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Berkwood Resources on the hunt for joint venture/off-take deal for Lac Gueret deposit; unveils C$100,000 financing

The firm revealed its plans in a statement saying that it will be attending the International Graphite 2019 Conference in Berlin on September 10 and 11

Berkwood Resources Ltd -
Berkwood said that, at the event, it will highlight its maiden resource, which showed 549,200 tonnes of contained graphite

Berkwood Resources Ltd (CVE:BKR), which is developing a high-grade graphite deposit in Quebec, is on the hunt for a joint venture partner and/or an off-take agreement for the project, the company told investors Monday.

The Vancouver-based firm revealed its plans in a statement saying that it will be attending the International Graphite 2019 Conference in Berlin on September 10 and 11, in which it also announced a fundraise.

READ: Berkwood Resources acquires more ground at Quebec graphite project to test its model

The event connects producers with purchasers and consumers and attendees are some of the world's largest buyers, consumers and traders of the material.

The firm said that, at the event, it will highlight its maiden resource, which showed 549,200 tonnes of contained graphite, with 299,200 tonnes in the higher confidence indicated category and 250,000 tonnes in inferred.

The resource has an estimated market value of US$1,500 per tonne as used in the NI 43 101 estimate announced last month. The underlying assumption of $1,500 per tonne used in the mineral resource estimate reflects a value to establish reasonable prospects of eventual economic extraction and does not reflect current market value of the mineralization, Berkwood said in a statement.

In its statement, the company said it has made "this significant graphite discovery right next door to Mason Graphite's mine which is currently being built".

It added: "Berkwood Resources was successful in hiring members of the technical team that were responsible for developing Mason's project and so far the team is repeating this success on Berkwood's lands. The company is led by a team with collectively over 200 years of experience and whose members have been involved with the discovery, development, construction and operation of several producing mines."

Berkwood also said it would undertake a non-brokered financing of up to C$100,000 with shares to be issued at C$0.05 a throw.

Trading in Berkwood shares was halted at 6:10 a.m. Pacific Time on Monday, pending news, with the stock at C$0.035.

New ground

Earlier this month, Berkwood revealed it had acquired new ground in Quebec to bolster its previously announced potential hub-and-spoke graphite mining feed model.

The theory is that multiple near-surface deposits could potentially feed any future, centrally-located processing facility at the Lac Gueret South part of the project.

To advance the current project model, the company has acquired six new claim blocks adjacent to Lac Gueret South and has also further assessed historic sampling of known graphite exposure on the ground it already holds.

--Updated to clarify price per ton estimation--

 -- Adds share halt news --

Contact the author at [email protected]

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Price: 0.02 CAD

TSX-V:BKR
Market: TSX-V
Market Cap: $1.27 m
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