Graphite One Commences Drilling And Completes Confirmatory Surface Sampling
June 27, 2012 - Calgary, Alberta – Graphite One Resources Inc. (GPH: TSX-V, GPHOF: OTCQX) ("Graphite One" or the "Company") is pleased to announce it has mobilized a crew to the Graphite Creek Property and has commenced exploration. The multi-phased exploration program is designed to: (1) map and rock sample along the known EM conductor(s) to test strike extent and grade of graphite mineralization on surface; (2) drill test known surface graphite showings and high priority EM conductor(s), to complete a 43-101 compliant resource; and (3) complete surface mini-bulk sampling for mineralogy and metallurgical testing.
“We are excited to announce the commencement of our 2012 summer drill program,” stated Anthony Huston, President and Director for Graphite One Resources. “This initial drill program on the Graphite Creek Property has been built around an EM survey, mapping and rock sampling by our experienced exploration team, which marks a key milestone in the history of this property.” continued Mr. Huston.
Twelve rock grab samples were collected along the EM conductor at Graphite and Trail creeks by Mr. R. Eccles, M.Sc., P.Geol., of APEX Geoscience Ltd. The samples, which included both graphite-rich and background schist samples, were analyzed at Actlabs, Ancaster, Ontario and ten of the samples contained graphite (41.4, 40.1, 33.3, 24.8, 22.8, 9.26, 4.26, 3.16, 2.23, 0.77% Cg*; figure 1).
In addition, Sean Mager has stepped down as a Director on the Board for Graphite One Resources and has assumed a position on the Advisory Board. Dale Hansen, Chief Financial Officer for Graphite One Resources, has assumed the role of Director along with his current position as CFO for the Company. “We wish to thank Mr. Mager for his invaluable service as a member on the Board of Directors and we look forward to continuing to work with Mr. Mager as he assumes his role on the Advisory Board, and we are pleased to welcome Mr. Hansen to the Board” stated Anthony Huston, President and Director.
Mr. Hansen is a Certified Management Accountant with over 20 years of experience in the oil and gas industry. During his tenure at Suncor Energy, Mr. Hansen spent two years in Fort McMurray, Alberta as Financial Accounting Manager gaining valuable insight into the Oil Sands mining process. He has a proven track record of performance leading cross-organizational change initiatives and system implementation projects. Mr. Hansen is also Chief Financial Officer of Happy Creek Minerals (TSX-V: HPY) and Chief Financial Officer and Director of Vela Minerals Ltd.
Dean Besserer, P.Geol., V.P. Exploration, manages Graphite One's exploration and development programs and is the Qualified Person as defined by National Instrument 43-101. He supervised the preparation of the technical information in this release.
About Graphite Creek
The Graphite Creek Property comprises 89 claims totaling 4,209 hectares on the Seward Peninsula of Alaska, 65 kilometres north of Nome. Mineralization at the Graphite Creek Property is characterized by coarse crystalline (large-flake) graphite (>80mesh) within graphite-bearing schist(s). Graphite mineralization is exposed at surface. The large-flake graphite occurs as disseminations and high-grade segregations and lenses in distinctive garnet-bearing quartz biotite schist(s). The host schist(s) is continuous over 13 kilometres of strike length, based on mapping, geophysics, and has an approximate thickness of 100 metres, and is exposed down dip 100 to 200 metres, thus indicating the potential for 150 to 250 million tonnes of graphite-bearing rock. The estimate of potential tonnage is based on the Company’s geological mapping in 2011. Two samples were collected during 2011 of the graphite-bearing schist contain 9.1 to 21.8% graphite, respectively. A sample collected within a high-grade lense within the schist contained 56.9% graphite. A historical composite chip sample across a 16 metre outcrop of graphite-bearing schist contained 8.36% graphite. Other schists in the area contain 2 to 6% graphite. The potential size and grade of the mineralization at the Graphite Creek Property is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource. The Property is 3 kilometres away from intertidal waters at Windy Cove, approximately 20 kilometres away from road systems, and 3 kilometres from an airstrip to the southeast.
Graphite One uses Actlabs (Ancaster, Ontario), an ISO/IEC 17025 accredited analytical laboratory. The technique used for determining graphitic carbon is by LECO whereby the pulp is either digested with hydrochloric and perchloric acids, or subjected to a multistage furnace treatment to remove all forms of carbon with the exception of graphitic carbon.
Graphite One Resources is committed to a regimented QA/QC program including utilizing standards, blanks and duplicates as per normal industry standards.
About Graphite One Resources Inc.
GRAPHITE ONE RESOURCES INC. (GPH: TSX-V, GPHOF: OTCQX) is a mineral exploration company with extensive experience in the state of Alaska and a business strategy to identify, acquire, and explore high potential projects ready for rapid advancement. The Graphite Creek Property on the Seward Peninsula of Alaska fits with the Graphite One business strategy offering significant potential for the discovery and development of a large-flake, graphite deposit exposed at surface. Graphite One has an option to earn a 100% interest in the Graphite Creek Property and plans to rapidly advance the Property to a NI 43-101 compliant resource.
The graphite market is only beginning to open up as green technology takes more precedence in the world today. Graphite is vital for lithium-ion batteries, pebble bed nuclear reactors, and fuel cells amongst other uses. Graphite has been named a "supply critical mineral" and a "strategic mineral" by the USA and European Union as more demand is being created that surpasses the supply threshold. This has allowed for the price of graphite to rise, as over the past 7 years the price has nearly tripled.
*Cg = Graphitic Carbon
ON BEHALF OF THE BOARD OF DIRECTORS
For more information on Graphite One Resources Inc. please visit the Company’s website, www.GraphiteOneResources.com or contact:
President & Director
Tel: (604) 697-2862
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be forward-looking statements. All statements in this release, other than statements of historical facts that address access to capital, regulatory approvals, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com