Ottawa, Ontario--(Newsfile Corp. - June 27, 2024) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the "Company" or "Northern") is pleased to announce a grant from Québec's Ministère des Ressources Naturelles et des Forêts (MRNF) for the Company's drilling program at Lac des Iles.
The grant for up to C$400,000 will pay 50 percent of eligible expenses for geo-metallurgical and geo-environmental drilling to be carried out this year on the Company's Lac des Iles mining lease.
This financial support was granted as part of the fourth call for projects of the MRNF's Mineral Exploration Support Program for Critical and Strategic Minerals. The Program is designed to help companies in the field of mineral exploration to carry out development projects aimed at the discovery of quality critical and strategic mineral deposits in Québec.
"We are proud to have been selected to participate in this program and to be a part of Québec's Plan for the Development Critical and Strategic Minerals," said Northern Chief Executive Officer Hugues Jacquemin. "This kind of support is critical to our Company and to the province's miners as Québec pursues its energy and technological transition and the development of a greener economy."
Northern is in the process of completing a new reserve estimate for Lac des Iles that the Company believes will show potential to extend the life of the mine by approximately eight years. It will be based on a mineral resource estimate published in January that was based on a Phase I drilling program within the existing LDI lease in October 2023. The program consisted of 88 holes and 7,890 m of drilling and identified significant graphite mineralization which is still open at depth.
"A Phase II program is planned to explore additional target zones identified by an airborne geophysical survey and which are to the west of the existing pit," said Chief Operating Officer Kirsty Liddicoat. "Preliminary results allowed us to announce a potential extension of the life of our mine and we believe our drilling in 2024 will further support this life extension."
Gregory Bowes, B.Sc. MBA P.Geo, the Chairman of Northern, is a "Qualified Person" as defined under National Instrument 43-101 and has reviewed and approved the content of this news release.
About Northern Graphite
Northern, the only flake graphite producing company in North America, is a Canadian, TSX Venture Exchange listed company that is focused 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 lithium-ion batteries/EVs, fuel cells and graphene, as well as advanced industrial technologies.
Northern owns and operates the Lac des Iles graphite mine in Quebec and expects to become one of the world's largest non-Chinese natural graphite producers when its Namibian operations come back online. The Company also has the large-scale, advanced stage Bissett Creek project in Ontario, and substantial additional measured and indicated resources in Namibia and on the Mousseau property in Québec, which are expected to be sources of continued production growth in the future. All projects have "battery quality" graphite and are located close to infrastructure in politically stable jurisdictions.
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 news release include statements regarding, among others, the Company's plans to increase output at LDI, the Company's intentions to restart the Okanjande mine in Namibia and development plans for its other projects including Bissett Creek and its planned Baie-Comeau Battery Anode Material plant. 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 and the inability to raise required financing. 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 news release.
