The 6,350-hectare South Okak project is located 80 kilometres southeast of Voisey’s Bay, Labrador. In the exploration rush of the 1990s, the area produced some of the best nickel-copper-cobalt (Ni-Cu-Co) drill intervals outside of Voisey’s Bay.

Previous exploration in the South Okak area also resulted in the discovery of several areas containing significant intervals of disseminated low-grade Ni-Cu-Co mineralization.

Gregory Bowes, Northern Graphite CEO, commented,

“The company has been searching for a complimentary battery minerals asset for some time and South Okak exactly meets our criteria.”

“It is elephant country in a politically stable jurisdiction,” he added, “and Ni-Cu-Co are key battery metals that will be in high demand as the electric vehicle and battery markets grow.”

The agreement gives Northern Graphite the option to earn up to an 80 per cent interest in the South Okak project by spending $1.5 million in cash and shares over four years.

Northern Graphite has commenced detailed data compilation and 3D modelling of the historical high-resolution airborne geophysical and drill hole data to identify the highest priority targets.

The company has approved an initial budget of $500,000 for exploration activities during the 2021 exploration season, consisting of sampling, mapping and geophysics.

Northern Graphite is a mineral development and technology company focused on upgrading mine concentrates into high-value components used in lithium-ion batteries, electric vehicles, fuel cells, graphene, and other advanced technologies.

Northern Graphite Corp. (NGC) is up 1.92 per cent on the day, trading at $0.53 per share as of 11:47 am ET.