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Wednesday, 29 August 2012
Focus Graphite starts 2012 exploration program at Kwyjibo
Focus Graphite (CVE:FMS)(OTCQX:FCSMF) said yesterday evening it has started its 2012 exploration program at the Kwyjibo polymetallic property in the Grenville region of northeastern Quebec.
Some 4,000 metres of exploration drilling is planned, the junior explorer said, with the aim of confirming grades, thickness and continuity of the rare earth-iron-copper mineralization seen in the area of the Josette horizon.
The best drilling drilling intersections obtained from this area in 2011 included 2.40% total rare earth oxides (TREO) over 48.8 metres, and 3.61% TREO over 33.1 metres.
The company plans to include the results of this latest drilling program in an NI 43-101 compliant resource estimate at the end of the campaign.
Focus signed in August 2010 a deal with Soquem to acquire a 50 per cent interest in the Kwyjibo property.
"Focus Graphite and SOQUEM believe we have made remarkable progress during the last two years at Kwyjibo," said Focus Graphite president and CEO Gary Economo.
"The indication of higher value heavy rare earths leads us to believe this year's exploration program will clear the way for subsequent, expanded drilling at key targets at Kwyjibo."
Other work on the property will include line cutting, electromagnetic (TDEM) geophysical surveying, a borehole Pulse-EM survey, and a metallurgical sampling and testing program on different showings.
The Kwyjibo property consists of 118 mining titles and covers 6,278 hectares, located several kilometers north of Manitou Lake and 125 kilometres northeast of Sept-Iles, in the Cote-Nord administrative district of Quebec.
The property is also located 25 kilometres east of the Quebec North Shore and Labrador railway line and is accessible by air from Sept-Iles.
Under the terms of the agreement dated in 2010, Focus can acquire a 50 per cent stake in the property by spending up to $3 million in exploration work over a period of 5 years, of which $1 million must be spent within the first 2 years.
As of the end of July, Focus had spent around $2.98 million on the Kwyjibo project, it said.
Focus Graphite is the owner of one of the highest-grade, at 16 per cent, technology graphite resource in the world at its Lac Knife project in Quebec. It is also invested in the development of graphene applications and patents through its Grafoid Inc business.