- Nouveau Monde Graphite (TSXV:NOU) has increased the graphite resource estimate at the Matawinie graphite property by 25 per cent
- The new estimate at the Quebec-based property is 24.5 million tonnes
- Around 70 per cent of the new resource will be accessible in the first three to eight years of production
- The proposed mine site could process up to 100,000 tonnes a year, with a 26- year mine life
- Nouveau Monde Graphite (NOU) is down 9.68 per cent, with shares trading for C$0.14 and a market cap of 36.7 million
Nouveau Monde Graphite Inc (TSXV:NOU) has increased the graphite resource estimate at the Matawinie graphite property in Quebec.
Matawinie’s resources estimate was increased by 25 per cent. The new mineral estimate is 24.5 million tonnes at a grade of 4.26 per cent.
The company believes these newly discovered reserves substantially reduce the investment risk on the property. Around 70 per cent of the latest mineral addition should be accessible with the first three to eight years of production.
The new resource is accessible from the current pit’s footprint, meaning a large step-out development will not be necessary.
Eric Desaulniers, President and CEO of Nouveau Monde, believes this latest discovery further improves the site’s prospects.
“This increase in the Mineral Resource Estimate not only reduces the risk for our first years of commercial operations, but also demonstrates the robustness of the resource.
“This flexibility towards customer needs is an important guarantee of success in this market space,” he said.
Eric went on to say that, with this improved resource estimate, the company is well positioned to meet the electric car market’s growing graphite needs.
The company’s demonstration plant recently purified the site’s flake graphite ore up to 99.9 per cent purity. The high purity graphite is sought after by lithium-ion battery manufactures for its low resistance capabilities.
The company is currently sending the high purity graphite to prospective clients in the US and overseas.
Nouveau Monde hopes to develop the Matawinie graphite property into a fully operational mine site. A recent feasibility study suggests the site could process up to 100,000 tonnes per year and operate for up to 26 years.
Nouveau Monde Graphite (NOU) is down 9.68 per cent, with shares trading for C$0.14 at 11:15am EST.