Shares of Green Battery Minerals (TSXV: GEM) rose to their highest price since mid-January as the company reported its initial assay results from 12 diamond drill holes completed in Zone 6 of its Berkwood graphite project in Quebec.
Highlights from the drilling included 29.5 metres grading 27.39% graphite sampled from 28 metres in drill hole BK6-21-01 and 8.2 metres grading 15.51% graphite sampled from 41.7 metres in drill hole BK6-21-08.
“The drill program on Zone 6 has not only confirmed the presence of graphite in numerous holes but that we have some significant intersects of graphite testing,” said Tom Yingling, the company’s CEO, in a press release. “Maiden drill programs on a new geophysical target are always risky, so having such great results right out of the gate is very encouraging.”
An aerial view of Green Battery Minerals’ Berkwood graphite project in Quebec. Credit: Ryan Versloot.
Situated about 280 km north of Baie-Comeau, the Berkwood project currently has a resource estimate of 1.8 million tonnes grading 17% graphite for 299,200 tonnes of graphite in the indicated category and 1.5 million tonnes grading 16.4% graphite for 250,200 tonnes in the inferred category. The resource estimate based solely in Zone 1, was published in August 2019.
“Zone 6 is a whole new graphitic body located only a short distance away from our existing resource located at Zone 1. Now that we have compiled the data from the 12 holes drilled on Zone 6, we can pinpoint future drill locations planned for the summer drill program,” said Yingling.
The 12 exploratory drill holes covered 970 metres. Six of them were drilled into outcrops, while the other six where exploratory holes meant to follow up on an airborne geophysical anomaly.
At press time in Toronto, shares of Green Battery Metals rose to 15.5¢ per share in the morning, after opening at 13¢, before falling to 14.5¢ at noon, which still marked an increase of 38% or 4¢. The company has 69.2 million common shares outstanding for a market cap of $10 million.
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