- Northern Graphite Corporation (NGC) receives encouraging assay results from its South Okak property in Labrador
- High-resolution data was acquired over two high priority target areas for the program
- Two samples returned significant values of copper, nickel, and cobalt mineralization
- Reinterpretation of zone 1558 indicate its untested potential
- Northern Graphite Corporation (NGC) is up 6.33 per cent and is trading at $0.84 per share as of 2:55 p.m. ET
Northern Graphite Corporation (NGC) has received encouraging assay results from its 2021 field season on the South Okak property in Labrador.
Rock samples were collected throughout the property, and over 40 kilometres of high-resolution data was acquired over two high-priority target areas as part of the program.
Most of the samples were taken from numerous deposits on structures that crosscut the main northwest-trending structure which traverses through the area and hosts the Voisey’s Bay deposits.
Some of these deposits represent multiple exploration targets. Two samples returned significant values of copper, nickel, and cobalt mineralization.
Gregory Bowes, CEO of Northern Graphite, 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 modelling of the ground surveys has now been completed for the 1558 Zone. Reinterpretation of this zone along with newly acquired data from 2021 fieldwork “clearly” indicate its untested potential. Modelling of other zones is ongoing.
Northern Graphite has an option to earn up to an 80 per cent interest in the South Okak project by spending $1.5 million over four years, along with certain cash payments and share issuances.
Northern Graphite Corporation (NGC) is up 6.33 per cent and is trading at $0.84 per share as of 2:55 p.m. ET.