Opening the week with a bang, Vancouver-based Graphite One Resources (TSXV:GPH,OTCQX:GPHOF) announced that it has increased the existing inferred resource at its Alaska-based Graphite Creek deposit by 68 percent, to 284.71 million tonnes of 4.5-percent graphitic carbon (Cg) at cut off of 2-percent Cg, and by 41 percent, to 37.68 million tonnes of 9.2-percent Cg at a cut off of 7-percent Cg.
The new inferred resource is “constrained within a drilled area” of about 4.8 kilometers — that’s only 27 percent of an electromagnetic conductor that is 18 kilometers long, the company’s press release notes. It was estimated using 28 drill holes drilled by Graphite One in 2012 and 2013. Together, the holes total 5,272 meters, with spacing between them averaging 190 meters.
Speaking to Graphite Investing News this morning, Anthony Huston, Graphite One’s president and director, commented, “the updated resource report that we’ve put out shows that we have the largest graphite resource in North America. We’re excited to be the key emerging graphite producer in the United States.”
Graphite Creek’s other positive features include an excellent shipping location, scalable production potential, a high percentage of large-flake graphite and its location in a stable, pro-mining jurisdiction. Moving forward, ”[a]n infill drill program during 2014 will significantly de-risk this deposit by bringing the resource into the measured indicated and/or indicated measured category, and will help us develop our Preliminary Economic Assessment,” the press release quotes Dean Besserer, Graphite One’s director and vice president of exploration, as saying.
Graphite One is currently trading at $0.14 per share.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Graphite One Resources is a client of the Investing News Network. This article is not paid-for content.