Galaxy Graphite Corp.

TSX VENTURE : GXY


February 13, 2013 09:00 ET

Galaxy Graphite Corp. Provides Update on 2013 Plans

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 13, 2013) - Galaxy Graphite Corp. (TSX VENTURE:GXY) (the "Company" or "Galaxy") is pleased provide an update on its exploration plans for 2013. Following up on the recently announced sampling results from the Buckingham project (see company release February 7, 2013) the company plans an aggressive 2013 campaign, including drilling. Permitting activities will commence immediately.

With similar results on Galaxy's Laurier project (see company release August 28, 2012), with channel sample grade up to 22%, a drill program is also planned. Permitting activities for this program are underway.

Buckingham Graphite Property, Quebec:

The Buckingham Graphite property comprises two former producing mines, located just east of Buckingham, QC. They are located in the highly prospective Central Metasedimentary Belt of the Grenville geological province, host to many active graphite projects. The host rocks for both deposits are graphitic crystalline marbles, similar to the host stratigraphy at Timcal's Lac des Iles graphite mine, currently Canada's only producing graphite mine. The two properties cover a total of 1,324 Ha on 22 mining claims.

Sampling results released February 7, 2013 indicate grades up to 11.5%, with over 50% being coarse flakes.

The property is owned 100% by GXY Graphite Inc, a Quebec corporation wholly-owned by Galaxy Graphite Inc, and is located approximately 40 km due east of Gatineau, QC. Infrastructure and access are excellent.

Laurier Graphite Property, Ontario:

The Laurier graphite property is located in Laurier Township, Ontario, approximately 40 kilometres south-southeast of North Bay, Ont. The property is located in the highly prospective Central metasedimentary belt of the Grenville geological province, host to many active graphite projects. The host rocks for the target zone are graphitic paragneisses. The property covers a total of approximately 2,300 hectares on 46 mining claims.

The property was described in Ontario Geological Survey (OGS) open file report 5649, published in 1987. The report is entitled "Graphite in the Central Gneiss belt of the Grenville province in Ontario." The report describes four graphite occurrences, two of which are currently being prepared for production. These are referred to in the report as Butt Township (which is the Kearney mine, Ontario Graphite) and Maria Township (the Bissett Creek deposit, Northern Graphite Corp).

Work performed in the summer of 2012 verified the reports from historic work on the property, and demonstrates the presence of a zone of high grade graphite mineralization, with grades up to 22% graphite.

Work was restricted to only a small area of the property to corroborate information from the OGS report. A well-defined conductor axis at the centre of the grid, which correlates to a magnetic high, has been defined. Both the magnetometer and VLF anomalies coincide with the OGS mapped graphite zone.

Mapping and prospecting identified abundant graphite, occurring in a quartz-feldspar-biotite-graphite schist metasedimentary unit outcropping in the centre of the grid. Channel sampling of outcrops, both across and along the strike of the zone, returned assays of 3% to 22%.

The property has road access from Highway 11, which is five km to the west.

The company has an option to earn a 100% interest in the property.

About Galaxy

Galaxy Graphite Corp (TSX VENTURE:GXY) is a publicly traded Canadian exploration company which is focused on exploring and developing graphite properties, especially in the Grenville geological province in eastern Canada. In addition, the company is exploring a highly prospective gold property in northeastern Saskatchewan, Brownell Lake.

Chris M. Healey, P.Geo, President and CEO of Galaxy, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.

Chris Healey, President and CEO of Galaxy commented, "With the recent highly encouraging results from the Buckingham property, we plan to aggressively explore these properties which are demonstrating excellent potential to host high value coarse flake graphite deposits."

ON BEHALF OF THE BOARD

Chris M. Healey, President and CEO

We seek safe harbor.

Neither 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.

Contact Information

  • Galaxy Graphite Corp.
    Chris M. Healey
    President and CEO
    (604) 921-1810
    (604) 921-1898 (FAX)
    cmhealey@shaw.ca