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Graphano Energy Ltd
Symbol GEL
Shares Issued 17,088,268
Close 2024-05-03 C$ 0.12
Market Cap C$ 2,050,592
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Graphano Energy drills 15.65 m of 7.91% Cg at LAB

2024-05-06 09:26 ET - News Release

Ms. Luisa Moreno reports

GRAPHANO EXPANDS ZONE 3 AT LAB GRAPHITE PROJECT - REPORTS REMAINING PROGRAM RESULTS INCLUDING 15.65 METRES GRADING 7.91% CG

Graphano Energy Ltd. has released final assay results from the 2023/2024 winter drilling program at its 100-per-cent-owned Lac Aux Bouleaux (LAB) graphite property situated adjacent to Canada's only producing graphite mine in Quebec, Canada, the Lac des Iles mine. The primary focus of the drilling program was graphite zone expansion, following up on significant results from the 2022/2023 program on zone 3.

Luisa Moreno, chief executive officer of the company, commented: "The information we obtained from the drilling program at LAB confirms the potential for a much-needed ethical and sustainable mineral resource to support the development of the EV industry in North America. The drilling program confirmed the continuity of the strike and extensions of the mineralized areas in zone 3, and we will return to LAB later in the year to continue to explore the additional zones to augment the resource potential."

Key highlights from the LAB zone 3 drill program:

  • Highly prospective trend with multiple graphite horizons, locally folded and structurally thickened which can enhance the economic extraction potential.
  • The primary focus was graphite zone expansion to enlarge the footprint of mineralization in support of the company's continuing mineral resource estimation work.
  • Mineralization is now defined over an approximate 500-metre strike length and mineralization remains open for further enlargement.

Current holes:

  • Drill hole LAB24-65 intersected 7.91 per cent graphitic carbon (Cg) over 15.65 metres (m) starting at 40.76 m drilled depth;
  • Drill hole LAB24-66 intersected 5.28 per cent Cg over 3.04 m starting at 20.32 m drilled depth.

Previous holes:

  • Drill hole LAB23-62 intersected 6.33 per cent Cg over 13.82 m starting at 38.23 m drilled depth;
  • Drill hole LAB24-64 intersected 5.75 per cent Cg over 14.42 m starting at 53.58 m drilled depth, including 7.64 per cent Cg over 7.64 m;
  • Drill hole LB22-33 intersected 6.26 per cent Cg over 13.7 m starting at 14 m drilled depth;
  • Drill hole LB22-45 intersected 9.09 per cent Cg over eight m starting at 68 m drilled depth;
  • Drill hole LB22-52 intersected 7.17 per cent Cg over nine m at starting at 36 m drilled depth.

Note: All intersections reported are based on drilled width -- true widths will be determined with additional drilling programs.

Three of the four holes reported in this update were drilled as stepouts, successfully extending the mineralization along the northern part of zone 3. One exploration hole, LB24-67, was drilled on a separate target near zone 8 and provided information about the geology in the area. The highly prospective zone 3 trend has now been tested by trenching and drilling, at shallow depths, over an approximate 500 m strike length. A total of 31 holes have been completed in zone 3 to date. These encouraging near-surface results highlight the considerable potential at LAB. The mineralization remains open in both the strike and dip directions and further exploration is warranted to follow-up this significant mineralized zone.

Zone 3 mineralization is interpreted to occur within a near-surface, synformal fold structure trending to the northeast. The drilling suggests the multiple graphite horizons are locally folded and structurally thickened which can enhance the economic extraction potential.

Select samples from the 13 holes drilled from LAB were submitted for assay analysis. A total of 1,034 m were drilled during the program. All drill core samples were sampled, stored and shipped using industry 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) where the sample is subjected to a multistage furnace treatment to remove all forms of carbon except for graphitic carbon; and C-total (infrared). Actlabs is an independent commercial and ISO certified laboratory. The core sample program also included field duplicates, blanks and a graphite standard sample for quality assurance and quality control (QA/QC) purposes.

Qualified person

This news release has been reviewed and approved by Roger Dahn, BSc, PGeo, a director of the company and a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The technical content disclosed in this press release was reviewed and approved by Matthew Harrington, PGeo, of Mercator Geological Services Ltd., an independent qualified person as defined in NI 43-101.

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, Northern Graphite Corp.'s Lac des Iles mine, 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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