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Graphano Energy Ltd
Symbol GEL
Shares Issued 16,838,268
Close 2022-07-07 C$ 0.225
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Graphano drills 11 m of 6.34% Cg at Lac Aux Bouleaux

2022-07-07 09:08 ET - News Release

Ms. Luisa Moreno reports

GRAPHANO INTERSECTS 6.34% GRAPHITE OVER 11.0 METRES NEAR HISTORIC RESOURCE AREA AT THE LAB GRAPHITE PROJECT

Graphano Energy Ltd. has released results from the last hole of its phase 1 drill program on its 100-per-cent-owned Lac Aux Bouleaux (LAB) graphite property in Quebec. The LAB property is located contiguous to the Lac-des-Iles graphite mine and covers the immediate southern extension of the productive graphite horizons.

Luisa Moreno, chief executive officer of the company, stated: "We are very encouraged with the drill results from the phase 1 drill program at LAB and the indicated resource potential in the historical resource area outlined by Orrwell Energy in the 1980s. Additional work will continue on the property, and we are confident in proving up graphite resources to position Graphano as a potential near-term producer."

Drill hole LB22-30 totalling 141.0 metres intersected 6.34 per cent graphitic carbon (Cg) over 11.0 metres at the edge of the historical resource area established during Orrwell Energy Corp.'s exploration work between 1981 and 1983. Orrwell Energy completed 79 diamond drill holes totalling 19,550 feet (5,958 metres) and resource estimation work. In 2018, Graphite Energy Corp. completed four drill holes also in this area. Highlights of Graphano's recent hole and the previous drilling by Graphite Energy and Orrwell Energy are provided herein.

Highlights (see attached table for details)

Graphano (2022):

  • Drill hole LB22-30 intersected 6.34 per cent Cg over 11 m at 106 m drilled depth, including 9.15 per cent Cg over 4.0 m.

Graphite Energy (2018):

  • Drill hole LAB18-02 intersected 8.45 per cent Cg over 6.0 m at 28.3 m drilled depth.
  • Drill hole LAB18-03 intersected 9.26 per cent Cg over 6.77 m at 80.13 m drilled depth.
  • Drill hole LAB18-04 intersected 7.14 per cent Cg over 9.33 m at 97.57 m drilled depth.

Orrwell Energy (1981 to 1982):

  • Drill hole 82-25 intersected 11.67 per cent Cg over 14.66 m at 23.56 m drilled depth.
  • Drill hole 82-41 intersected 7.97 per cent Cg over 18.78 m at 9.57 m drilled depth.
  • Drill hole 82-55 intersected 10.58 per cent Cg over 11.88 m at 3.66 m drilled depth.
  • Drill hole 82-70 intersected 13.76 per cent Cg over 9.76 m at 16.76 m drilled depth.

(Note: All intersections reported are based on drilled width. True width will be defined with additional drilling.)

The resource estimation work completed by Orrwell Energy in 1982 resulted in a historical resource of 1,320,847 tonnes at 9 per cent Cg, or 1,452,932 tonnes at 8 per cent Cg (source: Douglas Parent, 1982, MRNF report GM46736). (Note: 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. The historical resources were calculated by block models using different cut-off grades and a specific gravity of 2.76. The company believes that the historic estimate is relevant to an appraisal of the merits of the property and forms a reliable basis upon which to develop future exploration programs. The company will need to conduct further exploration, which will include drill testing the project, and there is no guarantee that the results obtained will reflect the historical estimate. The historical estimates should not be relied on.)

The graphite mineralization observed during drilling is hosted within a sequence of paragneiss and recrystallized limestone units. All drill core samples were bagged and tagged using best practices and were delivered to Activation Laboratories (Actlabs) in Ancaster, Ont., for sample preparation and analyses using Actlabs' Code 4F-C Graphitic, analyzing C-graphite (infrared) in which the sample is subjected to a multistage furnace treatment to remove all forms of carbon, with the exception of graphitic carbon; and C-total (infrared). Actlabs is an independent commercial, accredited ISO-certified laboratory. The core samples also include field duplicates and blanks for quality control and quality assurance (QA/QC) purposes.

Qualified person

The scientific and 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 (OGQ licence No. 01917).

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, situated adjacent to Canada's only producing graphite mine, 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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