Infinity Stone Ventures Corp (CSE:GEMS) has successfully refined samples from its Rockstone Graphite project to 99.73% pure graphitic carbon as part of its metallurgical program with SGS Canada Inc, the company announced.
The company plans to spin out the Rockstone Graphite project, located near Thunder Bay, Ontario, to shareholders by dividend or plan of arrangement.
Given recent fall drill program results, Infinity Stone believes that Rockstone presents a prospective opportunity warranting an expanded exploration program to build further shareholder value as a standalone entity, the company said.
"As one of our most developed projects, Rockstone presents an opportunity for potential development and exploration upside,” CEO Zayn Kalyan said. “...With a completed spin out, the new entity would have an opportunity to further develop the Rockstone asset, alongside other potential graphite opportunities.”
Assays from the fall drill program on its Rockstone Graphite project located near Thunder Bay in Ontario have affirmed the prospective value of the project, the company said, especially given the current market.
“Graphite is receiving considerable attention in international markets, specifically Australia, where we see potential for accretive valuations for assets like Rockstone and we intend to explore all available avenues with regard to the spin out structure,” Kalyan said.
While the company works through the process of spinning out the Rockstone Graphite project, Infinity Stone intends to immediately mobilize for an extended drill program to extend drill hole RS-22-02 to determine further gold mineralization, alongside additional step-out holes.
The company also will initiate 3D modeling of the results of the fall drill program, ahead of a planned geophysics program, including a down-hole magnetic survey.
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