Ottawa, Ontario--(Newsfile Corp. - June 29, 2022) - Northern Graphite Corporation (TSXV: NGC) OTCQB: NGPHF) (the "Company" or "Northern") is pleased to announce the commencement of a high resolution, horizontal magnetic gradient and electromagnetic ("VTEMTM Plus") airborne survey on its South Okak Ni-Cu-Co Property in Labrador. Geotech Ltd. of Aurora, Ontario has been commissioned to carry out the VTEMTM Plus survey over the entirety of the South Okak Property. Approximately 1,450 line kilometres of data will be collected. The survey will provide better definition of all known targets on the Property, potentially uncover new targets and provide valuable information in preparation for the Company's 2023 Phase 1 drill program. All permits have been received from the Newfoundland and Labrador and Nunatsiavut Governments to commence the survey.
The South Okak Property consists of 473 claims covering 11,825 hectares that are prospective for magmatic nickel sulphide deposits similar to Vale's Voisey Bay Mine which is located 80 kilometers to the south. The South Okak area returned some of the best intersections outside of Voisey's Bay in the 1990s with limited follow up due to a subsequent decline in nickel prices. Exploration efforts during Northern's 2021 program confirmed the presence of significant Ni-Co-Co values from numerous gossans on the Property. Geological work during 2021 has also helped to better define structures and controls on mineralization at South Okak which enabled the airborne survey to be better oriented to maximize detection of EM conductors related to mineralization.
"South Okak adds an exciting exploration element to the Company and provides potential diversification into other high demand battery minerals," commented Hugues Jacquemin, Northern's CEO.
Northern has an option to earn up to an 80 per cent interest in the South Okak Property by spending $1.5 million on exploration over four years and making milestone payments of $550,000 in cash and shares (see June 8, 2021 Press Release).
About Northern Graphite
Northern Graphite is a TSX Venture Exchange listed Canadian company focussed on becoming a world leader in producing natural graphite and upgrading it into high value products critical to the green economy including anode material for LiBs/EVs, fuel cells and graphene, as well as advanced industrial technologies.
Northern is the only significant graphite producing company in North America and will become the third largest non-Chinese producer when its Namibian operations come back on line in the first half of 2023. The Company also has two large scale development projects, Bissett Creek in Ontario and Okanjande in Namibia, that will be a source of continued production growth in the future. All projects have "battery quality" graphite and are located close to infrastructure in politically stable countries.
Gregory Bowes, B.Sc. MBA P.Geo is a "qualified person" as defined under NI 43-101 and has reviewed and approved the content of this news release.
For additional information
Please visit the Company's website at http://www.northerngraphite.com/investors/presentation/, the Company's profile on www.sedar.com, our Social Channels listed below or contact the Company at (613) 241-9959.
This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward- looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this release include statements regarding, among others; the Company's intentions with respect to its operations and development projects. All such forward-looking statements are based on assumptions and analyses made by management based on their experience and perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. However, these statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected including, but not limited to unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of other parties to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure and the failure of ongoing and contemplated studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Readers are cautioned not to place undue reliance on forward-looking information or statements.
Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129385