Green Battery Minerals Ltd [TSXV-GEM, GBMIF-OTC, BK2P-FSE, A2QENP-WKN] shares rose sharply in active trading Thursday after the company released new drill results from its Berkwood Graphite project, which is located 280 kilometres north of Baie-Comeau, Que.
The shares jumped 23% or $0.015 to $0.08 on volume of 224,370, and currently trade in a 52-week range of 21 cents and $0.05.
Results released Thursday are from 11 diamond drill holes (1,152 metres) that were completed as part of the company’s successful Zone 1 resource infill and expansion drilling program. Drilling into graphite outcrops on Zone 1 intersected 19.5 metres of 35.52% graphite and 51.20 metres of 22.61% graphite.
“These further results on Zone 1 will help to expand our current resource estimate of indicated (1.76 million tonnes of 17% graphitic carbon (Cgr) or 299,200 tonnes Cgr. On top of that is an inferred resource of 1.53 million tonnes of 16.4% Cgr or 250,200 tonnes of Cgr.)” said Green Battery President and CEO Tom Yingling.
Green Battery is working to become a supplier of green, clean (environmentally safe) elements for the lithium-ion battery market. The company recently changed its name from Goldcore Resources to better reflect that strategic focus.
Its flagship Berkwood project is located in northeastern Quebec, about 285 kilometres north of the main service centre of Baie-Comeau and about 660 kilometres from Montreal.
Berkwood is an advanced project in which the company has already invested over $6 million.
This pit constrained resource located at Zone 1 was announced on August, 19, 2019 and is based on 6,232 metres of drilling, work that was completed in 2017 and 2018.
The infill drilling focused on the core of the syncline at the west of the deposit area, infilling at the nose of the syncline, continued to produce wide intersection in, and adjacent to areas of known graphite enrichment. Stepout drilling along the southern limb of the interpreted fold structure was completed, and graphite enrichment encountered, suggesting additional structural controls disrupt the continuity of the enrichment horizon to the east. The distribution is broadly coincident with the magnetic anomaly.
Back in a May, 2022, press release, Yingling said he was pleased to announce that the company’s maiden drill program on Zone 6 has not only confirmed the presence of Graphite in numerous holes but has significant intersects of graphite testing as high as 28%.
Zone 6 is a whole new graphitic body located only a short distance from the existing resource located at Zone 1, which is located eight kilometres southwest of an adjacent property where Mason Graphite Inc. [LLG-TSXV, MGPHF-OTCQX] has outlined a graphite deposit that could support annual concentrate production of 51,900 tonnes, according to a feasibility study, dated December, 2018.
Graphite is not a homogenous commodity. It occurs in three forms, including flake, amorphous and vein/lump. Flake graphite commands the highest prices and has the widest range of end uses, including battery production.