Mar 20 2013
American Graphite Technologies Inc. ("AGIN" or the "Company") announces that it has acquired a 100% interest in 100 mineral claims, totaling approximately 13,343 acres, of prospective graphite claims in the Province of Quebec, Canada.
LAC NICOLAS GRAPHITE PROPERTY
- 100% ownership of 100 mineral claims covering approximately 5,400 hectares (13,343 acres) of land in Quebec, Canada. No Royalty or NSR attached to the property.
- Located in the vicinity of a world class high grade graphite deposit (Lac Gueret project) belonging to Mason Graphite Corp.
- New high grade graphite discoveries announced by Focus Graphite 10 kilometers to the north of Lac Guerete deposit.
- Geologically the property is underlain by rocks of Granville Province and Archean basement and is believed to be similar to other graphite deposit / discoveries in the area.
- Property is part of the area designated as "Plan Nord" for major economic, social and environmental development as announced by the Quebec Government. Quebec is rated as one of the top five mining jurisdictions in the world.
- The property is in an underexplored relatively new graphite exploration area believed to have significant upside potential for new discoveries.
The property is located approximately 300 kilometers north of the town of Baie-Comeau in Quebec. It can be accessed by Highway 389 and a network of gravel roads which are part of Hydro Quebec's Manicougan dam reservoir. Topography is mainly undulating glacial landforms.
Southern part of the property is underlain by paragneiss, quartzite and amphibolite geological rock units of Granville Province of Proterozoic age. The central and northern area is underlain by Archean age basement rocks mainly grey gneiss with quartz, plagioclase, biotite and/or hornblende, mafic gneiss with hornblende and/or biotite. Anorthosite and gabbronorite geological rock units are exposed to the south outside the property area.
The earliest exploration work in the area was carried out in the late 1950s to the early 1960s and was mainly focused on following up magnetic anomalies in the iron formation to find iron deposits. In 2002, a graphite showing was discovered on a logging road which led to the development of Lac Gueret graphite deposit by Quebec Cartier Mining Company which is presently owned by Mason Graphite Corp.
AGIN CEO Rick Walchuk commented, "This property benefits from extensive regional exploration work, well-established infrastructure and which may provide the Company with excellent potential for the development of mining operations. I am comfortable that this graphite property acquisition will add to shareholder value once we can undertake initial exploration and development work on the property."
American Graphite Technologies is seeking to secure North American graphite mining opportunities along with the commercialization of graphene specific proprietary technology methods to maximize shareholder value.