Regal Goldfields options graphite claims from Brex

Regal Goldfields (COATS) has entered into an option agreement with Exploration Brex (ME) to earn a 51% interest in the latter company’s Duhamel graphite property, about 65 miles northeast of Ottawa. Terms of the agreement were not disclosed. Douglas Bannerman, president of Regal Goldfields, says preliminary sampling on the property has yielded grades of up to 12% graphitic carbon, and tests on ground material indicate most of the graphite is present in flakes larger than 40-mesh size (425 microns). An exploration program designed to trace the graphite-bearing horizon and to provide samples for metallurgical testing is under way.

The main asset of Regal Goldfields is its 35% stake in the shares of Goldteck Mines (TSE), a junior company with gold projects in Nevada, Chile and northern Ontario.

For the nine months ended Sept. 30, Regal reported profit of $95,675, compared with $22,256 a year earlier.