Ceylon Graphite Files NI 43-101 Technical Report With Initial Mineral Resource Estimate For K1 Mine
VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is pleased to report the filing on SEDAR the results of an initial NI 43-101 Mineral Resource estimate for the K1 Mine Project in Sri Lanka. Total Indicated and Inferred Resources of 274,489 Tonnes at a grade of +90% Cg.
Based on the exploration results of geological mapping, geophysical evidence, studying abandoned mine works and exposures and drill hole data along with historical records and geological setting of the area the resources have been calculated as: i) Indicated resources and ii) Inferred resources. (Table One).
Table One: Assessment of Resources at K1 Mine Site
Ceylon CEO, Don Baxter commented: “We are very pleased with this strong resource estimate for the K1 Mine. K1 is the first of potentially 10+ mining prospects of similar potential contained within our land package, covering 30,000 acres containing many of the 3,000 abandoned mines. We are seeing a global recognition of Critical Raw Materials necessary for the energy transition to a carbon zero society. Natural graphite is on the list as it nearly half the volume of active materials in electric vehicle batteries as it is used in the anode. Benchmark Mineral Intelligence projects graphite demand for anodes to reach 4 million tonnes by 2030. Ceylon will continue to add resources to inventory of the now globally significant Sri Lankan Vein Graphite Deposits.”