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Graphano Energy Ltd
Symbol GEL
Shares Issued 16,838,268
Close 2022-02-03 C$ 0.43
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Graphano starts drilling at Lac Aux Bouleaux

2022-02-04 06:45 ET - News Release

Ms. Luisa Moreno reports

GRAPHANO ENERGY DRILLS FIRST HOLE AT LAB GRAPHITE PROJECT

Phase 1 drilling activity has commenced at Graphano Energy Ltd.'s 100-per-cent-owned Lac Aux Bouleaux (LAB) graphite property in Quebec. Drilling contractor Forage Hebert Inc. of Amos, Que., has been awarded the contract for the drill program.

The company plans to complete approximately 20 holes totalling 2,800 metres of 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 news release dated Jan. 13, 2022), including:

  • Channel sample results from zone 1 include 7.9 per cent Cg (graphitic carbon) over 9.5 metres including 13.9 per cent over 4.5 metres.
  • Channel sample results from zone 4 include 18.0 per cent Cg over 4.0 metres and 5.8 per cent Cg over 8.0 metres, which includes 14.8 per cent over 3.0 metres.

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 that 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 are 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. The resource estimation resulted in a historical resource of 1,320,847 tons at 9 per cent Cg, or 1,452,932 tons at 8 per cent Cg.

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 Martin Ethier, Geo (No. 1520), who is a member of the Order of Geologists of Quebec 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 licence No. 28657.

About Graphano Energy Ltd.

Graphano Energy 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. The company's 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, the company is developing its project to meet the demands of the future.

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