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Tuesday, 19 February 2013
Rock Tech Lithium says surface footprint of Lochaber graphite discovery "much wider" than initially thought
Rock Tech Lithium (CVE:RCK) has revealed the remaining results from the channels completed at its Lochaber graphite project in the fourth quarter of last year, which the company says were better than expected, sending shares higher on Tuesday.
Its stock rose by one penny to 3.5 cents this morning.
The four channels announced Tuesday were cut on electromagnetic conductor "A", with the aim of establishing the surface continuity of the graphite mineralization found during the drill program late last year.
Results from channels included 2.84% graphite over 106 metres at the property.
"These results have exceeded our internal estimates, especially with respect to trench PB12-TR-A2," said the company's VP of exploration and interim CEO, Afzaal Pirzada.
"This trench, intersecting a wide graphite zone of 106 metres grading 2.84% graphite including smaller intersections of 31 metres at 4.02% graphite and 15 metres at 4.17% graphite, suggests that the surface footprint of the graphite discovery is much wider than previously thought."
The company has been actively exploring its Lochaber graphite property in Quebec since its acquisition in early 2012.
In the final three months of last year, it drilled more than 7,000 metres at the site and completed seven trenches. So far, it has announced results for each trench, along with 3,000 metres of core samples.
Notable results from the first three channels included 2.49% graphite over 30.50 metres.
The results for the remaining 4,000 metres of drilling are pending, the company said.
The recent exploration programs have focused exclusively on four contiguous claims in the southern area of the property, near the past producing Plumbago mine.
While surface samples from this area returned up to 13.60% graphitic carbon (Cg), surface samples from other areas of the property have returned up to 22% Cg, Rock Tech says.
Rock Tech is hoping to bring an NI 43-101 compliant maiden resource to its Lochaber graphite property in Quebec this year. Notable results from the latest drill holes include 59.48 metres of Cg at various depths with grades ranging from 1.52% to 14.61% Cg in hole PB-12-14.
The Canadian junior is looking to benefit from the development of two metals critical for industrial production, as the company is also reviewing proposals from geological and engineering companies regarding its planned preliminary economic assessment (PEA) report at its Georgia Lake lithium project in Ontario.
Between 2010 and 2012, the company completed almost 13,000 metres of drilling and released an NI 43-101 compliant estimate showing an indicated resource of 3.19 million tonnes grading 1.10% lithium oxide, in addition to an inferred resource of 6.31 million tonnes grading 1.00% lithium oxide.
“We have a unique scenario in that we have two very good projects that can provide graphite for the battery industry, as well as lithium,” Pirzada told Proactive Investors last month.