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Graphite One consolidates interest in Alaska project

Graphite Creek

Graphite Creek

Photo by Graphite One

4th March 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – TSX-V-listed explorer Graphite One Resources on Monday announced that it had consolidated ownership in its flagship Graphite Creek project, in Alaska, after making the final option payment of $250 000.

A 20-year lease with automatic renewal provisions would now govern the project. The lease agreement allowed for a 5% net smelter royalty, which could be reduced to 3% by paying $2-million for each per cent bought.

Graphite One outlined the significant advancements it had made on the property since the option agreement was struck in 2012, noting the recently reported National Instrument 43-101-compliant inferred resource of 284.7-million tonnes at 4.5% graphite, including 37.68-million tonnes at 9.2% graphite and 8.63-million tonnes at 12.8% graphite.

The inferred resource suggested that Graphite Creek is the largest and highest grade of known graphite deposits in the US.

"We have succeeded on all fronts, both financially and technically, to now own this asset 100% and will forge ahead to unlock the deposit's value for shareholders," president and CEO Anthony Huston said.

The Graphite Creek property comprises 129 claims totalling 6 799 ha on Alaska’s Seward peninsula, 65 km north of a deep-sea port at Nome.

Graphite Creek mineralisation is characterised by coarse crystalline (large flake) graphite greater than 80 mesh, within graphite-bearing schists.

Edited by Creamer Media Reporter

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