Green Battery Minerals Inc said it has mobilized a Québec-based contractor for more drilling at zone 1 and zone 6 of its Berkwood graphite project ahead of an updated resource estimate across shallower parts of the zone 1 deposit.
The zone 1 discovery lies 8 kilometres (km) southwest of Mason Graphite’s deposit - currently undergoing a feasibility study - and the firm believes the two share many similar geological characteristics. Green Battery has previously completed four drill programs at zone 1 for 6,085 metres (m) in 44 holes, all of which contained graphite mineralization, with 43 hitting "significant" zones of graphite enrichment, the company noted.
The company also announced a non-brokered private placement which will see it issue up to 3.5 million flow-through units at C$0.15 per flow-through unit for total gross proceeds of up to C$525,000 with the proceeds to be used for Canadian exploration expenses.
Each flow-through unit will consist of one company share issued on a flow-through basis in accordance with the Income Tax Act and one half of one share purchase warrant, with each whole warrant entitling the holder to buy one non-flow-through share for C$0.20 for 24 months from issue.
READ: Green Battery Minerals set to start drilling at Berkwood graphite project at the end of this month
"After years of study at the Zone 1 deposit and fieldwork across our other targets, we are extremely excited to get another drill turning again to expand on what we’ve learned so far and continue to explore and develop these graphite discoveries," said Tom Yingling, CEO of Green Battery in a statement.
"Drilling at Zone 6 is particularly exciting as the shape and intensity of the EM anomaly is similar in nature to that of Zone 1 and has already been proven to contain high grade graphite which has been sampled on surface. We look forward to releasing complete results from this campaign early in the new year and updating our investors as this exciting new phase of exploration develops.," he added.
The proposed drill program is expected to include up to around 3,000m of HQ drilling in 25 holes targeting surface potential resources within 100m of the surface. The aim is to further define the extent and grade of the Zone 1 graphite discovery and to carry out an initial drilling of the Zone 6 electro-magnetic (EM) anomaly which has previously been confirmed with grab and channel samples on surface.
The Berkwood Graphite East Block consists of 38 claims covering 2,052 hectares prospective for graphite. Green Battery Minerals holds a 100% interest in the property, as well as an option to earn a 100%-interest in the Berkwood Graphite South Block, which consists of 106 claims totaling 5,714 hectares.
The project boasts an NI 43 101 resource of 550,000 tonnes of graphite, which is growing.
Contact the author at giles@proactiveinvestors.com