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Monday, 4 March 2013
Rock Tech Lithium up after wide graphite intercepts at Lochaber
Shares of Rock Tech Lithium (CVE:RCK) advanced Monday as the company unveiled the latest drill results from its Lochaber graphite property in Quebec, showing an intercept spanning more than 91 metres of high grade graphite.
Rock Tech's stock was lately trading at 3.5 cents, up more than 16%.
The results are from a 4,600 metre program announced last December, and included both step out and infill holes, primarily focused on electromagnetic conductors "A" and "C".
These conductors were found on the Plumbago area of the property during geophysical surveys last September.
Notable results announced today included 88.5 metres of graphitic carbon (Cg) at various depths in hole PB-12-18, with grades ranging from 1.76% to 4.72% Cg, including 44.10 metres at 3.18% Cg, 14.27 metres at 2.63% Cg, 11.17 metres at 4.24% Cg and 9.36 metres at 4.72% Cg.
Hole PB-12-19 also hit 134.96 metres of graphitic carbon at various depths, with grades ranging from 2.56% to 3.58% Cg, including 91.71 metres at 2.36% Cg and 18.68 metres at 4.44% Cg.
"The results from our drilling programs continuously confirm the presence of extensive graphite mineralization on the property," said the company's VP of exploration and interim CEO, Afzaal Pirzada.
"The greater widths received recently have prompted us to submit additional samples from the first phase of our drill program.
"These results, in addition to the remaining sixteen drill holes, will be released as soon as they are received."
He added 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, drill core from electromagnetic conductor 'C' suggest this zone extends for over 600 metres while remaining open.
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.
Interest in the graphite potential of the Buckingham region of Quebec has increased markedly as of late, the company noted, with several companies staking claims in close proximity to Rock Tech's property.
So far, the company has received results for 19 drill holes and seven trenches, with results for the final 16 holes completed during the fourth quarter last year still pending.