- Northern Graphite Corporation (NGC) intends to exercise its option to acquire a 100 per cent interest in the Mousseau West Graphite Project
- Mousseau West Graphite Project is located about 80 kilometres from, and within economic trucking distance of, the company’s producing Lac-des-Iles (LDI) graphite mine in Quebec
- The company’s option agreement relating to the property stipulates that Northern has the option to acquire Mousseau West through the payment of $500,000 in cash
- This includes the issuance of 900,000 common shares of the company
- Northern is a Canadian company focused on becoming a world leader in producing natural graphite
- Northern Graphite Corporation was up 6.522 per cent, trading at $0.49 at 9:45 AM ET
Northern Graphite Corporation (NGC) plans to exercise its option to acquire a 100 per cent interest in the Mousseau West Graphite Project.
Mousseau West Graphite Project is located about 80 kilometres from, and within economic trucking distance of, the company’s producing Lac-des-Iles (LDI) graphite mine in Quebec.
The company’s option agreement relating to the property stipulates that Northern has the option to acquire Mousseau West through the payment of $500,000 in cash and the issuance of 900,000 common shares of the company.
In addition, Northern has the right to acquire a 2 per cent net smelter royalty retained by the owners at any time upon the payment of $1 million.
“We expect Mousseau West will enable Northern to extend the mine life at LDI and return its production to 25,000tpy,” stated Hugues Jacquemin, Northern’s CEO.
“Mousseau West also has the potential to become a significant project in its own right and we expect the deposit will play an important role as the company solidifies its position as the only significant graphite producer in North America,” he added.
Mousseau West consists of 12 claims totalling 489 hectares in size. It is located approximately 150 kms north of Montreal in the Mont-Laurier area and can be accessed from Highway 117 over 12 kms of good quality logging roads.
Over 7,500 metres of drilling has been carried out on the property.
The property is estimated to contain an inferred resource of 4.1 million tonnes grading 6.2 per cent graphitic carbon (Cg). The resource includes 2.7 million tonnes that have been drilled on 25 metre centres.
The company intends to update the resource estimate and complete a preliminary economic assessment to evaluate the economics of mining graphite at Mousseau West and trucking it to LDI for processing in the coming months.
Northern is a Canadian company focussed on becoming a world leader in producing natural graphite and upgrading it into high value products critical to the green economy including anode material for lithium ion batteries/EVs, fuel cells and graphene, as well as advanced industrial technologies.
Northern Graphite Corporation was up 6.522 per cent, trading at $0.49 at 9:45 AM ET.