Graphite One
Completes 2021 Field Program at 100% Owned Graphite Creek Deposit,
Alaska
2021 Drilling Continues to Encounter Visible Graphitic
Mineralization over Wide Intersections from Surface
October 13,
2021 – Vancouver, British Columbia – Graphite One Inc. (GPH: TSX-V;
GPHOF: OTCQX) ("Graphite One" or the
"Company") is pleased to announce that it
has completed the 2021 field program ("Field Program") at its 100%
owned Graphite Creek project in Alaska. The Field Program included
infill and step out core drilling in the resource area and
additional core and sonic drilling for geotechnical data collection
in the proposed mill site and dry tailings/waste rock storage
areas. Other work included access
route engineering, surface water and groundwater hydrology studies,
wetlands mapping and aquatic life surveys.
A total of 2,052
meters were drilled during the 2021 program including 1,695 meters
of HQ core drilling and 357 meters of sonic drilling.
Results from 8-hole core holes
completed in the resource area are expected to be released in Q1
2022 when data analysis is completed. Additional core drilling was
completed to collect detailed geotechnical information for open pit
and mills site engineering, and for groundwater investigations. The
5 sonic holes completed in the dry tailings/waste rock storage area
will provide detailed geotechnical information to advance the
engineering of these facilities. The drill program will generate
additional information to update the resource model and provide
technical data for the project's Feasibility Study ("FS") expected
to be initiated in 2022. The Company's Preliminary
Feasibility Study ("PFS") is progressing and scheduled for release
later this year.
2021 core drilling
in the deposit area continued to encounter visible graphitic
mineralization over wide intervals consistent with previous
drilling results as reported in 2019 and in the 2017 Preliminary
Economic Assessment ("PEA").
"With the recent
CDN $21 million in funding, our efforts have progressed towards
completion of the PFS for the largest known and highest-grade
graphite deposit in the United States," said Anthony Huston, CEO of
Graphite One. "The 2021 Field Program also initiated the drilling
and additional data collection needed to begin work on the FS after
the PFS is completed. We are very pleased with the
successful execution of the 2021 Field Program, as historical
drilling coupled with the new data clearly demonstrates the
predictability and consistency of high-grade, near surface
graphite. With the concepts and conclusions outlined in the PEA
suggesting a 40-year mine life, the Graphite Creek deposit
continues to show potential to be an essential long-life component
of the graphite supply chain, one of four critical minerals that
are on the US National Defense stockpile list. While the PEA
demonstrated the project's economic viability, we expect these
further studies with their optimized plans for the mine and
processing facilities to support improved economics."
Mr. William Ellis,
P. Geo, with Alaska Earth Sciences provided oversite to the 2021
drilling and sampling program. Mr. Ellis is a Qualified Person as
defined under NI 43-101 and has reviewed and approved the technical
content of this release. Strict protocols for quality assurance and
quality control were maintained through the sampling process and
included the insertion of standards and blanks in the sample
stream.
About Graphite One Inc.
GRAPHITE ONE INC.
(GPH: TSX-V; GPHOF: OTCQB) continues to develop its Graphite
One Project (the "Project"), whereby the Company could potentially
become an American producer of high grade Coated Spherical Graphite
("CSG") that is integrated with a domestic graphite resource. The
Project is proposed as a vertically integrated enterprise to mine,
process and manufacture high grade CSG primarily for the
lithium-ion electric vehicle battery
market. As set forth in the Company's
Preliminary Economic Assessment, potential graphite mineralization
mined from the Company's Graphite Creek Property, is expected to be
processed into concentrate at a graphite processing plant. The
proposed processing plant would be located on the Graphite Creek
Property situated on the Seward Peninsula about 60 kilometers north
of Nome, Alaska. CSG and other
value-added graphite products, would
likely be manufactured from the concentrate at the Company's
proposed graphite product manufacturing facility, the location of
which is the subject of further study and
analysis. The Company intends to make a
production decision on the Project once a feasibility study is
completed.
On Behalf of
the Board of Directors
"Anthony Huston"
(signed)
For more
information on Graphite One Inc., please visit the Company's
website, www.GraphiteOneInc.com or
contact:
Anthony
Huston
CEO, President
& Director
Tel:(604)
889-4251
Email: AHuston@GraphiteOne.com
Investor Relations
Contact
Tel: (604)684-6730
GPH@kincommunications.com
Neither the
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.
This
release includes certain statements that may be deemed to be
forward-looking statements. All statements in this release, other
than statements of historical facts, including the timing and
completion of the anticipated Pre-Feasibility Study, timing of the
Feasibility Study, receipt of regulatory approvals, implementation
of a more established shipment program, exploration drilling,
exploitation activities, future production, establishment of a
processing plant, and events or developments that the Company
expects, are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability
to obtain necessary permits, licenses and title and delays due to
third party opposition, changes in government policies regarding
mining and natural resource exploration and exploitation, and
continued availability of capital and financing, and general
economic, market or business conditions. Readers are cautioned not
to place undue reliance on this forward-looking information, which
is given as of the date it is expressed in this press release, and
the Company undertakes no obligation to update publicly or revise
any forward-looking information, except as required by applicable
securities laws. For more information on the Company, investors
should review the Company's continuous disclosure filings that are
available at www.sedar.com.