MONTREAL, QUEBEC--(Marketwired - July 29, 2014) -
Mason Graphite Inc. ("Mason
Graphite" or the "Company") (TSX VENTURE:LLG)(OTCQX:MGPHF) is pleased to
report positive assay results from the 2013-2014 drilling program at
its Lac Gueret project in northeastern Quebec. The drill program consisted of
97 holes totaling 15,108 metres and was designed to pursue three objectives:
to explore for mineral extensions to the North-East and beyond the
defined resource envelope of the GC Zone (18 holes totaling 2,085
metres);
to explore for mineral continuity within the defined resource envelope
of the GC Zone (68 holes totaling 11,323 metres); and
to conduct exploration drilling on graphite showings on the property
outside the areas where drilling was conducted in the past (11 holes
totaling 1,700 metres).
This press release reports assay results from drilling conducted in
the North-East extension; the remaining drilling results from other
areas noted above will be reported in upcoming communications.
Results Confirm Continuity of N-E Extension in GC Zone
Intercept highlights from the assay results in the North-East extension of the GC Zone,
include:
Hole LG-459 intersected 73 metres at 28.5% Cg close to surface (9
metres), including 41 metres at 39.0% Cg;
Hole LG-469 intersected 86 metres at 27.8% Cg, including 31 metres at
42.3% Cg;
Hole LG-472 intersected 70 metres at 28.8% Cg close to surface (4
metres), including 25 metres at 42.0% Cg;
Hole LG-489 intersected 66 metres at 30.0% Cg close to surface (4
metres), including 46 metres at 38.3% Cg;
Hole LG-491 intersected 98 metres at 29.8% Cg close to surface (4
metres), including 56 metres at 36.2% Cg.
"We are very encouraged with the results from the North-East
extension. This exploration target is located at the edge of the defined
mineral resource, and adjacent to the pit design from the preliminary
economic assessment we completed in April 2013. These
results confirm mineralization near surface with excellent widths and
mineral continuity beyond the current mineral resource boundary." said Benoit Gascon,
President and CEO of Mason Graphite.
Table 1 - Most relevant drill results from the NE Extension (18 holes totaling
approximately 2,085 metres)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Section Drill hole # From (m) To (m) Length(1)(m) % Cg
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1350 LG-460 4 41 37 34.0
------------------------------------------------
incl. 4 32 28 39.8
----------------------------------------------------------------
LG-468 No significant mineralization
----------------------------------------------------------------
LG-469 44 130 86 27.8
------------------------------------------------
incl. 54 85 31 42.3
------------------------------------------------
incl. 105 130 25 30.1
----------------------------------------------------------------
LG-488 108 124 16 14.3
------------------------------------------------
129 140 11 21.0
----------------------------------------------------------------
LG-489 4 70 66 30.0
------------------------------------------------
incl. 6 52 46 38.3
------------------------------------------------
89 106 17 17.2
----------------------------------------------------------------------------
1400 LG-459 9 82 73 28.5
------------------------------------------------
incl. 9 50 41 39.0
----------------------------------------------------------------
LG-466 33 117 84 27.4
------------------------------------------------
incl. 57 93 36 36.1
----------------------------------------------------------------
LG-473 56 77 21 13.8
----------------------------------------------------------------
LG-477 6 43 37 8.2
------------------------------------------------
49 96 47 20.2
------------------------------------------------
incl. 69 90 21 31.7
----------------------------------------------------------------
LG-490 109 127 18 12.8
----------------------------------------------------------------
LG-491 4 102 98 29.8
------------------------------------------------
incl. 11 67 56 36.2
----------------------------------------------------------------------------
1450 LG-456 11 74 63 20.1
----------------------------------------------------------------
LG-472 4 74 70 28.8
------------------------------------------------
incl. 27 72 45 38.9
------------------------------------------------
incl. 27 52 25 42.0
----------------------------------------------------------------
LG-478 4 63 59 18.8
------------------------------------------------
incl. 4 41 37 23.8
----------------------------------------------------------------------------
1500 LG-462 48 55 7 16.7
----------------------------------------------------------------
LG-479 No significant mineralization
----------------------------------------------------------------
LG-492 No significant mineralization
----------------------------------------------------------------
LG-493 4 44 40 13.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes:
1. Lengths are measured drill intervals - the true thicknesses are not
known at this stage;
2. Length figures are rounded to nearest integer for clarity.
Figure 1 - Lac Gueret project map with drill hole locations is available at this address:
http://media3.marketwire.com/docs/959898e_Fig1.pdf
Operational Update and Upcoming Milestones
Mason Graphite has retained
the services of Roche Ltee for the calculation of an updated mineral
resource estimate including the results from the 2013/2014 drilling
program. The updated block model will be used as an input for the
upcoming feasibility study for the Lac Gueret project.
Also, in preparation for the upcoming feasibility study, the Company
has been working with the metallurgical laboratories, COREM (Quebec City)
and URSTM (Rouyn-Noranda), as well as consulting firm Soutex Inc. (Quebec City)
for the optimization of the concentration process. A mandate was also awarded to Montreal-based
consulting firm Hatch, to conduct trade-off studies and peripheral
studies (hydro-geological and geotechnical) required for the development
of the feasibility study.
A 100-ton bulk sample was collected at the Lac Gueret property in
early July for the upcoming pilot plant test program, which is scheduled
to commence this fall in conjunction with the feasibility study.
About Mason Graphite
Mason Graphite is a Canadian
mining company focused on the exploration and development of its 100%
owned Lac Gueret graphite property, located in northeastern Quebec.
The property hosts a National Instrument 43-101 compliant Mineral
Resource featuring 50,024,000 tonnes grading 15.6% Cg, including
6,672,000 tonnes grading 32.4% Cg, in the Measured and Indicated
categories and 11,861,000 tonnes grading 17.1% Cg, including 2,637,000
tonnes grading 30.5% Cg, in the Inferred category (see press release
dated December 5, 2013). Excellent potential exists for
further mineral growth. A Preliminary Economic Assessment study was
completed on a 7.6Mt mineral resource estimate from July 2012
which features 22 years of production at 27.4% Cg and a pre-tax
internal rate of return of 33.7% (see technical report entitled
"Technical Report on the Mineral Resources Estimation Update 2013,
Lac Gueret Graphite Project, Quebec, Canada" issued on January 17, 2014).
The Company's senior management team possesses significant graphite expertise
from their experience at Timcal/Imerys, including Benoit Gascon,
CPA, CA, who held executive positions for 20 years, including over 6
years as President and CEO; Jean L'Heureux, Eng., Executive
Vice-President, Process Development, with over 20 years of experience; and
Luc Veilleux, CPA, CA, Chief Financial Officer and Executive Vice-President,
with 8 years of experience. Timcal, now owned by Imerys, is one of the largest
graphite producers in the world.
Qualified Persons / Quality Control and Assurance
Yves Caron, P. Geo., Mason Graphite's
Director of Exploration and Geology and a Qualified Person as defined
by National Instrument 43-101, supervised the drill program and has
reviewed and approved geological, scientific and technical content of
this press release.
Jean L'Heureux, Eng., Mason Graphite's Executive Vice-President Process Development
and a Qualified Person as defined by National Instrument 43-101, has
reviewed and approved the metallurgical, scientific and technical
content of this press release.
Analyses for this drilling campaign were carried out by AGAT Laboratories Ltd.
in Mississauga, Ontario, a company independent from Mason Graphite and ISO 17025 certified.
A thorough Quality Control and Assurance program (QA/QC) was exercised, with Mason Graphite
inserting one blank, one standards and one duplicate every 50 samples. Carbon
as graphite ("Cg") assays reported in this press release were obtained
by using a LECO instrument following analytical technique ASTM E1915-07A
with a detection limit of 0.01% Cg. Drill holes were sampled over an
average of 1.5 metre intervals.
Stay Connected:
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For more information about Mason Graphite, visit
www.masongraphite.com.
Cautionary Statements
This press release contains "forward-looking information" within the
meaning of Canadian securities legislation. All information contained
herein that is not clearly historical in nature may constitute
forward-looking information. Generally, such forward-looking information
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does
not anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: (i) volatile
stock price; (ii) the general global markets and economic conditions;
(iii) the possibility of write-downs and impairments; (iv) the risk
associated with exploration, development and operations of mineral
deposits; (v) the risk associated with establishing title to mineral
properties and assets; (vi) the risks associated with entering into
joint ventures; (vii) fluctuations in commodity prices; (viii) the risks
associated with uninsurable risks arising during the course of
exploration, development and production; (ix) competition faced by the
resulting issuer in securing experienced personnel and financing; (x)
access to adequate infrastructure to support mining, processing,
development and exploration activities; (xi) the risks associated with
changes in the mining regulatory regime governing the resulting issuer;
(xii) the risks associated with the various environmental regulations
the resulting issuer is subject to; (xiii) risks related to regulatory
and permitting delays; (xiv) risks related to potential conflicts of
interest; (xv) the reliance on key personnel; (xvi) liquidity risks;
(xvii) the risk of potential dilution through the issue of common
shares; (xviii) the Company does not anticipate declaring dividends in
the near term; (xix) the risk of litigation; and (xx) risk management.
Forward-looking information is based on assumptions management
believes to be reasonable at the time such statements are made,
including but not limited to, continued exploration activities, no
material adverse change in metal prices, exploration and development
plans proceeding in accordance with plans and such plans achieving their
stated expected outcomes, receipt of required regulatory approvals, and
such other assumptions and factors as set out herein. Although the
Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in the
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such forward-looking information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such forward-looking information. Such
forward-looking information has been provided for the purpose of
assisting investors in understanding the Company's business, operations
and exploration plans and may not be appropriate for other purposes.
Accordingly, readers should not place undue reliance on forward-looking
information. Forward-looking information is made as of the date of this
press release, and the Company does not undertake to update such
forward-looking information except in accordance with applicable
securities laws.
Mineral resources that 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, sociopolitical, marketing, or other relevant issues.
The quantity and grade of reported inferred mineral resources in this
news release are uncertain in nature and there has been insufficient
exploration to define these inferred mineral resources as indicated or
measured mineral resources and it is uncertain if further exploration
will result in upgrading them to indicated or measured mineral
resources.
The PEA is preliminary in nature and includes Inferred Mineral
Resources, which are considered too geologically speculative to have
mining and economic considerations applied to them that would enable
them to be categorized as mineral reserves. Mineral resources that are
not mineral reserves do not have demonstrated economic viability. There
is no certainty that the reserves development, production, and economic
forecasts on which the PEA is based will be realized.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
info@masongraphite.com
Simon Marcotte
Vice-President Corporate Development
+1 (416) 861-5822
Benoit Gascon, President & CEO
Head Office (Greater Montreal)
3030 Le Carrefour blvd. Suite 600
Laval QC H7T 2P5
Toronto Office
65 Queen Street West, Suite 800
Toronto, ON M5H 2M5
Source: Mason Graphite Inc.
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