UPDATE: Northern Graphite Reports Successful Drill Program at Bissett Creek; Shares Rise Nearly 8%
Northern Graphite Corporation (NGC.V) today announced what it described as "very positive" results from a 61 hole, 3,425 meter drilling program on the Bissett Creek graphite project. All 61 holes returned widths and grades as good as or better than those in the recently completed bankable Feasibility Study.
A new resource estimate based on the drill results is expected to be completed by the end of March.
The current mine plan includes 1.5 million tonnes of inferred resources that are treated as waste with zero grade and it excludes a substantial amount of higher grade inferred resources. It is anticipated that the revised mine plan will show an increase in grade, a reduction in costs and a much longer mine life. The resource update and revised FS will be completed by AGP Mining Consultants.
Northern Graphite, which closed at $1.03 yesterday, is now trading at $1.11.
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