Graphano Energy
Drills First Hole at LAB Graphite Project
Vancouver, British
Columbia, February 4, 2022 -- InvestorsHub NewsWire
-- Graphano Energy Ltd. (TSXV: GEL, OTCQB: GELEF, FSE: 97G0) (the "Company"
or "Graphano
Energy") is
pleased to announce that Phase 1 drilling activity has commenced at
its 100% owned Lac Aux Bouleaux
Graphite Property
("LAB",
the "LAB
Property" or the
"Property")
in Quebec (see Figure
1). Drilling
contractor Forage Hébert
Inc. of Amos, Quebec, has been awarded the contract for the drill
program.
Figure 1: Drill
Core from the LAB Property
The Company plans to
complete approximately 20 holes totaling 2,800 meters 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 mews release dated January 13, 2022),
including:
-
Channel sample results
from Zone 1 include 7.9% Cg over 9.5 meters including 13.9% over
4.5 meters; and
-
Channel sample results
from Zone 4 include 18.0% Cg over 4.0 meters and 5.8% Cg over 8.0
meters which includes 14.8% over 3.0 meters.
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 which 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 is 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 (see Figure
2). The resource
estimation resulted in an historical resource of 1,320,847 tons at
9% Cg, or 1,452,932 tons at 8% Cg (Source: Douglas Parent 1982,
MRNF report GM46736, also see Graphano's technical report available
under the Company's profile on SEDAR (www.sedar.com)).
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."
Figure 2 - Plan Map of Historical Resource Area and 2022 Target
Zones
Qualified
Person
The technical content
disclosed in this press release was reviewed and approved by Mr.
Martin Ethier, Géo (#1520), who is a Member of the Order of
Geologists of Québec 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 license No. 28657.
About
Graphano Energy
Graphano Energy Ltd. 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. Our 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, we are developing our
project to meet the demands of the future.
ON BEHALF OF THE BOARD
OF DIRECTORS
Luisa Moreno
Chief Executive Officer
and Director
E:
info@graphano.com
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements:
This
news release contains certain "forward-looking information" and
"forward-looking statements" (collectively "forward-looking
statements") within the meaning of applicable securities
legislation. All statements, other than statements of historical
fact, included herein, without limitation, relating to future
operations - exploration, drilling and other activities of Graphano
Energy - are forward-looking statements. Forward-looking statements
are frequently, but not always, identified by words such as
"expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or"
should" occur or be achieved. Forward-looking statements in this
news release relate to, among other things, the Company's
exploration plans and the impact thereof. There can be no assurance
that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such statements. Forward-looking statements reflect the beliefs,
opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates that, while
considered reasonable by Graphano Energy, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation, the ability to complete
proposed exploration work given the global COVID-19 pandemic, the
results of exploration, continued availability of capital, and
changes in general economic, market and business conditions.
Readers should not place undue reliance on the forward-looking
statements and information contained in this news release
concerning these items. Graphano Energy does not assume any
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change, except
as required by applicable securities laws.