ELKO, NV -- (Marketwire) -- 02/19/13 -- Graphite Corp. (OTCQB: GRPH) ("Graphite Corp." or the "Company"), an exploration stage company focused on the evaluation, acquisition and development of domestic graphite mining opportunities, is pleased to provide an update of the ongoing grid survey underway at its 3,759.6 acre graphite-bearing properties on the Carr and Cahaba leases located in Clay County, Alabama.
Under the leadership of Company President Brian Goss, it is reported that the surface sampling and grid survey is underway and moving ahead as planned. Initial sampling focused on historical mine locations and expanded to known locations prospective for significant graphite shows. Based on those early results, sampling has now been extended to a comprehensive survey encompassing the largest sampling area to-date. Visual evaluation alone of each sample has identified varying grades with the majority of samples presenting visual graphite mineralization.
The Company has increased the proposed sampling grid based upon the visual confirmation of mineralization and tightened up the sample spacing in the mineralized areas. The survey was originally engineered to undertake an estimated 1,358 samples taken at surface along designated grid lines. The samples will be submitted to laboratory testing for graphitic carbon (Cg) and the data from the grid results is designed to test the width of the graphite bearing geologic formations.
Initial sampling limited to the old mine workings previously returned values ranging from a low of 2.2% up to 6.01% graphitic carbon in unconsolidated or semi-consolidated schist. The average of these samples was 3.54% graphitic carbon. Subsequent samples taken from several localities throughout the property offered uniform grades of over 2% crystalline flake graphite throughout. These findings are consistent with prior observations including historic reports from the U.S. Bureau of Mines. The majority of samples have mainly presented in very soft, strongly weathered rocks comprised of moderate to large (+50mesh) flakes.
Low-level geologic mapping and logging of rock types at each sample site is contributing to a geologic and geochemical data set aimed at delineating drill targets as part of plans for the commencement of a proposed drill program in order to confirm and provide a regulatory compliant evaluation of the underlying asset prior to commercial production.
Company President Brian Goss states, "So far the preliminary data indicates that the bulk of the disseminated graphite flakes contained in this promising location is pointing at an increasingly viable economic case for the development of plans for a pilot extraction and material processing plant. Over the next few weeks, we anticipate even more specific results as we receive returns from the assay lab. To-date our data continues to confirm our earliest impressions and while we aim for a prudent and cautionary approach, it's satisfying to work on a property that is turning into a really interesting project."
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit our website at www.graphite-corp.com and ensure you view our corporate video at: http://www.graphite-corp.com/investors/presentations.
About Graphite Corp. (OTCQB: GRPH)
Graphite Corp. is a publicly traded Elko, Nevada-based resource exploration stage company focused on the evaluation and development of graphite based deposits within the United States. The Company is positioning itself to emerge as a leading pure-play exploration company through the development of its current strategic land positions in Alabama and Montana straddling the heartland of America's most significant graphite resources. The Company's experienced geological team continues to pursue additional prospective graphite, precious metal, and rare earth opportunities to advance and develop into strategic assets that increase shareholder value. For more information, visit our website at www.graphite-corp.com.
Note Regarding Forward-Looking Statements
This release contains forward-looking statements that reflect the Company's plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "probable," "believe," "forecast," "objective," "plan," "goal" and similar expressions including references to historic data are used to identify forward-looking statements representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.