Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) ("Graphano" or the "Company") is pleased to announce results from the last hole of its Phase 1 drill program on its 100% owned Lac Aux Bouleaux graphite property ("LAB" or the "LAB Property") in Quebec. The LAB Property is located contiguous to the Lac-des-Iles graphite mine and covers the immediate southern extension of the productive graphite horizons.
Luisa Moreno, Chief Executive Officer of the Company, stated: "We are very encouraged with the drill results from the Phase 1 drill program at LAB and the indicated resource potential in the 'historical resource area' outlined by Orrwell Energy in the 1980s. Additional work will continue on the property and we are confident in proving up graphite resources to position Graphano as a potential near term producer."
Drill hole LB22-30 totaling 141.0 metres intersected 6.34% graphitic carbon (Cg) over 11.0 metres at the edge of the historical resource area established during Orrwell Energy Corp.'s exploration work between 1981 and 1983 (see Figure 1). Orrwell Energy completed 79 diamond drill holes totalling 19,550 feet (5,958 metres) and resource estimation work. In 2018, Graphite Energy Corp. completed four drill holes also in this area. Highlights of Graphano's recent hole and the previous drilling by Graphite Energy and Orrwell Energy are provided below.
Highlights (see Table 1 for details):
Graphano 2022
Graphite Energy 2018
Orrwell Energy 1981 - 82
(Note: All intersections reported are based on drilled width. True width will be defined with additional drilling.)
Figure 1 - LAB Compilation Map (airborne conductors, drill holes and target zones)
The resource estimation work completed by Orrwell Energy Corp. in 1982 resulted in a historical resource of 1,320,847 tons at 9% Cg, or 1,452,932 tons at 8% Cg (Source: Douglas Parent 1982, MRNF report GM46736). (Note: A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating historical estimate as a current mineral resource or reserve. The historical resources were calculated by block models using different cut-off grades and a specific gravity of 2.76. The Company believes that the historic estimate is relevant to an appraisal of the merits of the property and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration which will include drill testing the project and there is no guarantee that the results obtained will reflect the historical estimate. The historical estimates should not be relied on.)
Table 1
| LAB Graphite Project - Historical Resource Area - Significant Intersections | |||||||||
| Graphano Energy - 2022 Exploration Drilling | |||||||||
| Hole No. | Azimuth | Dip | Easting | Northing | From (m) | To (m) | Interval A1 (m) | % Cg | |
| LB22-30 | 262 | -55 | 458304 | 5133976 | 106.00 | 117.00 | 11.00 | 6.34 | |
| including | 106.00 | 108.00 | 2.00 | 7.19 | |||||
| and | 112.00 | 116.00 | 4.00 | 9.15 | |||||
| Graphite Energy Corp - 2018 Exploration Drilling | |||||||||
| LAB18-01 | 300 | -65 | 458298 | 5133792 | 23.55 | 25.10 | 1.55 | 11.70 | |
| Includes 0.3m interval which was not sampled, a zero grade was used | 80.60 | 82.30 | 1.70 | 12.98A2 | |||||
| 86.40 | 89.55 | 3.15 | 9.24 | ||||||
| LAB18-02 | 270 | -65 | 458335 | 5133870 | 28.30 | 34.30 | 6.00 | 8.45A2 | |
| Includes 0.32m interval which was not sampled, a zero grade was used | |||||||||
| LAB18-03 | 290 | -45 | 458355 | 5133899 | 80.13 | 86.90 | 6.77 | 9.26 | |
| LAB18-04 | 270 | -65 | 458312 | 5133949 | 97.57 | 106.90 | 9.33 | 7.14 | |
| Orrwell Energy Corp - 1981 and 1982 Drilling | |||||||||
| Orrwell completed 79 drill holes totaling 5,985 meters on the LAB property. The following are highlight intersections only. A full listing of Orrwell drill results came be found in Graphano's NI-43-101 Technical Report titled "Lac Aux Bouleaux Graphite Project" and dated July 2, 2021 on Sedar or the Company's website. | |||||||||
| 82-18 | 290 | -45 | 458353 | 5133899 | 82.30 | 101.50 | 19.20 | 6.31A2 | |
| Includes 1.8m interval which was not sampled, a zero grade was used | |||||||||
| 82-25 | 290 | -45 | 458290 | 5133878 | 23.56 | 38.22 | 14.66 | 11.67 | |
| 82-32 | 270 | -45 | 458267 | 5133863 | 18.71 | 29.16 | 10.45 | 9.96 | |
| 82-38 | 270 | -45 | 458248 | 5133913 | 46.63 | 60.05 | 13.42 | 11.02 | |
| 82-41 | 270 | -30 | 458141 | 5133911 | 9.57 | 28.35 | 18.78 | 7.97 | |
| 82-44 | 270 | -65 | 458305 | 5133944 | 93.27 | 107.66 | 14.39 | 7.61 | |
| 82-46 | 0 | -90 | 458246 | 5133973 | 99.36 | 113.69 | 14.33 | 8.85 | |
| 82-49 | 0 | -90 | 458169 | 5133945 | 39.01 | 49.07 | 10.06 | 9.97 | |
| 82-55 | 0 | -90 | 458167 | 5133915 | 3.66 | 15.54 | 11.88 | 10.58 | |
| 82-70 | 185 | -45 | 458183 | 5133927 | 16.76 | 26.52 | 9.76 | 13.76 | |
| Notes: | A1 Intervals are core length. True width will be defined with additional drilling | ||||||||
| A2 includes an interval which was not assayed, thus a zero grade was used in the calculation | |||||||||
| UTM Nad 83, Zone 18 | |||||||||
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) in which 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 scientific and 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 Ltd.
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 - 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, 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 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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