Provides Update on Imerys Transaction and Financing Extension
April 4, 2022: Northern Graphite Corporation (NGC:TSX-V, NGPHF:OTCQB, FRA:ONG, XSTU:ONG) (the “Company” or “Northern”) is pleased to provide assay results from its 2021 field season on the South Okak nickel/copper/cobalt property in Labrador. Rock samples were collected throughout the property, including 15 samples from historical drill core, and over 40 kilometers of high-resolution magnetometer data was acquired over two high priority target areas as part of the program.
A majority of the samples were taken from numerous gossans that are located on structures which cross-cut the main northwest trending suture that traverses through the area and also hosts the Voisey’s Bay deposits. Some of these gossans are over 2km in length and represent multiple exploration targets. One sample returned 1.1% Cu, 0.85% Ni and 0.13% Co and another 1.1% Cu, 0.43% Ni and .085% Co. As per the table below, a number of samples also exceeded 1.0% Ni equivalent. These are significant values given they were collected from highly weathered gossanous material.
Gregory Bowes, CEO commented: “The Voisey’s Bay deposits are contained within large, lower grade mineralized halos and this extensive, widespread mineralization is similar to what we are seeing at South Okak. Voisey’s Bay was discovered by sampling gossans which are generally lower grade than any mineralization lying below due to weathering.”
3D modeling of the ground magnetometer surveys has now been completed for the 1558 Zone and illustrates the value of a detailed reinterpretation of historical results. Reinterpretation of this zone along with newly acquired data from 2021 field work clearly indicates its untested potential (shown below). Modeling of other zones is on-going.
Northern Graphite Reports Nickel/Copper/Cobalt Assays from South Okak Project
Provides Update on Imerys Transaction and Financing Extension
April 4, 2022: Northern Graphite Corporation (NGC:TSX-V, NGPHF:OTCQB, FRA:ONG, XSTU:ONG) (the “Company” or “Northern”) is pleased to provide assay results from its 2021 field season on the South Okak nickel/copper/cobalt property in Labrador. Rock samples were collected throughout the property, including 15 samples from historical drill core, and over 40 kilometers of high-resolution magnetometer data was acquired over two high priority target areas as part of the program.
A majority of the samples were taken from numerous gossans that are located on structures which cross-cut the main northwest trending suture that traverses through the area and also hosts the Voisey’s Bay deposits. Some of these gossans are over 2km in length and represent multiple exploration targets. One sample returned 1.1% Cu, 0.85% Ni and 0.13% Co and another 1.1% Cu, 0.43% Ni and .085% Co. As per the table below, a number of samples also exceeded 1.0% Ni equivalent. These are significant values given they were collected from highly weathered gossanous material.
Gregory Bowes, CEO commented: “The Voisey’s Bay deposits are contained within large, lower grade mineralized halos and this extensive, widespread mineralization is similar to what we are seeing at South Okak. Voisey’s Bay was discovered by sampling gossans which are generally lower grade than any mineralization lying below due to weathering.”
3D modeling of the ground magnetometer surveys has now been completed for the 1558 Zone and illustrates the value of a detailed reinterpretation of historical results. Reinterpretation of this zone along with newly acquired data from 2021 field work clearly indicates its untested potential (shown below). Modeling of other zones is on-going.
The Company has an option to earn up to an 80% interest in the South Okak project by spending $1.5 million over four years, together with certain cash payments and share issuances, as previously disclosed by the Company.
South Okak consists of 473 claims covering 11,825 hectares that are prospective for magmatic nickel sulphide deposits similar to Vale’s Voisey Bay Mine which is located 80 kilometers to the south. The South Okak area returned some of the best intersections outside of Voisey’s Bay in the 1990s but the area was not thoroughly explored as ownership was very fragmented and nickel prices subsequently declined. The South Okak area has now been consolidated into one land package for the first time. Accordingly, it can now be evaluated using a more complete understanding of the geological and structural controls of the Voisey’s Bay deposits and modern geophysical techniques.
