Mason Graphite Announces Positive Drill Results including 31 meters at 24.3 % Cgr and 113 meters at 15.5 % Cgr

Figure 1 - Plan view with drill hole locations at Lac Guéret (CNW Group/Mason Graphite Inc.)

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MONTREAL, Feb. 28, 2013 /CNW/ - Mason Graphite Inc. ("Mason Graphite" or the "Company") (TSX.V: LLG) reports assay results for 36 new drill holes (6,830 meters) from the mineral resource expansion program at its Lac Guéret project in northeastern Quebec. Significant drill intercepts in this group of results include:

  • Hole LG-038  intersected 60 meters at 13.2% Cgr and 36 meters at 15.8% Cgr

  • Hole LG-039 intersected 113 meters at 15.5% Cgr (including 11 meters at 38.7% Cgr)

  • Hole LG-057 intersected 55 meters at 16.4% Cgr (including 16 meters at 27.1% Cgr)

  • Hole LG-207 intersected 44 meters at 17.1% Cgr (including 12 meters at 31.4 % Cgr) and 28 meters at 16.9% Cgr (including 13 meters at 27.2% Cgr)

  • Hole LG-213 intersected 26 meters at 18.1% Cgr and 63 meters at 15.4% Cgr

  • Hole LG-215 intersected 31 meters at 24.3% Cgr and 17 meters at 18.3% Cgr

  • Hole LG-227 intersected 33 meters at 13.3% Cgr and 76 meters at 12.0% Cgr

Benoît Gascon, CEO of Mason Graphite commented, "We are very pleased by the consistently high grade intercepts in this group of results. The mineralized intersections to the South, South-West and North-East of the current mineral resource demonstrate strong potential for continued growth beyond the current resource envelope and we look forward to including these results in the calculation of an upcoming mineral resource update."

The 36 assay results reported below are part of an exploration program that was initiated in July 2012 and completed last November. This drill program consisted of 163 drill holes totaling approximately 26,500 meters and was designed to delineate mineral continuity primarily in the GC zone. This zone hosts a National Instrument 43-101 mineral resource of 300,000 tonnes at 24.4% Carbon as Graphite ("Cgr") in the Measured category and 7.3 million tonnes at 20.2% Cgr in the Indicated category (see Technical Report dated July 3 2012 for details).  Complete results and the corresponding collar location map are presented below. Results for the remaining 104 drill holes will be published as soon as the data is compiled.

Roche Ltd. Consulting Group, who completed the Company's National Instrument 43-101 mineral resource estimates in July 2012, has been retained to complete the upcoming mineral resource update.

Table 1 - Best drill intercepts from each of the 36 drill holes (6,830 meters)
                             
Drill hole From
(m)
To
(m)
Length1,2
(m)
Graphite
(Cgr %)
      Drill hole From
(m)
To
(m)
Length1,2
(m)
Graphite
(Cgr %)
LG-038   39 99 60 13.2       LG-073   4 21 18 13.4
incl. 80 93 13 25.1         52 65 13 16.0
  114 150 36 15.8         72 86 15 16.9
LG-039   25 35 10 15.3         141 161 20 19.5
  70 183 113 15.5       LG-074   18 63 45 10.3
incl. 115 126 11 38.7         110 129 20 14.2
LG-045   17 52 35 12.2       LG-075   51 70 19 15.5
  60 102 42 13.7       LG-205   4 77 72 8.7
incl. 65 75 10 22.4       LG-206   45 96 51 10.9
  125 150 25 12.3           139 152 13 17.4
LG-046   73 110 37 11.5       LG-207   26 70 44 17.1
incl. 92 101 9 20.3       incl. 40 52 12 31.4
  125 149 24 11.7         89 116 28 16.9
LG-057   25 89 64 10.9       incl. 100 113 13 27.2
  110 165 55 16.4       LG-208   6 23 18 16.2
incl. 143 159 16 27.1       LG-209   8 22 14 9.9
LG-058   5 13 8 14.4         164 181 17 12.0
  93 136 43 13.6       LG-210   22 28 7 11.0
incl. 118 130 12 25.7       LG-211   4 11 7 11.1
  165 176 11 14.2       LG-212   No significant mineralization
LG-059   58 68 10 9.2       LG-213   15 41 26 18.1
  83 100 16 15.3         102 165 63 15.4
LG-060   26 54 29 16.3       LG-214   57 89 32 26.5
LG-066   5 21 16 16.0       incl. 73 87 14 31.9
  38 63 25 11.2         157 169 12 9.9
  120 138 18 14.7       LG-215   5 26 21 13.3
LG-067   81 106 25 19.2         34 65 31 24.3
LG-068   15 36 21 10.3       incl. 47 65 19 30.9
LG-069   28 76 48 12.6         171 188 17 18.3
incl. 29 37 8 27.3         202 218 16 16.1
  119 131 12 12.5       LG-216   4 27 22 10.2
LG-070   5 23 18 21.0         169 175 6 22.7
  29 37 8 12.4       LG-217   No significant mineralization
  42 49 7 21.6       LG-218   No significant mineralization
  92 138 46 12.6       LG-227   50 82 33 13.3
LG-071   26 35 10 14.3         110 186 76 12.0
  182 188 7 12.2       incl. 132 149 17 22.5
LG-072   9 29 20 17.6       LG-228   43 89 46 13.9
  45 77 32 10.5       incl. 60 70 10 28.6
  83 108 25 16.1       LG-229   44 68 24 12.5
  145 165 20 14.7         75 96 21 10.7
                  LG-230   36 65 29 16.1
 
Notes:
1. Lengths are measured drill intervals - the true thickness is not known at this stage
2. Length figures are rounded to nearest integer for clarity
 

See "Technical Report on the Lac Guéret Graphite Project" dated July 3, 2012 under Mason Graphite's profile on SEDAR at www.sedar.com for additional information, including exploration information and data verification.

Quality Control and Assurance

The drill program was supervised by Benoît Moreau, P.Eng.  Nathalie Guillemette, P. Geo., M.Sc., a Company's consultant and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.  Ms. Guillemette  has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Ms. Guillemette has verified that the results were accurate from the official assay certificates provided to the Company.

Analyses for this drilling campaign were carried out by AGAT Laboratories Ltd. in Mississauga, Ontario, a company independent from Mason Graphite, exercising a thorough Quality Control and Assurance program (QA/QC) with Mason Graphite personnel inserting one blank, two standards and one duplicate every 100 samples. AGAT Laboratories is an accredited analytical laboratory. Carbon as graphite ("Cgr") assays reported in this press release were obtained by using the LECO analytical technique ASTM E1915-07A with a detection limit of 0.01% Cgr. Drill holes were sampled over an average of 1.5 metre intervals.

About Mason Graphite

Mason Graphite is a Canadian mining company focused on the exploration and development of its 100% owned Lac Guéret graphite property, which is located in northeastern Québec near the main service center of Baie-Comeau.  The Lac Guéret graphite property currently hosts a National Instrument 43-101 compliant Mineral Resource of about 300,000 tonnes at 24.4% Cgr in the Measured category and 7.3 million tonnes at 20.2% Cgr in the Indicated category. (see news release issued on July 16, 2012). Exploration potential exists on the property with the current Mineral Resource based on exploration of only 17% of one well defined zone. Mason Graphite is led by Benoit Gascon, CA CMA, who has held 20 years of executive positions at Timcal, including over 6 years as CEO. Timcal, now owned by Imerys, is one of the largest graphite producers in the world.

Other Information

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release and has in no way passed upon the merits of the Transaction and has neither approved nor disapproved of the contents of this press release.

Cautionary Statements Regarding Forward Looking Information

This press release contains "forward-looking information" within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits; (v) the risk associated with establishing title to mineral properties and assets; (vi) the risks associated with entering into joint ventures; (vii) fluctuations in commodity prices; (viii) the risks associated with uninsurable risks arising during the course of exploration, development and production; (ix) competition faced by the resulting issuer in securing experienced personnel and financing; * access to adequate infrastructure to support mining, processing, development and exploration activities; (xi) the risks associated with changes in the mining regulatory regime governing the resulting issuer; (xii) the risks associated with the various environmental regulations the resulting issuer is subject to; (xiii) risks related to regulatory and permitting delays; (xiv) risks related to potential conflicts of interest; (xv) the reliance on key personnel; (xvi) liquidity risks; (xvii) the risk of potential dilution through the issue of common shares; (xviii) the Company does not anticipate declaring dividends in the near term; (xix) the risk of litigation; and (xx) risk management.

Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, no material adverse change in metal prices, exploration and development plans proceeding in accordance with plans and such plans achieving their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

Image with caption: "Figure 1 - Plan view with drill hole locations at Lac Guéret (CNW Group/Mason Graphite Inc.)". Image available at: http://photos.newswire.ca/images/download/20130228_C9107_PHOTO_EN_24137.jpg

SOURCE: Mason Graphite Inc.

For further information:

For further information please visit  www.masongraphite.com or contact:

Investor Relations
+1 (416) 861-1685
info@masongraphite.com

Simon Marcotte, Vice-President Corporate Development
+1 (416) 309-2133

Benoît Gascon, CEO
+1 (514) 281-9434

Montreal Office
2000 McGill College ave., Suite 2210
Montreal, PQ  H3A 3H3

Toronto Office
65 Queen Street West, Suite 800
Toronto, Ontario M5H 2M5