August 27, 2014, Toronto: Great Lakes Graphite Inc. ( “Great Lakes”the “Company”) reports that it has initiated a program to fast track the Lochaber Graphite Property towards production. The first phase of this program includes detailed field work, laboratory work and the completion of a NI 43-101-compliant resource estimate.
Great Lakes CEO Paul Gorman said “Our business plan requires advancing the company along multiple parallel tracks to achieve our goal of entering production within three years. Our recently completed field work that also included an initial bulk sample is providing the material we will use to begin identifying our best target markets and to advance discussions with prospective customers. By engaging with potential customers now, we are positioning the company to ultimately secure the offtake agreements that will be the key to obtaining production financing.”
Field Work Update
Our field crew partners at Wolf Exploration recently concluded the initial phase of fieldwork at Lochaber. The main objectives of this phase, completed successfully, consisted of mapping and verifying the location of each of the 100+ drill holes drilled by the previous operators and collecting a bulk sample. The drill hole data collected is being used for the resource estimate and to refine a 3D model. The field team also secured the drill core from the 7000 metre program that was conducted in 2012.
Lab Work Update
A mini bulk sample consisting of approximately 300 Kg of graphite material recently gathered near the historic Plumbago Mine on the Lochaber Graphite Property has been delivered to Process Research ORTECH, a metallurgical facility specializing in graphite processing in Mississauga, Ontario. This sample is the first of an ongoing series, enhancing the Company’s understanding of the Lochaber resource. Tests run on the ore will include: metallurgical studies, particle size distribution analysis, purity analysis and grade analysis. Assays for carbon content will be conducted by an independent third party.
The material for the initial sample was visually selected from waste piles at the historic Plumbago Mine site, located on the Lochaber property with the objective of retrieving high grade material and is in no way intended to be broadly representative of the mineralization that is the target of the ongoing resource estimate.
Senior Vice President of Great Lakes Graphite John Carter said “Testing of the material in this sample will provide invaluable data on the percentage of large flake, for example, and will provide answers of what we need to begin the development of a PFD (Process Flowsheet Diagram) or mill design. Metallurgical tests will confirm whether this graphite can be upgraded to the purity levels required for lithium-ion batteries.”
Resource Calculation Update
Commencement of the resource calculation was announced on August 5th and is proceeding on schedule. The estimate is being prepared by geologists Jamie Levine and Martin Ethier and the Company anticipates completion by early November. Great Lakes Graphite is targeting near surface high grade lenses within the resource with the goal of defining a resource that is consistent with a small footprint/low CAPEX development plan.
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About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company with the mandate to bring graphite projects to production through the acquisition and development of high quality natural graphite properties.
Graphite has moved to the forefront of the Industrial Mineral World as a Critical Mineral required for industrial use and as a major component in the development of new technologies. With the advancement of battery storage, mobile battery systems and alternative energy infrastructure, it is estimated that 20 new graphite mines will be required to keep up with demand by the year 2020.
As there are currently no graphite mines producing in North America, Great Lakes Graphite has the ability to become one of the first producers to supply a growing regional customer base that requires high purity graphite, where pricing and demand continue to rise.
The company, through strategic acquisitions and capable management will become a leader in the industrial minerals marketplace. The Company’s flagship graphite property is located in the Lochaber Township of southwestern Québec. The Company has also entered into option and joint venture agreements with Eloro Resources Inc. on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the James Bay region of Québec.
For more information, please contact:
|Paul A. Gorman, CEO
Great Lakes Graphite Inc.
|First Canadian Capital Corp.
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