TORONTO, Nov. 21, 2012 /CNW/ - Mason Graphite Inc. (TSX.V: LLG) ("Mason Graphite" or the "Company") reports assay results for 23 drill holes (4,355 metres) from the mineral resource expansion program at its Lac Guéret project in northeastern Quebec. Results and the corresponding map are presented below. These holes are part of a drilling program initiated in July 2012 that was designed to delineate additional mineral resources along strike of the GC zone, which hosts the current National Instrument 43-101 mineral resource of about 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 (effective as of June 22, 2012). The Company is awaiting results from an additional 34 drill holes (about 6,500 metres), which along with the 23 holes presented below will be included in its database to calculate an updated mineral resource estimate that is planned for completion in early 2013.
Significant graphite intercepts in this round of results, include:
- Hole LG-44 intersected 96.0 metres at 16.9% Cgr
- Hole LG-50 intersected 52.3 metres at 22.4% Cgr and 12.4 metres at 17.5% Cgr
- Hole LG-53 intersected 43.5 metres at 20.0% Cgr, 16.5 metres at 15.7% and 88.5 metres at 21.0% Cgr
- Hole LG-61 intersected 13.5 metres at 20.2% Cgr, 13.5 metres at 17.5% Cgr and 13.5 metres at 24.7% Cgr
- Hole LG-231 intersected 33.0 metres at 19.1% Cgr
Benoît Gascon, CEO of Mason Graphite commented, "We are very pleased with the progression of our drilling program with over 26,600 metres completed since July. We plan to include approximately 11,000 metres of this program in an updated mineral resource which is expected for completion in early 2013, and the remaining results will be included in a second mineral resource update later in the first quarter of 2013. The initial results from 23 holes were all drilled at the border and beyond the boundaries of the July 2012 mineral resource calculation and we are very encouraged by the apparent continuity of high quality graphite mineralization extending to the south-east and south-west of this area."
Roche Ltd. Consulting Group, who completed the Company's National Instrument 43-101 mineral resource estimate in July 2012, has been retained to complete the upcoming mineral resource update.
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.
Table 1 - Best results from each of 23 drill holes (4,355 metres)
| Carbon as Graphite
Quality Control and Assurance
The drill program was supervised by Benoît Moreau, President and COO of Mason Graphite, who is a Qualified Person as defined by National Instrument 43-101. Mr. Moreau has reviewed and approved the scientific and technical content of this news release.
Analyses for this drilling campaign were carried out by AGAT Laboratories Ltd. in Mississauga, Ontario 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.
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.
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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 - Drill Hole Locations (CNW Group/Mason Graphite Inc.)". Image available at: http://photos.newswire.ca/images/download/20121121_C2129_PHOTO_EN_21011.jpg
SOURCE: Mason Graphite Inc.
For further information:
about Mason Graphite visit www.masongraphite.com or contact:
65 Queen Street West, Suite 800
Toronto, Ontario M5H 2M5
+1 (416) 861-1685
Simon Marcotte, Corporate Development
+1 (416) 309-2133
2000 McGill College ave., Suite 2210
Montreal, PQ H3A 3H3
Benoît Gascon, CEO
+1 (514) 281-9434