VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 23, 2015) -
Editors Note: There is a map and a photo associated with this press release.
Alabama Graphite Corp. ("AGC" or the "Company") (TSX VENTURE:ALP)(OTCQX:ABGPF)(FRANKFURT:1AG) is pleased to announce the expansion of the 2015 summer diamond drilling program at the Company's 100%-owned flagship Coosa Graphite Project, located in Coosa County, east-central Alabama. AGC completed the planned 2015 drill program under budget and has decided to commence a supplemental, concurrent drill program to target additional areas showing increased quantities of large-size flake graphite.
• The goal of the expanded drill program is to target "Roscoe Ridge" which is located approximately 600 feet southeast and parallel to the established resource grid, and the "Holy Schist" trench. Metallurgical work from trenching in both areas yielded 28.2% and 30.5% large flake (+ 80 mesh) respectively. (NOTE: To view the Alabama Graphite Corp. Coosa Graphite Project Summer 2015 Drilling Program Map, please visit the following link: http://media3.marketwire.com/docs/alp0723map.pdf).
• Four (4) 100-foot drill holes at Roscoe Ridge will be drilled to the southeast of the current resource grid and added to the Coosa Graphite Project's updated NI 43-101 Resource Estimate, which is currently underway by Metal Mining Consultants Inc. (Highlands Ranch, Colorado) and is scheduled for completion by September 2015. With the addition of these new drill holes, a total of 37 drill holes and 5,672 feet (1,729 meters) of core will be used to update the Company's Resource Estimate.
• In addition, a small exploration drill program consisting of five (5) drill holes, comprising a combined total 800 feet (244 meters) of core, will be used to test the Holy Schist target, which was discovered during the Fall 2014 trenching program at Coosa. Trench AGC-14-TR14D was 350 feet in length and averaged 3.54% C(g), yielding 30.3% large flake (+80 mesh). SGS Mineral Services (Lakefield, Ontario) conducted a preliminary flake beneficiation test from bulk material collected along the trench and determined 30.5% large flake (+80 mesh) was present in the weathered material. Given a successful drill program, this target could be potentially upgraded to an additional resource area in the near future, with continued exploration.
Don Baxter, Co-Chief Executive Officer of AGC commented, "With graphite, large flake commands higher prices than smaller flake sizes of equal purity. The purpose of AGC's expanded 2015 drilling program at Coosa is to target areas that have been tested and indicate a higher percentage of large flake than we have seen in the southern portion of the current resource. These additional drill targets show the potential to increase both the overall grade and large flake percentage of the existing resource.
"We are very fortunate with the Coosa property as the weathered, soft oxide material provides more flexibility for test pitting and trenching than other hard-rock graphite deposits; a unique characteristic that differentiates AGC from other flake graphite deposits in North America," Mr. Baxter said. "We are aggressively exploring with intent to develop the Coosa Graphite Project - the premiere flake graphite project in the continental United States of America. As announced on April 21, 2015, AGC remains on schedule to publish the Company's inaugural NI 43-101 Preliminary Economic Assessment ("PEA") in Q4 this year."
Rick Keevil, P. Geo., Vice President of Project Development, is a Qualified Person as defined by National Instrument (NI) 43-101, and has approved the disclosure of the scientific or technical information concerning the Coosa Property contained in this press release.
About Alabama Graphite Corp.
Alabama Graphite Corp.'s mission is to become one of the greenest graphite producers in the world. The Company, through its wholly owned subsidiary, Alabama Graphite Company Inc., is conducting exploration and development both at its flagship Coosa Graphite Project in Coosa County, Alabama, USA and the recently acquired Bama Mine Project in Chilton County, Alabama, USA. Alabama Graphite holds a 100% interest in the mining leases in respect of these two advanced-stage projects, both of which are on private land. The two projects encompass over 43,000 acres and are located in an area with significant historical production of crystalline flake graphite. The Company has the largest NI 43-101 indicated flake graphite resource in the United States based on drilling 0.18 square miles (0.3% of the total acreage). The Alabama deposits are unique in that a significant portion of the graphite-bearing material is oxidized and has been broken down into an extremely soft rock. Both projects have in place critical infrastructure, are within close proximity to transportation routes and enjoy a hospitable climate allowing for year-round production and delivery.
For further information and updates on the Company, please visit www.alabamagraphite.com.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information under applicable Canadian securities laws ("forward-looking statements") that are based on the beliefs of management and reflect Alabama Graphite Corp.'s current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current view of Alabama Graphite Corp. with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of graphite; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company's publicly filed documents. Forward-looking statements are also based on a number of assumptions, including that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Alabama Graphite Corp. undertakes no obligation to update forward-looking statements (unless required by law) if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Alabama Graphite Corp. cautions that the foregoing list of material factors and assumptions are not exhaustive. When relying on Alabama Graphite Corp. forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and assumptions and other uncertainties and potential events. Alabama Graphite Corp. has also assumed that the material factors and assumptions will not cause any forward-looking statements to differ materially from actual results or events. However, the list of these factors and assumptions is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
To view the photo associated with this press release, please visit the following link: www.marketwire.com/library/20150722-ALP_NR_photo%20support_800.jpg.