Nov 19 2015
Alabama Graphite Corp. ("AGC" or the "Company") has filed a National Instrument 43-101 ("NI 43-101") technical report dated November 17, 2015, entitled, "Technical Report Alabama Graphite Corp. Coosa Project" under the Company's SEDAR profile at www.sedar.com and its website at www.alabamagraphite.com.
The comprehensive report includes details of the mineral resource estimate update (the results of which were announced on October 13, 2015) for AGC's 100%-owned flagship Coosa Graphite Project located in east-central Alabama, USA. The Mineral Resource Estimate update and NI 43-101 technical report were prepared by Metal Mining Consultants Inc. of Highlands Ranch, Colorado and authored by Scott E. Wilson, C.P.G., and Stewart D. Redwood, F.I.M.M.M. - both independent Qualified Persons under NI 43-101 - using the most current Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Reserves, Definitions and Guidelines.
HIGHLIGHTS
Highlights of the Updated Mineral Resource Estimate include:
- Indicated Mineral Resource of 78,488,000 tons, grading 2.39% Cg at a 1% cutoff grade, for a total of 1,876,000 tons contained graphite - the largest graphite Indicated Resource in the United States of America
- Inferred Mineral Resource of 79,443,000 tons, grading at 2.56% Cg at a 1% cutoff grade, for a total of 2,034,000 tons contained graphite
- AGC's 2015 drill program further substantiates the positive continuity of near-surface, oxidized higher-grade graphitic material, within a simple geological setting, successfully upgrading a significant amount of the previous Inferred resource to the Indicated resource category
- The drilling campaign successfully increased the amount of oxide material in the Mineral Resource Estimate
- The updated Mineral Resource Estimate will form the basis for an additional program of cost-effective infill trenching, which the Company anticipates will further upgrade the mineral resources to the Measured and Indicated categories
- AGC will utilize the Updated Mineral Resource Estimate to prepare its maiden Preliminary Economic Assessment ("PEA") for the Coosa Graphite Project, scheduled for publication on November 27, 2015 (see October 22, 2015 announcement)
Table 1 - Coosa Graphite Project Mineral Resource Estimate
(effective date: October 2, 2015)
* Notes:
- A cutoff grade of 1% Cg was used for this Mineral Resource Estimate update. See technical report for additional information on mineral resource estimation methodology.
- Inferred Mineral Resources represent material that is considered too speculative to be included in economic evaluations. Additional trenching and/or drilling will be required to convert Inferred Mineral Resources to Measured or Indicated Mineral Resources.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into a Mineral Reserve.
As announced on October 22, 2015, AGC remains on schedule to publish the Coosa Graphite Project's PEA NI 43-101 technical report on November 27, 2015, incorporating the Company's drill results from 2012 to summer 2015.
Qualified Persons
Mr. Scott E. Wilson, C.P.G., of Metal Mining Consultants Inc., an independent Qualified Person as defined by National Instrument 43-101 guidelines, has reviewed and approved the technical content in this press release pertaining to the mineral resource estimate update.
Mr. Stewart D. Redwood, F.I.M.M.M, of Metal Mining Consultants Inc., an independent Qualified Person as defined by National Instrument 43-101 guidelines, has reviewed and approved the technical content in this press release pertaining to the mineral resource estimate update.
Mr. Richard R. Keevil, P.Geo., Alabama Graphite Corp. Vice President of Project Development, is a Qualified Person as defined by National Instrument 43-101 guidelines and has reviewed and approved the content of this news release.
Source: http://www.alabamagraphite.co/