Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) ("Graphano Energy" or the "Company") is pleased to announce results from Zone 1 on its 100% owned Lac Aux Bouleaux Graphite Property (the "LAB Property", "LAB" or the "Property") in Quebec. The LAB Property is located contiguous to the Lac-del- Iles graphite mine and covers the immediate southern extension of the productive graphite horizons. Fourteen drill holes totaling 1,275 metres were completed on the Zone 1 target. Highlights are provided below.
Highlights (see Table 1 for details):
(Note: All intersections reported are based on drilled width. True width will be defined with additional drilling.)
Luisa Moreno, Chief Executive Officer of the Company, stated: "We are very encouraged with the drill results from Zone 1 and previously released results from Zone 4 to the southwest. They are consistent with Lac-del-Iles grades which is the only producing graphite mine in North America. Additional work will continue on the Property and we are confident in proving up graphite resources, positioning Graphano as a potential near term producer."
Table 1: Drill hole results
| LAB Graphite Project | ||||||||
| Zone 1 - 2022 Exploration Drilling | ||||||||
| Hole No. | Azimuth | Dip | Easting | Northing | From (m) | To (m) | Interval A1 (m) | % Cg |
| LB22-16 | 110.83 | -42.42 | 458715 | 5134398 | 25.79 | 29.50 | 3.71 | 7.20 |
| LB22-17 | 168.46 | -40.21 | 458715 | 5134397 | 29.00 | 33.00 | 4.00 | 8.15 |
| LB22-18 | 127.86 | -46.78 | 458720 | 5134443 | 65.00 | 71.00 | 6.00 | 6.00 |
| LB22-19 | 115.47 | -44.01 | 458781 | 5134606 | 27.48 | 28.50 | 1.02 | 5.66 |
| LB22-20 | 125.24 | -43.22 | 458841 | 5134611 | 25.00 | 26.36 | 1.36 | 6.98 |
| LB22-21 | 139.37 | -44.66 | 458899 | 5134633 | 95.20 | 105.00 | 9.80 | 4.58 |
| LB22-22 | 136.41 | -44.88 | 458935 | 5134660 | 26.00 | 27.00 | 1.00 | 4.40 |
| 90.00 | 91.80 | 1.80 | 6.76 | |||||
| 102.20 | 108.00 | 5.80 | 7.04 | |||||
| LB22-23 | 126.11 | -44.8 | 458988 | 5134708 | 14.00 | 17.00 | 3.00 | 4.17 |
| 36.00 | 41.00 | 5.00 | 5.82 | |||||
| 86.00 | 88.00 | 2.00 | 3.97 | |||||
| LB22-24 | 94.17 | -44.27 | 458988 | 5134708 | 22.00 | 23.00 | 1.00 | 3.40 |
| 43.50 | 52.50 | 9.00 | 6.12 | |||||
| including | 43.50 | 47.70 | 4.20 | 8.41 | ||||
| and | 49.75 | 51.50 | 1.75 | 8.32 | ||||
| 84.00 | 86.00 | 2.00 | 4.81 | |||||
| 90.00 | 96.00 | 6.00 | 6.09 | |||||
| including | 91.00 | 95.00 | 4.00 | 7.71 | ||||
| LB22-25 | 141.4 | -43.22 | 458975 | 5134612 | 30.00 | 31.00 | 1.00 | 6.29 |
| 57.75 | 58.40 | 0.65 | 7.73 | |||||
| 66.00 | 67.00 | 1.00 | 4.52 | |||||
| LB22-26 | 112.4 | -41.47 | 458947 | 5134556 | 23.90 | 24.70 | 0.80 | 8.82 |
| note | 23.90 | 33.00 | 9.10 | 5.29 A2 | ||||
| including | 27.85 | 33.00 | 5.15 | 7.51 | ||||
| LB22-27 | 141.99 | -38.74 | 458859 | 5134492 | 18.00 | 23.00 | 5.00 | 3.03 |
| LB22-28 | 127.96 | -44.27 | 458813 | 5134444 | 18.00 | 18.50 | 0.50 | 3.78 |
| LB22-29 | 345.75 | -40.08 | 458635 | 5134326 | 38.00 | 39.00 | 1.00 | 13.20 |
Notes:
A1 Intervals are core length. True width will be defined with additional drilling.
A2 includes a 1.5 mettr interval which was not assayed, thus a zero grade was used in the calculation UTM And 83, Zone 18
The Zone 1 target was initially explored through ground geophysical surveys, trenching and sampling. Fall 2021 trenching results returned high grade surface mineralization such as 7.9% Cg over 9.5 metres and outlined Zone 1 as a priority resource target. Zone 1 is located approximately 1.0 kilometre south of the Lac-del-Iles property boundary with LAB, along a distinct airborne conductive trend which corresponds to the graphite bearing horizons.
The drill holes completed on Zone 1 intersected multiple zones of higher-grade mineralization ranging from 1.0 to 9.0 metres in thickness (core length) within a 75 m wide sequence and 600 m length thus far. The mineralized zone has been tested from surface to maximum vertical depth of approximately 75 m and remains open in all directions. The Zone 1 mineralized trend has a total length exceeding 1.5 kms as indicated by the airborne EM survey (see Figures 1 and 2).
Figure 1 - LAB Compilation Map (airborne conductors, drill holes and target zones)
Figure 2 - Zone 1 Drill Holes Map (Total Magnetic Intensity and Time-Domain Electromagnetic Anomalies)
The graphite mineralization observed during drilling is hosted within a sequence of paragneiss and recrystallized limestone units. All drill core samples were bagged and tagged using best practices and were delivered to Activation Laboratories ("ACTLABS"), Ancaster, Ontario, for sample preparation and analyses using laboratories' Code 4F-C Graphitic, analyzing C-Graphite (infrared) where the sample is subjected to a multistage furnace treatment to remove all forms of carbon with the exception of graphitic carbon; and C-Total (infrared). ACTLABS is an independent commercial, accredited ISO Certified Laboratory. The core samples also include field duplicates and blanks for quality control and quality assurance (QA/QC) purposes.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Mr. Martin Ethier, Géo (#1520) who is a Member of the Order of Geologists of Québec and a "Qualified Person" under National Instrument 43-101, and Afzaal Pirzada, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia with license No. 28657 (OGQ License Number 01917).
About Graphano Energy
Graphano Energy Ltd. is an exploration and development company that is focused on evaluating, acquiring and developing energy metals resources from exploration to production.
Graphite is one of the most in-demand technology minerals that is required for a green and sustainable world. The Company's Lac Aux Bouleaux property, situated adjacent to Canada's only producing graphite mine, in Quebec, Canada, has historically been an active area for natural graphite. With the demand for graphite growing in some of the most prominent and cutting-edge industries, such as lithium batteries in electric cars and other energy storage technologies, the Company is developing its project to meet the demands of the future.
ON BEHALF OF THE BOARD OF DIRECTORS
Luisa Moreno
Chief Executive Officer and Director
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
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.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, relating to future operations - exploration, drilling and other activities of Graphano Energy - are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's exploration plans and the impact thereof. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Graphano Energy, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work given the global COVID-19 pandemic, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Graphano Energy does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws. We seek safe harbour.
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June 26, 2024 | |
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