MONTREAL, March 26, 2018 (GLOBE NEWSWIRE) -- SRG Graphite Inc. (TSXV:SRG) (“SRG” or the “Company”) today announced the remaining assay results from the drilling program conducted on the Company’s cobalt-nickel-scandium Gogota project in Guinea, West Africa. With these latest assay results, the Company is now in a position to produce a maiden resource estimate.
To complete the resource estimate, the Company has engaged Montréal-based Met-Chem, a division of DRA Americas Inc. (“Met-Chem/DRA”). The Gogota cobalt-nickel-scandium occurrence has a prospective surface outline of 1.96 km2 and is approximately 5km away from the Company’s Lola graphite deposit. The study will commence immediately with completion of the National Instrument 43-101 compliant resource estimate expected in H1 2018.
Press release highlights:
- 25m @ 0.21% cobalt, 1.37% nickel and 32gr/ton scandium
- 23m @ 0.18% cobalt, 1.27% nickel and 39gr/ton scandium
- Company hires Met-Chem/DRA for the completion of a 43-101 compliant resource estimate for the Gogota Project
Of the 51 vertical drill holes carried out over the Gogota Deposit in 2012-2013, 31 were drilled over a 200-meter by 400-meter grid and 20 were drilled over a 200-meter by 200-meter grid. The first phase of samples from 31 drill holes representing 800 samples were sent for analysis in 2013 and returned significant cobalt (“Co”), nickel (“Ni”), and scandium (“Sc”) results, among others. These results were reported again by the Company on January 23, 2018. The second phase of 20 drill holes representing 425 samples were recently sent for analysis. The combined mineralized intervals for all boreholes are presented in Table 1. A compilation map can be seen in Figure 1.
“These latest assay results continue to demonstrate that the Gogota Co-Ni-Sc deposit, discovered by Dr. Audet in 2010 has great potential,” said Ugo Landry-Tolszczuk, President and Chief Operating Officer, SRG. “We look forward to working with Dr. Audet and the Met-Chem/DRA team to complete the maiden resource in the coming months.”
Table 1: Combined Mineralized Interval Highlights (True Widths)
| HOLE-ID | From | Length | Co | Ni | Scandium | Fe | MgO | SiO2 | Al2O3 |
| m | m | % | % | gr/t | % | % | % | % | |
| GG24-400800 | 15.50 | 5.50 | 0.18 | 0.75 | 37.28 | 45.90 | 0.26 | 9.92 | 12.29 |
| GG24-600800 | 9.00 | 16.00 | 0.17 | 1.39 | 26.88 | 51.80 | 0.43 | 3.94 | 4.66 |
| GG24-800400 | 2.00 | 18.20 | 0.19 | 1.43 | 45.06 | 52.19 | 0.38 | 3.33 | 4.99 |
| GG24-800600 | 3.70 | 13.50 | 0.22 | 1.27 | 29.18 | 51.32 | 0.48 | 8.29 | 3.29 |
| GG24-800800 | 4.00 | 20.80 | 0.15 | 1.41 | 29.62 | 53.42 | 0.60 | 4.51 | 4.05 |
| GG25-200200 | 5.00 | 14.50 | 0.13 | 1.30 | 33.11 | 51.24 | 0.42 | 7.83 | 3.11 |
| GG25-200400 | 6.00 | 10.00 | 0.13 | 1.19 | 30.00 | 48.02 | 0.33 | 13.22 | 2.74 |
| GG25-200600 | 8.00 | 3.00 | 0.17 | 1.28 | 35.30 | 52.03 | 0.62 | 3.01 | 5.15 |
| GG25-200800 | 11.00 | 19.00 | 0.17 | 1.29 | 27.90 | 53.40 | 0.53 | 2.95 | 3.49 |
| GG25-400200 | 4.00 | 14.50 | 0.18 | 1.52 | 31.73 | 53.29 | 0.30 | 6.38 | 3.49 |
| GG25-400400 | 12.50 | 20.00 | 0.17 | 1.53 | 24.77 | 49.87 | 0.37 | 5.47 | 5.56 |
| GG25-400600 | 7.00 | 16.00 | 0.16 | 1.36 | 29.88 | 50.14 | 0.76 | 4.30 | 6.73 |
| GG25-400800 | 8.00 | 17.80 | 0.16 | 1.25 | 24.50 | 50.90 | 0.69 | 4.04 | 5.67 |
| GG25-600400 | 0.00 | 7.50 | 0.13 | 1.08 | 20.91 | 40.14 | 0.63 | 9.86 | 14.09 |
| GG25-600600 | 3.80 | 14.40 | 0.13 | 1.52 | 25.23 | 44.64 | 1.30 | 7.45 | 10.35 |
| GG25-600800 | 6.00 | 22.00 | 0.17 | 1.46 | 32.62 | 44.39 | 1.14 | 6.94 | 10.91 |
| GG34-400200 | 1.50 | 6.90 | 0.13 | 1.58 | 40.30 | 44.14 | 2.73 | 9.75 | 8.21 |
| GG34-400400 | 3.00 | 1.50 | 0.11 | 0.90 | 33.84 | 27.56 | 3.00 | 38.39 | 7.28 |
| GG34-600200 | 1.50 | 17.90 | 0.20 | 1.38 | 26.91 | 47.19 | 1.08 | 6.02 | 7.77 |
| GG34-600400 | 3.00 | 22.00 | 0.17 | 1.51 | 28.61 | 48.59 | 0.69 | 4.47 | 7.00 |
| GG34-600600 | 7.00 | 25.00 | 0.21 | 1.37 | 32.41 | 47.73 | 1.60 | 5.97 | 6.20 |
| GG34-600800 | 1.00 | 8.50 | 0.18 | 1.28 | 34.71 | 44.66 | 0.49 | 6.26 | 11.74 |
| GG34-800200 | 2.10 | 12.00 | 0.24 | 1.16 | 32.63 | 48.08 | 0.49 | 5.11 | 10.11 |
| GG34-800400 | 15.00 | 3.00 | 0.17 | 1.53 | 37.50 | 48.63 | 1.12 | 9.61 | 6.33 |
| GG34-800600 | 6.00 | 23.00 | 0.18 | 1.27 | 39.14 | 51.63 | 0.40 | 3.63 | 4.89 |
| GG34-800800 | 5.50 | 12.50 | 0.16 | 1.42 | 31.20 | 50.25 | 1.18 | 6.81 | 5.97 |
| GG35-200200 | 14.00 | 16.00 | 0.16 | 1.33 | 23.13 | 49.83 | 0.34 | 8.75 | 3.43 |
| GG35-200600 | 10.50 | 10.00 | 0.22 | 1.51 | 26.50 | 46.95 | 1.04 | 7.94 | 6.22 |
| GG35-200800 | 2.60 | 16.40 | 0.21 | 1.26 | 28.42 | 48.62 | 0.84 | 3.93 | 7.64 |
| GG35-400200 | 0.00 | 14.10 | 0.17 | 1.39 | 23.95 | 48.09 | 0.61 | 4.86 | 8.53 |
| GG35-400400 | 0.90 | 4.40 | 0.21 | 1.27 | 31.49 | 50.04 | 0.84 | 6.62 | 6.42 |
| GG35-400600 | 4.00 | 2.50 | 0.14 | 1.16 | 30.00 | 42.41 | 0.92 | 13.51 | 10.98 |
| GG35-400800 | 3.00 | 8.00 | 0.18 | 1.19 | 36.25 | 49.11 | 0.80 | 5.71 | 8.77 |
| GG35-600200 | 1.50 | 12.50 | 0.15 | 1.33 | 29.62 | 40.82 | 1.47 | 11.44 | 12.14 |
| GG35-600400 | 1.60 | 1.60 | 0.27 | 0.51 | 13.75 | 31.37 | 0.29 | 7.15 | 25.89 |
| GG35-600600 | 7.00 | 15.50 | 0.14 | 1.80 | 22.09 | 41.77 | 4.72 | 13.43 | 6.12 |
| GG35-600800 | 2.00 | 16.40 | 0.13 | 1.65 | 29.46 | 49.25 | 0.75 | 8.21 | 5.24 |
| GG44-600200 | 1.50 | 1.50 | 0.12 | 0.58 | 20.00 | 32.64 | 0.21 | 18.54 | 19.08 |
| GG44-800200 | 8.50 | 14.00 | 0.21 | 1.45 | 36.43 | 49.57 | 0.45 | 5.61 | 5.98 |
| GG44-800400 | 8.00 | 7.50 | 0.18 | 0.69 | 38.26 | 42.53 | 1.70 | 13.26 | 10.46 |
| GG45-200200 | 4.50 | 1.60 | 0.22 | 1.28 | 26.25 | 44.55 | 1.21 | 9.93 | 9.39 |
| GG45-200400 | 1.50 | 24.50 | 0.16 | 1.37 | 26.47 | 50.99 | 0.68 | 4.73 | 5.28 |
| GG45-400200 | 2.30 | 7.40 | 0.15 | 0.95 | 38.91 | 41.86 | 0.58 | 12.44 | 13.18 |
*Measurements begin at surface. Mineralized intervals defined using 0.10% cobalt cut-off grades.
Fe: Iron, MgO: Magnesium oxide, g/t: grams per tonne
Figure 1: Image of boreholes and results
Core logging and sampling were performed at the Company’s facility in the village of Gogota. Sample preparation was performed by Veritas Laboratory in Abidjan, Côte d’Ivoire. Pulp samples were delivered to Activation Laboratories Ltd., Ancaster, Ontario, Canada. All samples were assayed for cobalt, nickel and all major oxides using peroxide fusion XRF. Scandium was determined by inductively coupled plasma optical emission spectrometry.
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 Met-Chem/DRA
The Met-Chem division of DRA Americas was originally established in 1969 as a consulting engineering company, headquartered in Montréal, and provides a wide range of technical and engineering services. Met-Chem is well recognized for its capabilities in mining, geology and mineral processing and has a talented team of engineering, technical and project management personnel with experience in North America, Latin America, Europe, West Africa and India. DRA is a multidisciplinary global engineering group that originated in South Africa and delivers mining, mineral processing, energy, water treatment and infrastructure services from concept to commissioning, as well as comprehensive operations and maintenance services for the mineral resources, water, agriculture and energy sectors. DRA has offices in Africa, Australia, Canada, China, India and the United States.
ABOUT SRG
SRG is a Canadian-based company focused on developing the Lola graphite deposit and the cobalt-nickel-scandium 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 “in a position”, “prospective”, “expected”, “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.
SRG Graphite Inc.
1320 Graham, Suite 132
Ville Mont-Royal, Québec
H3P 3C8