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Ceylon Graphite reveals M1 site in Sri Lanka continues to deliver, as it doubles graphite vein find

Last month, the firm said it had uncovered a new graphite vein, which was over 30 cm in width, 10 feet downhole

Graphite vein
The new graphite vein

Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLYF) (FSE:CCY) appears to have the project that keeps on giving with its M1 site in the Malsiripura area in Sri Lanka.

Last month, the firm said it had uncovered a new graphite vein, which was over 30 cm in width, 10 feet downhole, found as it dug a ventilation shaft, but now it has gone a step further.

Monday, Ceylon Graphite said the vein had doubled in size at depth (to 20/25ft) as the digging progresses.

READ: Ceylon Graphite encouraged by new graphite discovery in Sri Lanka

"The size of this vein is larger than anything we have seen below the surface – it is 'Epic' by any standards. We are delighted at the continued growth in the size of the vein,” said Bharat Parashar,  the chief executive of Ceylon Graphite.

"The M1 site continues to provide fantastic results and will likely be one of the largest graphite finds in Sri Lanka. Ceylon Graphite is looking good to soon start commercial graphite production."

Compelling history

The country of Sri Lanka has a compelling history when it comes to graphite -- graphite mined from the country is known to be some of the purest in the world but accounts for less than 1% of global production.

Graphite has a wide range of industrial uses including being used in steel-making, brake-pads and dry lubricants. It is also used in fuel cells, which power hybrid and electric vehicles and in lithium-ion batteries used in portable consumer devices, like laptops and smartphones.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: Ceylon Graphite Corp

Price: 0.165 CAD

Market: TSX-V
Market Cap: $11.1 m

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