Graphite One Resources (TSXV:GPH,OTCQX:GPHOF) announced its maiden resource for its Graphite Creek Property: Inferred Resource of 164.5mt at 4.61% Graphite and Potential Resources of 235 To 492 Mt Of 4.2 to 7.9% Graphite.
As quoted in the press release:
The mineral resources were estimated using analytical data from 17 of 18 recent surface drill holes for which 3913 samples were assayed for Cg using the LECO analytical method (composite to 2m). Drill holes were spaced 250m apart with some infill drilling at 50m spacing. Interpretation and modeling of five 3D wireframe envelopes were completed to outline the mineralized graphitic horizons. A block model of 5 m (E-W) by 2 m (N-S) by 5 m (vertical) was interpolated using inverse square of the distance using a maximum of 6 composite to estimate each block within the mineralized envelope(s). The specific gravity (S.G.) was fixed to 2.7 kg/m3 and is based on core measurements. The base case cut-off grade of 3% Cg is based on a conservative approach of resource recovery of 80% for a 95% Graphite concentrate with average selling price of $1200 /tonne.
Graphite One President Anthony Huston said:
Based on the size of the resource, flake content and potential, we believe this to be the largest reported Flake Graphite Deposit in the world, and look to take an aggressive approach in 2013 to advancing the project towards production in the near future and it doesn’t consider the South or Araujo trend.