that is focused on becoming a world
leader in producing natural graphite and upgrading it into high value products critical to the green
economy including anode material for lithium-ion batteries/EVs, fuel cells and graphene, as well as
advanced industrial technologies.
Northern is the only significant graphite producing company in North America and will become the third
largest producer outside of China when its Namibian operations come back online. The Company also
has a large-scale development project, Bissett Creek, in Ontario that we expect will be a source of
continued production growth in the future.
All projects have "battery quality" graphite and are located
close to infrastructure in politically stable jurisdictions.
For media inquiries contact
Pav Jordan, VP of Communications
Email:
Qualified Persons
Yvan Bussieres, P.Eng. (OIQ) and Antoine Yassa, P.Geo. (OGQ), who are independent consultants for
Northern and are qualified persons as defined by National Instrument 43-101 -
Standards of Disclosure
for Mineral Projects,
have verified the data disclosed in this press release, including the sampling,
analytical and test data underlying the information.
The data was verified using data validation and
quality assurance procedures under industry standards.
For additional information
Please visit the Company's website at
http://www.northerngraphite.com/investors/presentation/
, the
Company's profile on
www.sedarplus.ca
, our
Social Channels
listed below or contact the Company at
(613) 271-2124.
YouTube
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "forward-looking statements" within the meaning of applicable
Canadian securities laws. Forward-looking statements and information are frequently characterized by
words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential",
"possible" and other similar words, or statements that certain events or conditions "may", "will",
"could", or "should" occur. Forward-looking statements in this news release include statements
regarding, among others, the expectation that Mousseau will become a source of continued
production growth in the future and the intentions to complete the PEA and build a Battery Anode
Material plant. All such forward-looking statements are based on assumptions and analyses made by
management based on their experience and perception of historical trends, current conditions and
expected future developments, as well as other factors they believe are appropriate in the
circumstances. However, these statements are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from those projected including, but
not limited to unexpected changes in laws, rules or regulations, or their enforcement by applicable
authorities; the failure of other parties to perform as agreed; social or labour unrest; changes in
commodity prices; unexpected failure or inadequacy of infrastructure and the failure of ongoing and
contemplated studies to deliver anticipated results or results that would justify and support continued
studies, development or operations. Readers are cautioned not to place undue reliance on forward-
looking information or statements.
Although the forward-looking statements contained in this news release are based on what
management believes are reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with them. These forward-looking statements are made as of the date
of this news release and are expressly qualified in their entirety by this cautionary statement. Subject
to applicable securities laws, the Company does not assume any obligation to update or revise the
forward-looking statements contained herein to reflect events or circumstances occurring after the
date of this news release.
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
news release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/183695