MONTREAL, Nov. 02, 2017 (GLOBE NEWSWIRE) -- SRG GRAPHITE INC. (TSXV:SRG) (“SRG” or the “Company”) today announced more strong drilling results from the Company’s Lola Graphite project in Eastern Guinea, West Africa. The Company is in receipt of assay results from 23 boreholes, 13 of which returned thicknesses of more than 30 meters in the surface weathered profile. Composite results are shown in Table 1.
"Drill results continue to reaffirm our belief in the quality of this remarkable graphite asset," stated Dr. Marc-Antoine Audet, President and Chief Executive Officer, SRG. “We are very pleased with the ongoing strong results and look forward to completing the maiden mineral estimates and preliminary economic assessment for the property by the end of this year.”
Table 1: Composite Results
The following table presents a summary of the 23 drill hole results. Mineralized intervals were defined using 1.0% Cg cut‑off grades (“cog”).
| HOLE-ID | FROM | LENGTH | CG |
| (m) | (m) | (%) | |
| LL36-255545 | 0.00 | 44.00 | 2.14 |
| LL36-279554 | 1.50 | 40.50 | 6.18 |
| Including*1 | 18.00 | 10.99 | |
| LL36-303564 | 1.50 | 33.00 | 3.42 |
| Including*1 | 5.50 | 9.25 | |
| LL36-171622 | 4.50 | 31.50 | 3.57 |
| LL36-196631 | 0.00 | 42.20 | 3.96 |
| LL36-245648 | 25.50 | 17.50 | 3.88 |
| LL36-269658 | 0.00 | 33.50 | 5.96 |
| Including*1 | 12.50 | 9.63 | |
| LL36-296666 | 0.00 | 21.00 | 3.46 |
| LL39-141022 | 0.00 | 39.40 | 5.61 |
| LL39-117013 | 3.00 | 39.20 | 7.13 |
| Including*1 | 15.20 | 11.82 | |
| LL39-094004 | 4.00 | 32.60 | 7.05 |
| LL36-070796 | 1.70 | 34.40 | 4.01 |
| Including*1 | 10.50 | 9.31 | |
| LL39-164030 | 0.00 | 40.50 | 3.98 |
| LL39-188038 | 0.00 | 27.20 | 3.89 |
| LL39-258064 | 4.00 | 18.00 | 3.01 |
| LL39-218252 | 2.00 | 5.50 | 3.74 |
| LL39-242261 | 3.00 | 15.00 | 4.55 |
| LL39-195244 | 0.00 | 34.50 | 6.23 |
| Including*1 | 10.50 | 9.66 | |
| LL39-171235 | 0.00 | 39.30 | 7.19 |
| Including*1 | 16.80 | 13.01 | |
| LL39-148227 | 3.00 | 28.50 | 2.40 |
| LL39-124218 | 1.50 | 25.50 | 2.99 |
| LL39-124429 | 0.00 | 27.00 | 6.86 |
| Including*1 | 19.50 | 8.45 | |
| LL39-100420 | 0.00 | 30.00 | 4.12 |
*13% Cg (cog).
The current drilling program aims at producing the first mineral estimates for the property’s surface weathered profile, which will be included in the preliminary economic assessment currently under DRA-Met-Chem assessment. The weathered profile is approximately 32% thicker than the Company’s initial estimate of 20 meters, with several holes demonstrating thicknesses of up to 50 meters. The drilling program will cover approximately 16% of the total surface area of deposit as defined by geological mapping, a geophysical Max-Min survey and previous drilling and pitting.
Appointment of New Directors
The Company announced the appointment of Mr. Koudougou Abdoulaye COMPAORE and Mr. Abdoul Aziz NASSA to the SRG’s Board of Directors. The appointment of Messrs. COMPAORE and NASSA expands the Board to eight directors, four of whom are independent. SRG is in receipt of the necessary regulatory authority approvals for the appointments.
Mr. K. Abdoulaye COMPAORE
Mr. COMPAORE has a post-graduate degree (DESS) in International Finance and master’s degrees (2) in Finance, option Bank and International Finance, and Taxation and Business Law. Mr. COMPAORE is the General Manager for Coris Capital SA since January 2014. Coris Capital SA is part of the larger Coris Financial group based in Burkina Faso.
Mr. Abdoul Aziz NASSA
Mr. Abdoul Aziz NASSA is Business Development Director at Coris Capital SA.
He is also General Manager, General Mining Logistics, a subsidiary of Coris Capital SA. General Mining Logistics specialized in providing logistic services to West African mining companies.
“We are pleased to have Messrs. COMPAORE and NASSA join our board and look forward to their contributions,” said Benoit La Salle, Executive Chairman of the Board, SRG. “Messrs. COMPAORE and NASSA are experienced and accomplished business leaders and we are confident that they will add great value to our Board of Directors.”
About SRG Graphite Inc. (SRG)
SRG is a Canadian-based company focused on developing the Lola Graphite deposit, located in the Republic of Guinea, West Africa. SRG is committed to operate in a socially, environmentally and ethically responsible manner.
For additional information, please visit SRG’s website at www.srggraphite.com.
For more information contact:
SRG Graphite Inc. (SRG)
Dr. Marc-Antoine Audet, President & CEO
Tel.: (514) 726-4158
Email: ceo@srggraphite.com
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.
Forward-Looking Statements
Certain of the statements made and information contained herein are "forward-looking statements" within the meaning of Canadian securities legislation or "forward-looking information" within the meaning of the Ontario Securities Act and the Securities Act (British Columbia). This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to vary or be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or forward-looking information. Information regarding drilling results may also be deemed to be forward-looking statements or forward-looking information in that they reflect a prediction of what may be found to be present when and if a project is actually developed.
In addition, forward-looking statements and forward-looking information are based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.