OTTAWA, ONTARIO--(Marketwire - Nov 15, 2012) - Focus Graphite Inc. ("Focus" or the "Company") (TSX VENTURE:FMS)(FCSMF)(FKC.F) is pleased to announce the discovery of a new graphite bearing corridor on the Company''s 100%-owned Lac Tétépisca property (the "Property") located to the southwest of the Manicouagan reservoir, 234 km north-northwest of Baie-Comeau, Québec. Reconnaissance bedrock sampling carried out during the summer of 2012 has resulted in the identification of a 900 m long by up to 100 m wide graphite bearing corridor on the Property. A total of 26 mineralised grab samples define the new "Manicouagan-Ouest" graphitic corridor, 17 of which host graphitic carbon* (Cgr) grades in excess of 5.59% Cgr (range: 5.59% - 45.80% Cgr; Table 1). The remaining eight (8) grab samples which delineate the graphitic trend show Cgr grades below 5.00%.
The Lac Tétépisca property is located in the Grenville geological Province of Québec. The Manicouagan-Ouest graphitic corridor is set in metasedimentary rocks of the Mahinek Formation. The graphite-bearing outcrops within the corridor are composed of fine to medium grained quartz-feldspar-biotite schist with local occurrences of garnet and kyanite. Fine to coarse graphite flakes and associated sulphides make up 10% to 20% of the rocks, with up to over 50% in strongly mineralized zones.
Gary Economo, President and CEO of Focus Graphite, states "We are very excited about our Manicouagan-Ouest graphite discovery as the new interpreted graphite-bearing corridor compares favourably in terms of length, width and grades to our world class Lac Knife graphite deposit, currently under advanced mineral development. We will be planning a comprehensive follow-up exploration program for Lac Tétépisca in 2013 which will comprise of ground geophysical surveying, trenching and an initial round of core drilling in order to confirm the full extension and thickness of the graphitic corridor."
The new Manicouagan-Ouest graphite discovery is located 10 km north of the Lac Guéret graphite deposit which hosts National Instrument (NI) 43-101 compliant Measured and Indicated mineral resources of 7.6 Mt grading 20.40% Cgr (Source: Roche, 2012: Technical Report on the Lac Guéret Graphite Project; available at www.sedar.com under Mason Graphite Inc.).
A map of the Tétépisca property showing the location of the Manicouagan-Ouest graphite bearing corridor is available on the Company''s website at www.focusgraphite.com.
Table 1. Summary of best grab sample graphitic carbon assays* (> 5.00 % Cgr) and related sulfur and zinc assays from the 2012 Lac Tétépisca property reconnaissance survey.
|Sample No.||Cgr * |
|S (%)||Zn (ppm)|
|* All rock sample carbon analyses performed by ALS Laboratory Group are delivered as organic carbon (Corg) assays but are expressed here as graphitic carbon (Cgr) based on the assumption that all carbon contained in the highly metamorphosed rocks is held within graphite with no carbon as organic matter.|
|** Samples collected outside of the Manicouagan-Ouest graphite bearing corridor|
About the Lac Tétépisca graphite property
The Lac Tétépisca property consists of 67 contiguous map-designated claims ("CDC") covering 3,616.15 ha. The Property is located in the southwest Manicouagan reservoir area, 234 km north-northwest of Baie-Comeau, in the Côte-Nord administrative region of Québec. The Property is accessible year-round by road by way of a network of logging roads which start from Route 389. The property is part of the former Lac Guéret-Nord property of SOQUEM Inc. and Quinto Technology Inc. Focus acquired 100% mineral rights to the Property from a third party in 2011.
Quality assurance / Quality control
The Lac Tétépisca exploration program is supervised by Benoit Lafrance, Ph.D., P.Geo., Focus senior geologist and a Qualified Person under NI 43-101. Strict quality control protocols have been applied at the field sampling, sample handling and analytical stages. Mineralized standard and blank materials have been inserted in all samples batches. All assays were performed by ALS Laboratory Group ("ALS") at ALS'' Val-d''Or and Vancouver laboratories. ALS is an ISO 9001:2008 and ISO 17025 qualified assayer that performs and makes available internal assaying controls. Organic carbon content is measured on representative 0.1-0.2 g samples digested in dilute hydrochloric acid (to remove inorganic carbon) using a LECO carbon analyzer which combines direct combustion and infrared absorption (ALS Code C-IR06). The LECO detector response is processed and displayed directly as the percentage of organic carbon (including graphitic carbon and organic matter). Sulfur and traces elements were measured by ICP-AES and ICP-MS methods following a four acids (perchloric; nitric; hydrofluoric; hydrochloric) digestion on a prepared 0.25 g sample (ALS Code ME-MS61).
Focus announces that its board of directors has approved an amendment to the Corporation''s stock option plan (the "Plan") regarding the expiry of outstanding options held by an option holder who ceases to be an eligible person under the Plan (the "Date of Termination"). Currently, such options would expire on the earlier of the original expiry date or twelve (12) months following the Date of Termination, excluding options granted to persons performing investor relations activities which are subject to shorter expiry periods under the Plan. The amendment to the Plan provides the possibility for the Corporation to impose under any employment agreement, consulting agreement or any other type of agreement a shorter period under which options may continue to be exercisable by the option holder following the Date of Termination.
About Focus Graphite
Focus Graphite Inc. is an emerging mid-tier junior mining development company, a technology solutions supplier and a business innovator. Focus is the owner of the Lac Knife graphite deposit located in the Côte-Nord region of northeastern Québec. The Lac Knife project hosts a NI 43-101 compliant Measured and Indicated mineral resource of 4.972 Mt grading 15.7% carbon as crystalline graphite with an additional Inferred mineral resource of 3.000 Mt grading 15.6% crystalline graphite (Source: Roche, 2012: Technical report on the Lac Knife graphite project; available at www.sedar.com). Focus'' goal is to assume an industry leadership position by becoming a low-cost producer of technology-grade graphite. On October 29th, 2012 the Company released the results of a Preliminary Economic Analysis ("PEA") of the Lac Knife project which demonstrates that the project has robust economics and excellent potential to become a profitable producer of graphite. As a technology-oriented enterprise with a view to building long-term, sustainable shareholder value, Focus Graphite is also investing in the development of graphene applications and patents through Grafoid Inc.
This press release has been reviewed by Marc-André Bernier, M.Sc., P.Geo. (Ontario and Québec), Technical Adviser and a Director of Focus, and a Qualified Person under National Instrument (NI) 43-101.
Forward Looking Statements - Disclaimer
This news release may contain forward looking statements, being statements which are not historical facts, and discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company''s expectations are in our documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com Focus Graphite disclaims any intention or obligation to revise or update such statements.