Mason Graphite Reports High Grade Intercepts in North-East Extension of Lac Gueret; One Hole Intersected 98m at 29.8% Cg Near Surface, Including 56m at 36.2% Cg
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Marketwired
Mason Graphite Inc.
MONTREAL, QUEBEC--(Marketwired - Jul 29, 2014) -
Mason Graphite Inc. ("Mason Graphite" or the "Company") (TSX VENTURE:LLG)(MGPHF) is pleased to report positive assay results from the 2013-2014 drilling program at its Lac Guéret 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) Length1(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 Guéret 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 Ltée 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 Guéret 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 Guéret 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 Guéret graphite property, located in northeastern Québec. 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 Guéret 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 Benoît 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.
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