Canada Strategic Metals Inc. (TSX: V.CJC, Stock Forum) said that it has received graphite grab and channel sample assay results derived from the company's recent sampling program on the Champagne and Grand Prix properties in Quebec.
According to the Canada Strategic Metals press release, the sampling program has confirmed presence of graphite bearing structures in many areas of the properties.
The Grand Prix and Grand Prix North graphite properties consist of two large blocks consisting of 273 mineral claims totalling approximately 14,976 hectares and 15 mineral claims totalling approximately 829 hectares respectively, located approximately 110 kilometres and 130 kilometers north-west of Baie-Comeau.
Highlights from the Grand Prix grab samples included 7.21% graphite and 5.47% graphite.
Furthermore, results of the channels samples showed 6.0 metres grading 3.07% graphite and 2.0 metres grading 6.l6% graphite.
The Champagne graphite property consists of one large contiguous block of 88 mineral claims totaling approximately 4,870 hectares located approximately 120 kilometres north of Baie Comeau.
Highlights from the Champagne grab samples included 2.05% graphite and 1.00% graphite.
Canada Strategic Metals is a graphite exploration and development company located throughout Quebec.
On Tuesday, Canada Strategic Metals soared 25% and was trading at $0.075 a share. The company had a market cap of $2.9 million, based on 38.9 million shares outstanding. The 52-week high and low was $0.19 and $0.05 respectively.