MONTREAL, Quebec, March 21, 2018 (GLOBE NEWSWIRE) -- SRG Graphite Inc. (TSXV:SRG) (“SRG” or the “Company”) today announced drill results from its ongoing drilling program at the Company’s Lola graphite deposit in Guinea, West Africa. To date, 346 boreholes, totalling 9,600 meters (“m”), have been drilled on the property of which, 175 boreholes, totalling 4,698m, since the Company announced its maiden resource on December 22nd, 2017.
Once completed, the 2018 drilling program will result in a coverage of approximately 35% of the total surface area of the deposit as defined by geological mapping, a geophysical Max-Min survey and previous drilling and pitting. See (Figure 1) With these results, along with upcoming results, the Company will have gathered sufficient data to produce a Preliminary Economic Assessment and continue to demonstrate the potential of the deposit.
A drilling contract was awarded to Foraco S.A., an experienced drilling contractor, to expedite the completion of the 2018 drilling program. In addition, Foraco’s two drill rigs, the Company continues to contract Sama Resources’ drill rig for infill drilling and regional exploration due to its proximity, availability and cost effectiveness.
Assay results, conducted by Activation Laboratories Ltd in Canada, have been received for 276 boreholes out of the 346 drilled to date. Composite results for 73 boreholes are shown in Table 1. Mineralized intervals were defined using 1.0% Graphitic Carbon grade (“Cg”) as a cut-off grade while highlights were defined using 3.0% Cg.
Table 1: Composite Results of 73 boreholes
| HOLE-ID | FROM | LENGTH | CG | HOLE-ID | FROM | LENGTH | CG | |
| m | m | % | m | m | % | |||
| LL39-077412 | 4.00 | 27.50 | 3.49 | LL48-163165 | 21.00 | 18.00 | 4.05 | |
| including* | 7.50 | 6.52 | including* | 10.50 | 5.35 | |||
| LL39-053403 | 0.00 | 33.00 | 5.82 | LL48-143159 | 8.90 | 8.10 | 4.29 | |
| including* | 15.00 | 10.42 | LL48-199286 | 10.50 | 6.00 | 3.02 | ||
| LL42-192773 | 0.00 | 3.00 | 2.57 | LL48-180279 | 0.00 | 16.00 | 2.44 | |
| LL42-174766 | 6.00 | 16.50 | 3.66 | including* | 3.00 | 4.78 | ||
| LL42-155759 | 0.00 | 25.30 | 4.57 | LL48-162271 | 0.00 | 17.00 | 3.31 | |
| including* | 16.50 | 5.86 | including* | 6.00 | 5.64 | |||
| LL42-136752 | 21.00 | 16.80 | 4.54 | LL48-151266 | 0.00 | 19.50 | 4.55 | |
| including* | 10.50 | 5.95 | including* | 17.00 | 4.92 | |||
| HOLE-ID | FROM | LENGTH | CG | HOLE-ID | FROM | LENGTH | CG | |
| m | m | % | m | m | % | |||
| LL42-117746 | 0.00 | 18.00 | 3.23 | LL48-141315 | 0.00 | 19.50 | 4.03 | |
| LL42-099740 | 1.50 | 4.50 | 2.44 | including* | 12.00 | 5.30 | ||
| LL42-081733 | 27.00 | 7.50 | 4.35 | LL48-160323 | 0.00 | 18.00 | 3.76 | |
| LL42-063726 | 24.00 | 28.30 | 2.45 | including* | 7.50 | 6.15 | ||
| LL42-044719 | 4.50 | 18.00 | 4.14 | LL48-178330 | 1.50 | 12.00 | 1.62 | |
| LL42-021710 | 1.00 | 15.50 | 5.03 | LL48-196339 | 3.00 | 10.50 | 4.98 | |
| including* | 7.50 | 9.01 | including* | 9.00 | 5.47 | |||
| LL41-800703 | 27.00 | 15.00 | 3.67 | LL48-178433 | 1.50 | 7.80 | 1.46 | |
| LL45-210073 | 0.00 | 21.00 | 4.04 | LL48-197440 | 0.00 | 10.50 | 1.32 | |
| including* | 10.50 | 6.35 | LL48-151218 | 0.00 | 28.70 | 6.35 | ||
| LL45-167065 | 3.00 | 10.50 | 5.66 | including* | 21.20 | 7.86 | ||
| including* | 6.00 | 8.44 | LL48-188232 | 1.50 | 13.60 | 2.67 | ||
| LL45-149058 | 19.50 | 21.40 | 3.21 | including* | 1.50 | 7.07 | ||
| including* | 7.50 | 5.33 | LL48-169224 | 2 | 19.25 | 3.44 | ||
| LL45-130052 | 9.00 | 13.50 | 3.89 | including* | 9.00 | 5.07 | ||
| LL45-112045 | 0.00 | 24.00 | 2.59 | LL48-175491 | 2 | 15.70 | 1.40 | |
| including* | 1.50 | 4.35 | LL48-152482 | 2 | 22.20 | 5.63 | ||
| LL45-093038 | 3.00 | 19.50 | 3.40 | including* | 20.70 | 5.96 | ||
| LL45-076031 | 0.00 | 8.00 | 5.50 | LL48-128494 | 0 | 13.50 | 4.05 | |
| LL45-057025 | 0.40 | 22.10 | 2.39 | including* | 8.50 | 5.60 | ||
| LL45-034016 | 9.00 | 3.00 | 6.32 | LL48-172595 | 0 | 30.00 | 4.42 | |
| LL45-030073 | 7.50 | 15.70 | 1.90 | including* | 17.20 | 6.25 | ||
| LL45-051080 | 4.00 | 6.50 | 3.51 | LL48-192603 | 0 | 4.50 | 1.43 | |
| LL45-075089 | 10.50 | 11.50 | 4.13 | LL48-142690 | 0 | 18.20 | 4.72 | |
| LL45-093094 | 0.00 | 14.00 | 3.24 | including* | 15.00 | 5.31 | ||
| including* | 5.00 | 4.13 | LL48-119682 | 2 | 18.50 | 3.77 | ||
| LL45-124111 | 0.00 | 15.30 | 3.81 | including* | 9.00 | 5.94 | ||
| including* | 6.50 | 5.98 | LL48-100781 | 2 | 19.50 | 3.83 | ||
| LL45-220038 | 0.70 | 20.30 | 3.31 | including* | 5.60 | 6.70 | ||
| including* | 4.50 | 6.56 | LL48-119792 | 2 | 16.80 | 1.37 | ||
| LL45-201031 | 12.00 | 20.60 | 5.47 | LL47-736721 | 0.00 | 27.10 | 4.38 | |
| including* | 16.50 | 6.37 | including* | 11.00 | 7.80 | |||
| LL45-183024 | 1.50 | 1.70 | 3.50 | LL47-713713 | 0.00 | 34.00 | 4.82 | |
| including* | 1.70 | 3.50 | including* | 10.50 | 10.25 | |||
| LL45-164017 | 21.00 | 19.60 | 3.61 | LL47-689704 | 0.00 | 24.00 | 4.89 | |
| including* | 7.20 | 4.61 | including* | 16.50 | 6.09 | |||
| LL45-145009 | 16.50 | 14.50 | 4.36 | LL47-666695 | 0.00 | 28.50 | 8.37 | |
| including* | 7.50 | 5.87 | including* | 16.50 | 12.72 | |||
| LL45-126006 | 16.80 | 19.20 | 2.98 | LL47-642687 | 3.00 | 30.00 | 3.51 | |
| including* | 5.20 | 5.42 | including* | 10.50 | 6.79 | |||
| LL42-107797 | 0.00 | 18.00 | 7.16 | LL47-787422 | 0.00 | 33.90 | 3.57 | |
| including* | 13.50 | 8.93 | including* | 26.40 | 4.23 | |||
| LL42-089790 | 1.50 | 30.00 | 3.30 | LL47-640475 | 7.50 | 25.50 | 2.73 | |
| including* | 7.70 | 7.01 | LL47-682490 | 0.00 | 31.50 | 2.86 | ||
| LL42-070783 | 3.00 | 4.50 | 1.84 | including* | 3.00 | 9.62 | ||
| LL42-051776 | 3.00 | 26.10 | 2.33 | LL47-701497 | 16.50 | 19.50 | 5.17 | |
| LL48-199179 | 1.50 | 13.50 | 2.63 | including* | 11.00 | 7.54 | ||
| LL48-181171 | 0.00 | 17.00 | 5.10 | LL47-720504 | 4.50 | 34.50 | 4.65 | |
| including* | 14.50 | 5.67 | including* | 20.95 | 6.69 |
*3% Cg cut-off grade (average grade of combined intervals).
All boreholes were drilled at an inclination of 50 degrees from horizontal and cross-cut the geological succession as perpendicular as possible. The graphitic paragneiss displayed foliation dipping between 80 and 85 degrees to the west.
Core logging and sampling were performed at the Company’s facility in the village of Lola. Sample preparation was performed by Veritas Laboratory in Abidjan, Côte d’Ivoire. Pulp samples were delivered to Activation Laboratories Ltd., Ancaster, Ontario, Canada. The samples were treated through a multistage furnace process to remove organic carbon and carbonate carbon. The remaining graphitic carbon was measured as carbon dioxide in the infrared (“IR”) cell as gas flowed through the cell. Carbon dioxide absorbs IR energy at a precise wavelength within the IR spectrum. All analyses were performed using Eltra instruments.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, PhD Geo., P.Geo, Lead Geologist, SRG and a 'qualified person' as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
ABOUT 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 operating in a socially, environmentally and ethically responsible manner.
For additional information, please visit SRG’s website at www.srggraphite.com.
For more information contact:
| Ugo Landry-Tolszczuk Tel: +1 (514) 679-4196 Email: ultolszczuk@srggraphite.com | Benoit La Salle, FCPA FCA Tel: +1 (514) 951-4411 Email: benoit.lasalle@srggraphite.com |
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “will”, “continue”, “demonstrate”, “potential”, or variations of such words and phrases or state that certain actions, events or results "may", "could", "would" or "might". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits; (v) the risk associated with establishing title to mineral properties and assets; (vi) fluctuations in commodity prices and other risks and factors described or referred to in the section entitled "Risk Factors" in the MD&A of the Company and which is available at www.sedar.com, all of which should be reviewed in conjunction with the information found in this news release
Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities and no material adverse change in mineral prices. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.