MONTREAL, Sept. 24, 2013 /CNW/ - Mason Graphite Inc. ("Mason Graphite" or the "Company") (TSX.V: LLG) announces that purities of 99.9% graphitic carbon ("Cg") have been obtained from preliminary studies testing the purification of the graphite concentrates from its flagship Lac Guéret project located in northeastern Quebec.
The graphite concentrate of 99.9% Cg was achieved using a conventional hydrometallurgical process conducted at SGS Canada Inc. ("SGS") in Ontario, Canada. The purification trials were conducted on graphite concentrates that were produced by SGS during recently completed lock cycle tests. The trials were carried out on three coarse size fractions of graphite: +48, +80 and +150 mesh.
Benoît Gascon, President and CEO of Mason Graphite, commented, "Having reached 99.9% Cg from the very first run of testing, without any optimization, reaffirms our belief in the exceptional quality of the graphite hosted on our property. These high purity levels are required in many industrial applications including electrochemical applications like Lithium-ion batteries which are used in electric vehicles, portable electronics and cordless power tools, which represent a significant and growing market."
The table below presents the complete results for the caustic bake process trial.
|Size fraction||Graphite (% Cg)|
Mason Graphite will now move forward with larger scale testing designed to optimize the purification process and further improve these excellent results.
Upcoming Mineral Resource Estimate and Technical Report Update
An updated mineral resource estimate for the Lac Guéret project is underway by Roche Ltd. Consulting Group ("Roche"). All the data obtained from the Company's 2012 drilling campaign was transferred to Roche on August 1st, 2013 and geological interpretations are progressing well. This will be followed by 3D modeling of the mineralization and subsequently an update to the mineral resource estimate itself, which is expected by the end of November 2013. Upon completion of the foregoing, the Company's Technical Report for the Lac Guéret project will be updated accordingly.
The latest mineral resource estimate for Mason Graphite's Lac Guéret project was published in July 2012 and features 0.3 Mt at 24.4% Cg in the Measured category and 7.3 Mt at 20.2% Cg in the Indicated category. These calculations were based on 25 drill holes (obtained from 2003 and 2006), for a total of 2,285 meters of drilling and 908 samples analyzed.
The new data from the 2012 drilling campaign which will be used to update the mineral resource estimate represents an additional 146 holes for a total of 24,345 meters of drilling and 15,507 samples analyzed.
Quality Control and Assurance
Graphitic carbon (Cg) analyses were performed by SGS on an Elemental analyzer (Leco) following standard analysis protocols. All reported results have an associated measurement uncertainty based on the expected precision and accuracy relating to the method and sample concentration. Values at 100% should not be treated as pure products without additional impurity testing.
Jean L'Heureux, Eng., Mason Graphite's Executive Vice-President of Process Development and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical content of the purification trials section of this press release.
Nathalie Guillemette, P. Geo, a consultant to the Company and a Qualified Persons as defined by National Instrument 43-101 has reviewed and approved the scientific and technical content of the mineral resource estimate section of this press release.
SGS has reviewed and approved the content of the purification trials section of this press release.
Roche has reviewed and approved the content of the mineral resource estimate section of this press release.
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 property currently hosts a National Instrument 43-101 compliant Mineral Resource (see news release issued on July 16, 2012), based only on 17% of the known mineralized zone. Excellent potential exists for mineral growth. The Company has also completed a Preliminary Economic Assessment study which features 22 years of production at 27.4% Cg and a pre-tax internal rate of return of 33.7% (see technical report issued by the Company on June 6, 2013). The Company's senior management team possesses significant graphite expertise from their experience at Timcal/Imerys; including Benoit 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.
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.
Full technical details and notes for the Preliminary Economic Assessment ("PEA") can be found in the technical report entitled "NI 43-101 Technical Report on the Preliminary Economic Assessment, Lac Guéret Graphite Project, Quebec, Canada" dated June 6, 2013 and effective April 22, 2013, which is available under Mason Graphite's profile on SEDAR at www.sedar.com and on Mason Graphite's website at www.masongraphite.com.
A PEA is preliminary in nature and includes Inferred Mineral Resources, which are considered too geologically speculative to have mining and economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the reserves development, production, and economic forecasts on which the PEA is based will be realized.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Mason Graphite Inc.
For further information:
For more information about Mason Graphite, visit www.masongraphite.com or contact:
+1 (416) 861-1685
Simon Marcotte, VP Corporate
+1 (416) 309-2133
65 Queen Street West, Suite 800
Toronto, ON M5H 2M5
Benoît Gascon, President & CEO
+1 (514) 289-3574
2000 McGill College ave., Suite 2210
Montreal, QC H3A 3H3