- Northern Graphite Corp. (TSXV: NGC) has started a new drill program at its Lac des Iles property in Québec
- The program will explore previously untested areas of the property with the objective of extending the life of what is the only significant producing natural graphite mine in North America
- The Lac des Iles graphite mine has been in operation for more than 20 years and was acquired by the company in April 2022
- Northern Graphite Corp. (TSXV:NGC) stocks opened trading at $37 per share
Northern Graphite Corp. (TSXV: NGC) has started a new drill program at its Lac des Iles property in Québec.
The program will explore previously untested areas of the property with the objective of extending the life of what is the only significant producing natural graphite mine in North America.
The Lac des Iles graphite mine has been in operation for more than 20 years and was acquired by the company in April 2022. After a review of historical studies and mine plans, the team identified a number of target zones on the property that include the northern extension of the pit, mineralization in the west side of the pit wall and numerous electromagnetic conductors, some of which already have encouraging intersections from historical drilling.
“Historically, there has been an underinvestment in exploration at Lac des Iles. We know the property, we know the deposit and extending the life of the mine will set up LDI as a supplier of graphite to Baie-Comeau, where we have plans to build a Battery Anode Material plant,” noted Hugues Jacquemin, Northern’s CEO. “This drill program supports our strategy to become a long-term, sustainable and integrated mine-to-market supplier of natural graphite to traditional customers and also serve growing demand stemming from the energy transition and widescale electrification.”
The company’s Chief Operating Officer, Kirsty Liddicoat, added that this drill program began on May 8th and comprises 8,000 metres of drilling, seeking to delineate additional mineralization as Northern pursues its plan to increase mine life and production capacity at the project, including through the potential development of the Mousseau West deposit 80 km away.
The drill program is being financed from the proceeds of the company’s $2.25 million charity flow-through private placement completed on April 27, 2023. Preliminary assay results from the program are expected to be available in June.
Northern Graphite is a Canadian company focused on becoming a world leader in producing natural graphite and upgrading it into high-value products critical to the green economy.
The company recently closed its non-brokered private placement financing for gross proceeds of C$2,250,000. Click here for more.
Northern Graphite Corp. (NGC) opened trading at $37 per share.
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