The mineral resource estimate includes a pit-constrained indicated resource for the Manicouagan-Ouest Graphitic Corridor at the project of 59.3 metric tonnes grading 10.61% graphitic carbon for an estimated content of 6.3t of natural flake graphite, and an inferred resource of 14.9t grading 11.06% graphitic carbon for an estimated content of 1.6t natural flake graphite.
The mineral resource estimate is based on 106 inclined diamond drill holes performed between 2014 and 2020 over a total 16,467m. The graphitic corridor was discovered in 2012 while conducting reconnaissance geological mapping, prospecting and outcrop sampling.
Focus Graphite's president and CEO, Marc Roy, said the results exceeded the company's expectations and that the project hosted one of the largest undeveloped flake graphite deposits in Quebec.
"We now have two significant graphite deposits in Quebec, which puts Focus in a strong position to occupy a vital link in the North American primary graphite supply chain," he said. "We aim to become a secure and reliable supplier of critical and strategic minerals to reduce North American dependence on foreign sources."
The company will now plan how to advance the development of the project. Focus aims to start consulting with local communities and the Quebec government soon.
The Lac Tetepisca graphite project in the southwest Manicouagan reservoir area of the Cote-Nord administrative region of Quebec, approximately 234km northwest of the city of Baie-Comeau.
On February 18, Focus Graphite traded on the TSX at C$0.07/share, which was down 6.67% on the day. Its shares have been trading within a range of $0.06-0.10 since May 2021.
