Saint Jean closes purchase of Wallingford, Saint Jovite 2014-01-17 03:36 ET - News Release Ms. Laurie McCarney reports SAINT JEAN CARBON CLOSES ACQUISITION WALLINGFORD & SAINT JOVITE LUMP GRAPHITE PROPERTIES Saint Jean Carbon Inc. has closed an arm's-length transaction to acquire the Wallingford and Saint Jovite lump graphite properties. On closing, the Company issued 1,000,000 shares as partial consideration for the Wallingford Property and 1,000,000 shares as partial consideration for the St. Jovite Property all at a deemed value of $0.06 per share. Additional consideration for the Transaction included a $2,000 payment on the signing of the term sheet for each of the New Properties. A further $5,000 payment is to be made in 2014 for each of the St. Jovite Property and the Wallingford Property. The Company is required to issue an additional 500,000 shares for the Wallingford Property and an additional 500,000 shares for the St. Jovite Property, on the first anniversary date of the Closing, subject to the mining claims associated with each respective property producing graphite with a grade of 30% and a quality of 90% Gc, and an ore quantity of 2,000,000 metric tonnes after the Company has made up to $250,000 in exploration expenditures on each property to verify same. All securities issued will be subject to a hold period of four months and one day pursuant to applicable security laws. The Wallingford Property is located 10 km north of Buckingham village in the Central Metasedimentary Belt of the Grenville geological Province, some 182 km west of Montreal. It includes the historic Wallingford-Buckingham mine, a feldspar and quartz pegmatite dyke which crosscuts a sillimanite-garnet gneiss. The deposit was discovered by prospection in 1923 and the mine was in operation from 1923 to 1938 (SIGEOM database of MRN). The St. Jovite Property is located 8.5 km south-south-east of the village of Brebeuf, in the Laurentian region, approximately 153 km northwest of Montreal. It is underlain by metasedimentary rocks of the Grenville Province which had been invaded by the igneous rocks of the Morin series. It includes the Brebeuf-SSE deposit which was mined sporadically from 1954 to 1961. It consists of a vein type deposit with a most important pegmatitic vein measuring 30 m. About Lump/Vein Graphite Lump or Vein graphite is considered to be one of the rarest, commercially valuable, and highest quality types of natural graphite. It occurs in veins along intrusive contacts in solid lumps and is only actively mined in Sri Lanka. As a result of the carbon content typically found with lump/vein graphite recovery operations, costs will normally be lower than flake or amorphous graphite recovery. Lump graphite processing techniques can include everything from hand sorting of large concentrated samples to standard crushing, grinding, froth flotation and milling. Lump/vein graphite is suitable for many of the same applications as flake graphite giving it a distinct competitive edge in terms market prices and product applications. Further Information about the Wallingford Property The Wallingford Property is located in the Central Metasedimentary Belt of the Grenville geological Province, which comprises north-northeast trending marble and quartzite domains that also include quartzo-feldspathic gneisses and tonalitic intrusions. Several dykes and massive bodies of pegmatite which are the results of local melting are also present. Regional metamorphism is upper amphibolite grade and reached the granulite facies locally. It is believed that the origin of carbon in the Outaouais graphite deposit is derived from carbonates that went through regional metamorphism. Many of the Outaouais graphite deposits are classified as skarn type deposits which are the product of contact metamorphism and metasomatism associated with the intrusion of granite into carbonate rocks. Pegmatites are often in close spatial relationship with graphitic bodies, as observed elsewhere in the Buckingham area. Pegmatites seem to be largely present over the property and offer a great opportunity to find graphitic mineralization at the contact between pegmatite and marbles. Such contact would represent a favorable context for graphite mineralization of skarn type deposit. Further Information about the Saint Jovite Property The property is located some 4.5 km southeast of Brebeuf deposit, a graphitic occurrence located in marble and quartzite. Historical works on the Brebeuf deposit mention a graphite content of 33.82% from a graphitic band within the marble and a flaky and lump type mineralisation (SIGEOM database of MRN). . This deposit is found at the contact zone between the Grenville and a granitic intrusive mass, where a wide zone of alteration was developed with secondary minerals derived from the sediments, such as wollastonite, scapolite and diopside. Outcrops of pegmatites, syenogranites and leucogabbros were noted on a preliminary site visit on the Saint Jovite Property. The presence of granitic and pegmatitic rock units warrant further investigation to find marbles or graphite-mineralised skarns. We seek Safe Harbor. © 2014 Canjex Publishing Ltd. All rights reserved. |