Graphite One Inc. has announced the completion of the Company’s 2023 summer drilling program, marking the largest exploration program in the Company’s history and allowing the Company to accelerate completion of its National Instrument 43-101 – Standards of Disclosure for Mineral Project (“NI 43-101“) compliant feasibility study (the “Feasibility Study“), anticipated to be released in the fourth quarter of 2024.
With the support of the grant funding awarded pursuant to the Department of Defense Technology Investment Agreement (the “DPA Agreement“) under Title III of the U.S. Defense Production Act (“DPA“), which is funded through the Inflation Reduction Act, Graphite One carried out a large-scale drilling program, quadrupling the number of feet drilled in 2023 compared to 2022.
As a result of this DPA grant and a strategic investment from Bering Straits Native Corporation (“BSNC“), Graphite One completed 57 holes for a total of 8,736 m (28,661 ft) of drilling, including 5 geotechnical holes for the primary purpose of evaluating construction sites or hydrology conditions.
The remaining 52 resource holes all intersected visual graphite mineralization and continued to demonstrate exceptional consistency of a shallow, high-grade graphite deposit that remains open both to the east and west of the existing mineral resource estimate (“MRE“).
2023 select drill holes with significant graphite mineralization include (full table below):
- 23GC088 returns 9.63 m of 13.19% Cg from 70.60 m;
- 23GC092 returns 9.0 m of 14.89% Cg from 35.0 m;
- 23GC099 returns 15.02 m of 10.75% Cg from 20.0 m;
- 23GC102 returns 10.88 m of 11.14% Cg from surface AND 8.03 m of 10.56% Cg from 66.14 m further down hole.
“Our team’s impressive effort put us well on the way to completing the Feasibility Study as expeditiously as possible,” added Anthony Huston, founder and CEO of Graphite One. “The results – 52 graphite intercepts over 52 holes – confirm our confidence that Graphite Creek is truly a generational resource of strategic value to the United States, and we wish to thank the Alaskan Government, our funding partners, local stakeholders, and communities for their continued support in advancing this critical asset.”
Notable intercepts are listed below. The Company anticipates that the remaining assays will be received by the end of the year and incorporated into the Department of Defense DPA-supported Feasibility Study, which is anticipated to be released in the fourth quarter of 2024.
“I commend the Graphite One staff and our contractors for their exceptional execution of what was by far G1’s most ambitious summer drilling program – in terms of drill holes and feet drilled – in the Company’s history,” said Mike Schaffner, Senior Vice President of Mining for Graphite One. “The conversion to a ground-based drilling program was very successful, resulting in much improved performance compared to past years by eliminating weather-related delays and reducing the reliance on helicopter support.”
“The leadership team at Bering Straits Native Corporation (BSNC) is pleased with the early returns from Graphite One’s busy drilling season. The impressive work of the Graphite One team, which includes local BSNC shareholders, reinforces our decision to support the project,” said BSNC Director of External Affairs and Public Relations Marleanna Hall. “As a BSNC shareholder originally from Nome myself, I am thrilled by what this project can do for our region.”
