Graphite One Resources (TSX: V.GPH, Stock Forum) seriously advanced their exploration efforts at their Graphite Creek Project located near Nome, Alaska when the company released results today from the first 10 holes of the recently wrapped up 21-hole diamond drill campaign at the project.
According to the news release, all 10 holes intercepted significant widths of high grade, near surface graphite mineralization, confirming excellent vertical and lateral continuity of the mineralization.
Highlights from the results included 10.57% graphitic carbon (Cg) over 38.87 metres including 20.98% Cg over 7.06 metres at 14CGH007, 6.13% Cg over 50.08 metres at 14CGH006 and 8.70% Cg over 23.43 metres at 14CGH005.
The 2014 drilling program will be utilized to move a portion of the resource from inferred to indicated status.
Company President and CEO, Anthony Huston, commented on the results, “These high grade near surface assays continue to demonstrate that the Graphite Creek Deposit stands to be the premier large flake, high grade graphite deposit in North America.”
He went on to explain, “The mineralization continuity is outstanding and the favourable geological structures are impressive. We look forward to releasing the final 10 holes in the near future.”
Then he summed up, “We are charging ahead on our inaugural PEA to demonstrate to end buyers and shareholders the economic viability of this project.”
Graphite One was in the news recently when the Vancouver-based company announced raising an additional $1.3 million after closing $4.978 million back in the middle of November.
Shares were down 3.57% on the news to $0.135 per share.
Currently there are 166.9m outstanding shares with a market cap of $22.5 million.
FULL DISCLOSURE: Graphite One Resources is a Stockhouse Publishing client.