VANCOUVER, BC, Feb. 4, 2022 /CNW/ - Graphano Energy Ltd. (TSXV:
GEL) (OTCQB: GELEF) (FSE: 97G0) (the "Company" or
"Graphano Energy") is pleased to announce that Phase 1
drilling activity has commenced at its 100% owned Lac Aux
Boulea
ux Graphite Property ("LAB", the "LAB Property" or
the "Property") in Quebec
(see Figure 1). Drilling contractor Forage Hébert
Inc. of Amos, Quebec, has been
awarded the contract for the drill program.
The Company plans to complete approximately 20 holes totaling
2,800 meters NQ size core drilling on the Property. The program
will focus on Zones 1 and 4 where 2021 surface trenching and
sampling programs identified significant grades and widths of
graphite mineralization (see Graphano mews release dated
January 13, 2022), including:
- Channel sample results from Zone 1 include 7.9% Cg over 9.5
meters including 13.9% over 4.5 meters; and
- Channel sample results from Zone 4 include 18.0% Cg over 4.0
meters and 5.8% Cg over 8.0 meters which includes 14.8% over 3.0
meters.
The intent of the drill program is to evaluate the
characteristics and magnitude of mineralization in these two zones.
The program will be the Company's initial step in building a
current Canadian Institute of Mining Metallurgy and Petroleum (CIM)
/ National Instrument 43-101 compliant mineral resource on the
Property.
Zones 1 and 4 are just two of the eight prospective targets
which have been defined on the Property to date through the
Company's surface trenching and sampling programs completed in
2021, as well as a compilation of historical drilling and other
exploration data. The most relevant historical data is from Orrwell
Energy Corp.'s 1980s program consisting of 79 diamond drill holes
totalling 19,550 feet (5,958 metres) and resource estimation work.
This historical drilling is located on the southern portion of the
Property outside the eight target zones recently defined (see
Figure 2). The resource estimation resulted in an historical
resource of 1,320,847 tons at 9% Cg, or 1,452,932 tons at 8% Cg
(Source: Douglas Parent 1982, MRNF
report GM46736, also see Graphano's technical report available
under the Company's profile on SEDAR
(www.sedar.com)). Note: The above historical resources were
calculated by block models using different cut-off grades, and a
specific gravity of 2.76. A Qualified Person has not done
sufficient work to classify the historical estimate as current
mineral resources. The Company is not treating the historical
estimate as a current mineral resource or reserve.
Luisa Moreno, Chief Executive
Officer, commented: "We are pleased that the drilling program is
now under way and we will be spending the next four to six weeks
performing exploratory drilling in two of the eight new target
areas. An important asset of LAB is its metallurgy. The Property
contains a high proportion of large and jumbo flakes from which a
high purity concentrate was proven to be produced across all flakes
by a simple flotation process. We also have the historical resource
site that will be investigated as we prepare to build a
resource."
Qualified Person
The technical content disclosed in this press release was
reviewed and approved by Mr. Martin
Ethier, Géo (#1520), who is a Member of the Order of
Geologists of Québec and a "Qualified Person" under National
Instrument 43-101, and Afzaal
Pirzada, who is a member of the Association of Professional
Engineers and Geoscientists of British
Columbia with license No. 28657.
About Graphano Energy
Graphano Energy Ltd. is an exploration and development company
that is focused on evaluating, acquiring and developing energy
metals resources from exploration to production.
Graphite is one of the most in-demand technology minerals that
is required for a green and sustainable world. Our Lac Aux Bouleaux
property in Quebec, Canada, has
historically been an active area for natural graphite. With the
demand for graphite growing in some of the most prominent and
cutting-edge industries, such as lithium batteries in electric cars
and other energy storage technologies, we are developing our
project to meet the demands of the future.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither 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.
Cautionary Note Regarding Forward-Looking
Statements:
This news release contains certain
"forward-looking information" and "forward-looking statements"
(collectively "forward-looking statements") within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, included herein, without limitation,
relating to future operations - exploration, drilling and other
activities of Graphano Energy - are forward-looking statements.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results
"will", "may", "could", or" should" occur or be achieved.
Forward-looking statements in this news release relate to, among
other things, the Company's exploration plans and the impact
thereof. There can be no assurance that such statements will prove
to be accurate, and actual results and future events could differ
materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by Graphano Energy, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation, the ability to complete
proposed exploration work given the global COVID-19 pandemic, the
results of exploration, continued availability of capital, and
changes in general economic, market and business conditions.
Readers should not place undue reliance on the forward-looking
statements and information contained in this news release
concerning these items. Graphano Energy does not assume any
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change, except
as required by applicable securities laws.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/graphano-energy-drills-first-hole-at-lab-graphite-project-301475458.html
SOURCE Graphano Energy Ltd.
