by Greg Klein | July 21, 2016
Geophysics over a property adjacent to the largest of North America’s two flake graphite mines have stoked the optimism of NRG Metals TSXV:NGZ. All three survey grids showed anomalous results, with one grid revealing two especially strong conductors, the company reported July 21. The findings come from a ground-based time-domain electromagnetic survey known as PhiSpy, which has proven effective in graphite exploration.
The LAB project’s strongest readings came from a grid located 750 metres from an area of historic graphite mining, NRG stated. The two conductive zones run almost parallel, are located very close to each other and measure about 50 by 500 metres. Although final results are pending, initial interpretation gives this area priority for follow-up trenching or drilling.
Six grab samples taken from mineralized calc-silicate and paragneiss rock last year assayed between 13% and 23.8% graphitic carbon, averaging 17.2%. Metallurgical tests released last year achieved grades up to 96.7% Cg, “indicating the potential to produce a high-quality graphite concentrate with simple flotation,” the company stated.
The property holds an historic, non-43-101 resource of 1.32 million tonnes averaging 9% Cg based on 79 holes totalling 5,958 metres sunk during the early 1980s.
The road-accessible, 738-hectare property has water, power and technical support available locally.
NRG’s Groete project in Guyana hosts an inferred resource of 74.8 million tonnes averaging 0.49 grams per tonne gold and 0.12% copper for 1.59 million gold-equivalent ounces. The at-surface deposit remains open in all directions.
NRG closed a $225,000 private placement in March followed by another $250,000 in May.