- Cumberland Resources (LAND) is acquiring a new graphite project in Quebec
- The Vancouver-based mineral exploration company now has a 100-percent interest in the Indigo Graphite Project
- The land covers 32 claims over 1,892.5 hectares in the Saint-Michel-des-Saints municipality
- The company hopes the acquisition positions it to be a player in the undersupplied graphite market
- Cumberland Resources Nickel Corp. (CSE:LAND) is unchanged, trading at $0.05 at 9:30 am ET
Cumberland Resources (LAND) is acquiring a new graphite project in Quebec.
The Vancouver-based mineral exploration company now has a 100-percent interest in the Indigo Graphite Project, which is accessible by paved highway and located two-and-a-half hours from Montreal.
The land covers 32 claims over 1,892.5 hectares in the Saint-Michel-des-Saints municipality.
The company believes the move better positions it to be a significant player in the undersupplied graphite market. Graphite is a critical component in batteries for electric vehicle and rapidly growing residential and industrial uses.
The Indigo Project is also located 53 kilometres from a successful graphite operation owned by Nouveau Monde Graphite.
Cumberland management believes similarities in geophysics and assay results between the two projects suggest graphite mineralization on the Indigo Property could reflect a similar geological structure as that of the Nouveau Monde’s project.
“The Indigo project is at the same stage that Nouveau Monde’s Matawinie graphite project Block ‘H’ was at only seven years ago,” said Glenn Griesbach, staker and owner of the Indigo claims.
Griesbach is joining the company’s project development team, while financial terms of the deal were not disclosed.
“The road to developing the Indigo graphite deposit (trenched by Nouveau Monde but not reported to be drilled) has been clearly defined by Nouveau Monde’s success in developing their historic Block “H” into the current Matawinie graphite deposit and soon-to-be mine. Nouveau Monde has provided an exploration and development template that Cumberland can look to emulate, and perhaps even improve upon. I look forward to working with Cumberland as we aim to achieve production quickly and to create value for long term Cumberland stakeholders,” Griesbach said in a statement issued by the company.
Cumberland also holds a 100-percent interest in the St. Anthony Property located in Newfoundland.
Cumberland Resources Nickel Corp. (CSE:LAND) is unchanged, trading at $0.05 at 9:30 am ET.
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