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Galaxy Graphite Corp. Discovers High Grade, Large Flake Graphite on Buckingham Project, Quebec

Feb 7 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- Galaxy Graphite Corp. (TSX VENTURE: GXY) (the "Company" or "Galaxy") is pleased to announce that it has received all assay results from its Fall 2012 mapping and sampling program on the Buckingham graphite project in Quebec. One sample taken from the property analyzed for size distribution contains 11.5% Cg, with 54.42% large flakes in excess of 80 mesh.

The work program consisted of mapping and sampling, along with ground geophysics (magnetometer and HLEM). A total of 48 grab samples were assayed with graphitic carbon contents ranging from background to 11.5%. Three large (greater than 1 kg) samples were analyzed for size distribution. The graphite is located in marbles in contact with quartzites and biotite gneiss, and in shear zones within the quartzites. The graphite mineralization closely follows NNW-SSE and E-W controlling structures, which are coincident with EM conductors.

The three samples analyzed for size distribution included one from an extension of an old mining operation (the Dominion mine) (sample YS-65D), and two from newly discovered showings (YS-74 and YS-76). Results are summarized in the following table:

Size distribution analysis Sample Number-------------------------------------------------------------------------- YS-65D YS-74 YS-76 size class--------------------------------------------------------------------------%Cg 11.5 1.8 2.0--------------------------------------------------------------------------% greater than 100 mesh 63.42 37.89 30.25 medium or greater--------------------------------------------------------------------------% greater than 80 mesh 54.42 22.43 30.20 large or greater--------------------------------------------------------------------------% greater than 50 mesh 31.03 11.02 17.31 jumbo--------------------------------------------------------------------------



The geophysical program has outlined several conductive trends which appear to coincide with graphitic zones mapped in outcrop, and indicate extensions from the Dominion mine.

Analytical work was performed by Activation Laboratories of Ancaster, ON, using Mineral Liberation Analyser (MLA) technology. The geophysical program was performed by Meegwich Consultants of Temagami, ON, and consisted of a magnetometer survey using a GEM Systems GSM-19 magnetometer and an HLEM survey using an Apex MaxMin I unit. Field mapping and sampling, as well as data compilation and interpretation, were completed by EarthMetrix Technologies of Montreal QC.

A follow-up drill program is now being developed, and will concentrate mainly on extensions of the old mine workings.

Chris Healey, President and CEO of Galaxy, commented, "The results of this field work have clearly demonstrated the potential to discover a graphite deposit on the Buckingham property, with a substantial portion of the graphite being of the high demand large-jumbo flake size."

Buckingham Graphite Property, Quebec:

The Buckingham Graphite property comprises two former producing mines, located just east of Buckingham, QC. They are located in the highly prospective Central Metasedimentary Belt of the Grenville geological province, host to many active graphite projects. The host rocks for both deposits are graphitic crystalline marbles, similar to the host stratigraphy at Timcal's Lac des Iles graphite mine, currently Canada's only producing graphite mine. The two properties cover a total of 1,324 Ha on 22 mining claims.

The Ste-Marie deposit had small scale production in 1865, with a total reported production of 50 tons of graphite. The mineralization is hosted in lenticular masses and mineralized veins, within a crystalline limestone marble. The mineralization results from carbonitization of organic matter in calcareous sedimentary formations during the Grenvillian metamorphic event. The graphite mineralization is typically massive.

The Dominion mine produced a reported 916 tons of graphite, between 1910 and 1919. The geological setting is very similar to the Ste-Marie deposit. Flake graphite is reported to be the common form of graphite in the deposit.

The property is owned 100% by GXY Graphite Inc, a Quebec corporation wholly-owned by Galaxy Graphite Inc.

About Galaxy

Galaxy Graphite Corp (TSX VENTURE: GXY) is a publicly traded Canadian exploration company which is focused on exploring and developing graphite properties, especially in the Grenville geological province in eastern Canada. In addition, the company is exploring a highly prospective gold property in northeastern Saskatchewan, Brownell Lake.

Alain Moreau (OCG #1298), a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.

ON BEHALF OF THE BOARD

Chris M. Healey, President and CEO

We seek safe harbor.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contacts:
Galaxy Graphite Corp.
Chris M. Healey
President and CEO
(604) 921-1810
(604) 921-1898 (FAX)





Source: Marketwire