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"Consideration [for new graphite claims is] $20 and 1.95M common shares"

Berkwood Resources (TSXV: BKR) has picked up further ground next to its Lac Gueret South graphite project in Quebec for C$20 (US$15.20) plus 1.95 million shares, as it looks to demonstrate a viable hub concept around its Lac Gueret South Zone 1 deposit.
"Consideration [for new graphite claims is] $20 and 1.95M common shares" "Consideration [for new graphite claims is] $20 and 1.95M common shares" "Consideration [for new graphite claims is] $20 and 1.95M common shares" "Consideration [for new graphite claims is] $20 and 1.95M common shares" "Consideration [for new graphite claims is] $20 and 1.95M common shares"

Berkwood has added to its Lac Gueret South graphite project in Quebec

Staff reporter

It acquired the new claims from a company controlled by Contigo Resources and Graeme Sewell, who would receive $10 and 450,000 shares, and $10 and 1.5 million shares respectively.

"By acquiring property which hosts additional known surface-exposed graphite proximal to our existing ground, we substantially increase the number of prospects that could support our hub-and-spoke mining feed model, which envisions an integrated graphite production scenario that depends upon shallow production from multiple podiform deposits," president and CEO Tom Yingling said.

Berkwood had announced a maiden resource for Zone 1 in July of an indicated 1.76 million tonnes at 17% graphitic carbon for 299,200t and an inferred 1.53Mt at 16.4% for 250,200t.

"We are confident Lac Gueret South will figure into the emerging Lac Gueret graphite production camp in the near future," Yingling said at the time.

Berkwood describes its project as directly bordering Mason Graphite's (TSX: LLG) advanced Lac Gueret project.

The company said an ongoing field sampling campaign would "immediately sample selected areas" of the newly acquired tenement.

Its share price has softened over the past year, as have graphite prices on oversupply fears and trade tension issues.

Berkwood shares have ranged from C13c in October to a 52-week low of 3c last month.

They closed at 4c yesterday to capitalise it about $2.3 million (US$1.75 million).