Jan 18 2016
CKR Carbon Corporation is pleased to announce an update on recent activities and plans through early 2016.
The company's main focus recently has been on the Aukam vein graphite project in southern Namibia. Aukam is a past producer that mined graphite over 34 years between 1940 and 1974, mostly to supply South African industry. Historical mining took place in an open pit and a series of adits, the largest of which is the lower adit. CKR and Boswell Projects (a consultant to CKR) have conducted a preliminary survey of the adit as well as limited mapping that has identified the location of several well mineralized structures that are believed to continue down dip.
The high-quality, vein-type graphite at Aukam occurs as veins and disseminated mineralization within a shear zone that historic reports, recovered from libraries in South Africa, indicate extends for over 4km along an east-west trend, before going undercover in the east. The historic reports also describe graphite lenses within an apparent pipe-like alteration halo.
The Company has completed initial reconnaissance mapping of the immediate area around the old workings. Graphite veins observed both at surface and underground parallel the foliation of the hosting shear zone. However, a set of veins perpendicular to foliation were also noted, suggestive of a much broader network. In total 19 graphite occurrences, both veins and disseminations, have been identified at surface over a distance of approximately 430 metres, a maximum width of 110 metres and a vertical height of approximately 130 metres. Most of the occurrences are hosted within clay-altered granite and are typically associated with hematite alteration.
During the first quarter, the Company intends to carry out a bulk sampling program whereby 3,000 tonnes of material from the dumps will be screened and sorted to produce a product that will be shipped to a toll mill, to test the response of the Aukam material to full scale processing and the type of product it can generate.
Concurrently with the bulk sampling program, the Company plans to follow up the early results of the mapping with an electromagnetic survey in order to confirm the location of known graphite occurrences and to test for extensions along strike under cover to the east and to the west. Mapping and prospecting will also be extended along strike to the west in areas of outcrop. The results of the exploration will be used to plan a drill program to test for additional graphite.
The Company further announces that it has settled a total of $25,163.71 of debt (the "Debt") with a creditor that is at arm's length to the Company (the "Debt Settlement"). The Company has settled the Debt by issuing an aggregate of 314,500 Shares at a deemed price of $0.08 per Share to the creditor.
The debt Settlement has been approved by the board of directors and is subject to TSX-V approval.
The Company announces it has set 200,000 options at a price of $.10 for a director of the Company in accordance with the Company's stock option plan.
The technical content of this news release was approved by Roger Moss, Ph.D., P.Geo, a qualified person as defined by National Instrument 43-101.
Source: http://www.ckr-carbon.com/