Ceylon Graphite Files NI 43-101 Technical Report With Initial Mineral Resource Estimate For K1 Mine
December 06 2021 - 7:15AM
Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V:
CYL) (OTC: CYLYF) (FSE: CCY) is pleased to report the filing on
SEDAR the results of an initial NI 43-101 Mineral Resource estimate
for the K1 Mine Project in Sri Lanka. Total Indicated and Inferred
Resources of 274,489 Tonnes at a grade of +90% Cg.
Based on the exploration results of geological
mapping, geophysical evidence, studying abandoned mine works and
exposures and drill hole data along with historical records and
geological setting of the area the resources have been calculated
as: i) Indicated resources and ii) Inferred resources. (Table
One).
Table One: Assessment of Resources at K1
Mine Site
Vein System |
Average Vein
Width (m) |
Assumed Area of the
Vein (m2) |
Assuming Volume
(m3) |
Indicated
Resources(MT) |
Depth(M) |
01 |
0.26405 |
142x145 |
6,000 |
13,380 |
145 |
02 |
0.27275 |
142x145 |
5,616 |
12,523 |
03 |
0.26840 |
142x145 |
5,526 |
12,323 |
04 |
0.32080 |
142x145 |
6,605 |
14,729 |
Total Indicated
Resources |
52,955 |
All 4 veins |
4.50 |
142x138 |
352,728 |
194,000 |
283 |
All 4 veins |
0.40 |
142x220 |
49,984 |
27,491 |
503 |
Total Inferred resources (up to 503m level) |
221,491 |
|
Total Indicated and inferred resources |
274,489 |
+90% Cg |
Mineral resources which are not mineral reserves
do not have demonstrated economic viability.
Ceylon CEO, Don Baxter commented: “We are very
pleased with this strong resource estimate for the K1 Mine. K1 is
the first of potentially 10+ mining prospects of similar potential
contained within our land package, covering 30,000 acres containing
many of the 3,000 abandoned mines. We are seeing a global
recognition of Critical Raw Materials necessary for the energy
transition to a carbon zero society. Natural graphite is on the
list as it nearly half the volume of active materials in electric
vehicle batteries as it is used in the anode. Benchmark Mineral
Intelligence projects graphite demand for anodes to reach 4 million
tonnes by 2030. Ceylon will continue to add resources to inventory
of the now globally significant Sri Lankan Vein Graphite
Deposits.”
A Media Snippet accompanying this announcement
is available by clicking on the image or link below:
A Media Snippet accompanying this announcement
is available by clicking on the image or link below:
A Media Snippet accompanying this announcement
is available by clicking on the image or link below:
QUALIFIED PERSON
Ceylon’s significant resource and our energy products
division,Ceylon Graphite Technologies(UK) will allow The Company to
evolve into a stand-alone battery technology company, with
exclusive access to a lower cost and, unique, high performance
battery grade graphite, sourced from our wholly owned deposits in
Sri Lanka.
QUALIFIED PERSON
Donald K. D. Baxter, P.Eng., CEO of Ceylon Graphite Corp., is a
Qualified Person as defined by National Instrument 43-101 ("N.I.
43-101") guidelines, and has reviewed and approved the content of
this news release.
About Ceylon Graphite Corp.
Ceylon Graphite is a public company listed on the TSX Venture
Exchange, that is in the business of mining for graphite, and
developing and commercializing innovative graphene and graphite
applications and products. Graphite mined in Sri Lanka is known to
be some of the purest in the world and has been confirmed to be
suitable to be easily upgradable for a range of applications
including the high-growth electric vehicle and battery storage
markets as well as construction, healthcare and paints and coatings
sectors. The Government of Sri Lanka has granted the Company’s
wholly owned subsidiary Sarcon Development (Pvt) Ltd. an IML
Category A license for its K1 mine and exploration rights in a land
package of over 120km². These exploration grids (each one square
kilometer in area) cover areas of historic graphite production from
the early twentieth century and represent a majority of the known
graphite occurrences in Sri Lanka.
Further information regarding the Company is available at
www.ceylongraphite.com
Don Baxter, Chief Executive Officer
info@ceylongraphite.com
Corporate Communications
+1(604) 765 8657
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking information as such
term is defined in applicable securities laws, which relate to
future events or future performance and reflect management's
current expectations and assumptions. The forward-looking
information includes statements about Ceylon Graphite’s grids,
Ceylon Graphite’s plans to undertake additional drilling and to
develop a mine plan, and to commence establishing mining
operations. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to Ceylon Graphite, including the
assumption that, there will be no material adverse change in metal
prices, all necessary consents, licenses, permits and approvals
will be obtained, including various Local Government Licenses and
the market. Investors are cautioned that these forward-looking
statements are neither promises nor guarantees and are subject to
risks and uncertainties that may cause future results to differ
materially from those expected. Risk factors that could cause
actual results to differ materially from the results expressed or
implied by the forward-looking information include, among other
things, an inability to reach a final acquisition agreement,
inaccurate results from the drilling exercises, a failure to obtain
or delays in obtaining the required regulatory licenses, permits,
approvals and consents, an inability to access financing as needed,
a general economic downturn, a volatile stock price, labour
strikes, political unrest, changes in the mining regulatory regime
governing Ceylon Graphite, a failure to comply with environmental
regulations and a weakening of market and industry reliance on high
quality graphite. Ceylon Graphite cautions the reader that the
above list of risk factors is not exhaustive.
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