Green Battery Minerals Ltd [TSXV-GEM, GBMIF-OTC, BK2P-FSE, A2QENP-WKN] shares rose sharply in active trading Friday after the company released drill results from its Berkwood Graphite project, which is located 280 kilometres north of Baie-Comeau, Que.
Results released Friday are from 12 diamond drill holes that were completed as part of the phase one program on the newly discovered Zone 6 area at Berkwood. “The program drilled into outcrops and proved up our concept that our graphite is open to depth,’’ the company said in a press release.
Green Battery shares advanced on the news, rising 50% or $0.05 to 15 cents on volume of 1.78 million. The shares are currently trading in a 52-week range of 28.5 cents and $0.085.
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, proving out an indicated resource of 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.
This pit constrained resource was announced on August, 19, 2019 and is based on 6,232 metres of drilling, work that was completed in 2017 and 2018.
“We are very pleased to announce that our maiden drill program on Zone 6 has not only confirmed the presence of Graphite in numerous holes but that we have significant intersects of graphite testing as high as 28%,’’ said Green Battery President and CEO Tom Yingling.
Zone 6 is a whole new graphitic body located only a short distance from our existing resource located at Zone 1.
“Maiden programs on a new geophysical target are always risky so having such great results right out of the gate is very encouraging,’’ he said. “Now that we have completed the data from 12 holes drilled in Zone 6, we can pinpoint future drill locations planned for the summer drill program.’’
The company said 12 exploratory holes were completed over 970 metres. Six of the 12 drill locations were drilled into outcrops and intersected significant graphite enrichment. The other six holes were exploratory holes meant to explore various areas on an airborne geophysical anomaly.
Highlight assays from Zone 6 include BK6-21-01, which intersected 39.3 metres of graphite enrichment from 28.0 metres to 67.3 metres and 8.0 metres of graphite enrichment from 15.0 to 23.0 metres for a total of 46 samples submitted.
BK6-21-01, the program’s first drill hole encountered a cumulative total of 43.3 metres of graphite enrichment contained in two distinct enriched horizons. The drilling intersected the enriched horizons at an oblique angle. Thus, the company said true thicknesses are now known.