Graphite One Resources [TSX-V: GPH | OTCQX: GPHOF] is exploring, with the intent to develop, the Graphite Creek Deposit.
The Graphite Creek Deposit is North America’s largest known large flake graphite deposit. Based on an updated mineral resource estimate as of January 2014 that evaluated 4.8km of drilling on the 18km strike length, Graphite Creek has a NI 43-101 inferred resource of 186.9 million tonnes at 5.5% graphitic carbon (“Cg”) using a 3% cut-off grade. This includes 95.9 million tonnes at 7.2% Cg and 37.7 million tonnes at 9.2% Cg using cut-off grades of 5 and 7% respectively.
Graphite One completed its 2014 drill program in October, with 22 holes totaling 2,314 meters. The program focused on infill drilling between holes utilized in the 2014 inferred resource. Results will be incorporated in an updated 43-101 compliant resource estimate expected in Q1 2015.
Graphite One initiated a metallurgical test work program in November 2014 utilizing drill core from the Graphite Creek deposit to evaluate the processing parameters of representative samples of the two upper zones of mineralization seen in the drilling. Five head samples are being tested by flotation and gravity separation techniques, with the goal of optimizing the process flow sheet for the potential processing facility. The metallurgical program is expected to be completed by the end of Q1 2015.
Graphite One remains on schedule to publish its inaugural Preliminary Economic Assessment (“PEA”) on the Graphite Creek Project in Q2 2015. The report will incorporate all of the drilling and metallurgical test results completed to its effective date. The purpose of the PEA is to evaluate the potential viability of the project’s resources.