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Tuesday, 26 February 2013
Rock Tech Lithium drills more than 2% graphite over almost 68 metres at Lochaber
Shares of Rock Tech Lithium (CVE: RCK) moved higher Monday after the company unveiled drilling results from its Lochaber graphite property in Quebec.
The company's stock increased by more than 16% to 3.5 cents.
The 4,600 metre program, which was announced back in December, included both step out and in fill drilling on electromagnetic conductors "A" and "C", which were identified on the Plumbago area of the property in geophysical surveys last September.
Notable drill results announced Monday include 108.36 metres of graphitic carbon (Cg) at various depths, with grades ranging from 1.60% to 12.78% Cg in hole PB-12-16, including 67.95 metres at 2.18% Cg, 13.08 metres at 2.84% Cg, 23.72 metres at 2.78% Cg and 3.61 metres at 1.60% Cg.
Hole PB-12-17 also returned 45.54 metres of graphitic carbon in two intersections, with grades ranging from 2.56% to 3.58% Cg, including 44.34 metres at 2.56% Cg and 1.20 metres at 3.58% Cg.
The company noted that interest in the graphite potential of the Buckingham region of Quebec has increased markedly recently, with "several companies" staking claims in close proximity to Rock Tech's property.
"The results from our trenching and drilling programs confirm the presence of extensive graphite mineralization on the property," said interim CEO and VP of exploration for the company, Afzaal Pirzada.
He said that visual inspections of the drill core collected from drill holes along electromagnetic conductor 'A' suggest this graphite zone extends for over 800 metres, while remaining open to the north, south and at depth.
Similarly, inspection of the drill core collected from electromagnetic conductor 'C' suggest this graphite zone extends for over 600 metres while remaining open to the north, south and at depth.
Rock Tech says that its geophysical surveys and drill programs have focused exclusively on the Plumbago area of the property, which includes only four of the 32 claims subject to the property option agreement.
The company is planning on a maiden NI 43-101 resource estimate for the property, which will be based solely on this area.
But further upside potential exists, as surface samples taken from the Kelly, McLaren and Burke areas of the property returned graphite results up to 22%, the junior explorer said.
So far, it has received assay results for 17 drill holes and seven trenches, with results for the final 18 drill holes completed during the fourth quarter still pending.