National Graphite Cancels Chedic Graphite Drill Program
December 11 2013 - 12:14PM
Marketwired
National Graphite Cancels Chedic Graphite Drill Program
LAS VEGAS, NV--(Marketwired - Dec 11, 2013) - National Graphite
Corp. (OTCQB: NGRC) announces that, due to the delays encountered
in its application to drill within the Chedic Voltaire lode claim,
the Company has cancelled the drill program. On March 5, 2013,
the submitted an "Intent to Operate" plan with the Humbolt-Toiyabe
National Forestry Service, Elko District Office to drill five holes
within the Chedic Voltaire lode claim block. In May 2013, the
National Forestry Service determined that the Company submit a
"Plan of Operations" to include an environmental impact study. In
July, 2013 the Company completed its environmental impact study on
the proposed drilling program and submitted a "Plan of Operations"
for permitting approval.
With the project being tied up in red tape and substantial
property payments coming due, the Board of Directors has decided to
abandon the project and concentrate on its Silver holdings in
Mineral County, Nevada, near the Candelaria Silver Mine. The
Company's LAG claims are located in the Walker Lane Mineral Belt in
western Nevada and is a major northwest-southeast-trending zone
which displays right lateral fault movement that ranges from 30 to
40 miles in its central portion, and hosts a variety of precious
metal and base metal mineral deposits (as well as geothermal
activity) along its length.
Numerous samples have been collected returning values greater
than 3 oz. silver/ton (opt) with a high value of 20.35 opt silver.
The highest gold in rocks returned is 2.08 ppm (0.061 opt Au). 170
scoop-soil samples were collected across a zone approximately 7,000
feet long and 1,500 feet wide. This sampling returned three
prominent anomalous silver zones within a very large envelope of
detectable silver. The largest zone is over 3,000 feet long and had
a high value of 9.4 ppm Ag. Two strong gold zones correlated with
the silver; these soil values enveloped the very high-grade silver
and anomalous gold in rock chips as well.
The Company intends to continue the evaluation of the silver
zone on the LAG claims. This work will include 1:2,400 scale
outcrop mapping and additional prospect rock sampling and to
identify drill targets and drill, if results warrant.
"Safe Harbor"
Statement:
Under The Private Securities Litigation Reform Act of 1995: The
statements in the press release that relate to the Company's
expectations with regard to the future impact on the Company's
results from new products in development are forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995. A complete "SAFE HARBOR: Disclosure" is listed
on the Company's Website NationalGraphiteCorp.com under "News"
Contact: Kenneth B Liebscher IR@nationalgraphitecorp.com Tel:
855-842-8268
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