VANCOUVER, BC / ACCESSWIRE / March 6, 2023 / New Destiny Mining Corp. (TSXV:NED), (the "Company" or "NED") is excited to announce that the Company is positioning itself to be a significant player in the severely undersupplied graphite market, a critical component in batteries for electric vehicle and rapidly growing residential and industrial uses.
The Global Graphite Market is showing an exponential increase in demand and insufficient graphite deposit discoveries and development to satisfy it. It has been projected that the graphite industry needs 97 new mines to meet the expected demand by 2035.The key drivers of graphite demand will be refractories and foundries, as well as battery demand. Auto makers are looking to cut costs and diversify the supply base away from China. Further, graphite used in the batteries that are essential to electric vehicles ("EVs") makes up the largest proportion of the composition of EVs' batteries whereas other minerals and materials represent significantly smaller role in the battery composition. Graphite represents 48% of the EV battery components as compared to another critical mineral, lithium which makes up only 6% of the batteries.
The following graphs shows both the exponential increase in demand for EV battery anodes and the resulting shortfall of graphite supply for this demand*.
*Source: Benchmark Intelligence
New Destiny is tapping into the huge market demand for graphite by securing a 100% interest in the Indigo Graphite Property (or the "Indigo Claims") from a private company, Lumin Graphite Corp. ("Lumin" or the "Optionor"). The Indigo Claims provide the Company with the opportunity to expeditiously replicate the exploration and development success that has allowed Nouveau Monde (TSXV: NOU) to bring its Matawinie graphite deposit to near-production. The two deposits are less than 60 km apart.
Nouveau Monde has a market capitalization of over $400 million and is set to begin mining operations at its Matawinie Graphite Deposit in 2024. Nouveau Monde's Matawinie project has an NI 43-101 resource of:
*Mineral resource estimate from 43- technical report titled "NI -101 TECHNICAL FEASIBILITY STUDY REPORT for: The Matawinie Mine and Becanour Battery Material Plant Integrated Graphite Projects, Quebec, Canada" dated August 4th, 2022, authored by André Allaire et al. Resource quoted is within Table 1.1 - Pit-constrained Mineral Resource Estimate for the West Zone [1.8%Cg Cut-off]. And Table 1-2: Matawinie Mine Mineral Reserves [2.2%Cg Cut-off, 93% Recovery].
Nouveau Monde's 2015 "Technical Report of the 2014 Prospecting and Trenching Campaigns on the Matawinie Property, Quebec" dated April 28th, 2015, authored by A.Cloutier. shows surface sample graphite grades at Indigo comparable to those at the Matawinie deposit. Comparison of maps of the VTEMTM [Versatile Time Domain Electromagnetic System] airborne survey anomalies at Indigo and Matawinie areas show remarkable similarities in surface shape and dimensions, and intensity. The two maps below show the similarities in the geophysical anomalies between the two projects
The April 2015 report describes several geographically separate claims blocks, VTEM survey results, and rock and trench sampling results. The block designated as Block "I" in Nouveau Monde's 2015 technical report has (with modified geographic boundaries caused by the recent staking) been designated by the staker as the Indigo Graphite Property.
Figure 1: New Destiny's Indigo Graphite Project; property scale (1:25k) VTEM survey anomalism, with graphite trench and rock sample results. Superimposed Matawinie Pit outline.
The similarities in geophysics and assay results described in Nouveau Monde's April 2015 Technical Report suggest a graphite deposit on the Indigo Property would reflect the same geological structure as that of the proposed Matawinie open pit mine location. The outline of Nouveau Monde's proposed open pit is superimposed on the Block "I" (now Indigo) geophysics map above for illustrative purposes only.
Glenn Griesbach, P.Geo and prolific prospector, compiled the Indigo Claims package. Mr. Griesbach is currently number four (4) on the list of claims ownership in the Province of Quebec with over 7,500 active claims and has completed over sixty (60) mineral property transactions.
Figure 2: Nouveau Monde's Matawinie open pit mine location; property scale (1:25k) VTEM survey anomalism, with graphite trench and rock sample results. Matawinie Pit outline.
This transaction with New Destiny is the first time that Mr. Griesbach has agreed to join a buyer's project development team. His belief that the Indigo Graphite Property will be proven to host extraordinary graphite grade and tonnage potential, combined with the well-documented and ongoing exploration and development on Nouveau Monde's nearby Matawinie graphite deposit, will, in his opinion, create significant value for the Company's shareholders in the very near future.
"The Indigo project is at the same stage that Nouveau Monde's Matawinie graphite project Block "H" was only 7 years ago," stated Glenn Griesbach, staker and owner of the Indigo Claims. "The road to developing the Indigo graphite deposit (trenched by Nouveau Monde but not reported to be drilled) has been clearly blazed by Nouveau Monde's success in developing their historic Block "H" into the current Matawinie graphite deposit and soon-to-be mine. Nouveau Monde has provided an exploration and development template that New Destiny can emulate, and perhaps improve upon, to achieve production quickly, to create excellent returns for long term New Destiny stakeholders."
To secure this opportunity, pursuant to the terms of the letter of intent agreement to acquire the Indigo Graphite Property, the Company has been granted the exclusive right for 30 days, to review data and to conduct due diligence on certain areas of the 32 mineral claims located in Matawinie, Quebec (the "Property"), with a view to negotiating a definitive agreement in order to complete the acquisition of the Property (the "Proposed Property Acquisition"). The Indigo Graphite Claims are comprised of 32 mining claims or 1,892.5 hectares (18.93 km2) in the Saint-Michel-des-Saints municipality, Quebec.
Further details regarding the Proposed Property Acquisition will be provided in a news release, if and when the parties enter into a definitive agreement.
The scientific and technical information contained in this News Release was reviewed and approved by Luke van der Meer., B.Sc., P.Geo, who is a "Qualified Person" (as defined in NI 43-101).With equal prominence: Any potential quantity and grade is conceptual in nature, and insufficient exploration has been completed to define a resource or determine that one can be delineated.
NI -101 TECHNICAL FEASIBILITY STUDY REPORT for: The Matawinie Mine and Becanour Battery Material Plant Integrated Graphite Projects, Quebec, Canada" dated August 4th, 2022, authored by André Allaire et al.
Technical Report of the 2014 Prospecting and Trenching Campaigns on the Matawinie Property, Quebec" dated April 28th, 2015, authored by A.Cloutier.
ON BEHALF OF THE BOARD OF DIRECTORS
Forward Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, the Company's information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the completion of the proposed transactions. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon several factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of gold and other metals, anticipated costs and the ability to achieve goals, and the Company will be able to obtain required licenses and permits. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks including that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuating prices of metals; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; operating hazards and risks; and competition. There can be no assurance that economic resources will be discovered or developed. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, litigation, competition, fees charged by service providers and failure of counterparties to perform their contractual obligations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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SOURCE: New Destiny Mining Corp.
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