Northern Graphite Corp.(TSX: V.NGC, Stock Forum) said that it has commenced a drill program on its Bissett Creek graphite project consisting of approximately 3,000 meters of drilling in 65 holes in Ontario.
The drill program is designed to follow up on opportunities identified in the recently completed bankable feasibility study to further improve the economics of the Bissett Creek project.
According to the Northern Graphite press release, the main objective of the drill program is to upgrade inferred resources both within and outside the feasibility study pit shell to the indicated category.
Upgrading the inferred resources within the pit to the indicated category, and substituting higher grade material from outside of the feasibility study pit for the low grade stockpile, could result in an increase in grade and a further reduction in operating costs.
Northern Graphite is a Canadian company that has a 100% interest in the Bissett Creek graphite deposit located in eastern Ontario.
On Monday, Northern Graphite’s stock was up 2.3% and was trading at $0.87 a share. The company has a market cap of $40.9 million, based on 47 million shares outstanding. The 52-week high and low was $3.42 and $0.71 respectively