A map of the Kwyjibo property showing the location of the 31 drill holes is available on the Company's website at www.focusgraphite.com.
A total of 1,333 samples (1,249 half NQ drill core samples; 23 duplicates; 29 standard samples and 32 blank samples) were sent to ALS in Val-d'Or and Vancouver, for total rare earth elements, base metals, major elements and trace element analysis. The results from the 2012 core drilling program are pending.
Surface and borehole TDEM geophysical surveys
A ground time-domain electromagnetic ("TDEM") geophysical survey and a borehole Pulse-EM survey were completed by Abitibi Geophysic Inc. from Val-d'Or (Quebec) in early October. A total of 75 km of lines were surveyed on five different loops that covered all significant VTEM anomalies from the 2006 survey and all known occurrences of the iron formation on the Kwyjibo Property.
Thirty (30) drill holes (5.492 m), were surveyed with borehole Pulse-EM on three loops. Eight (8) holes from the 1994 to 2011 core drilling programs were also surveyed for a total of 1,219 m for the most northeastern Grabuge - Gabriel showings loop. A total of 2,089 m from 11 drill holes (1994 to 2012) were surveyed on loop that straddled the Fluorine and Josette showings grids. Finally, 2,184 m from 11 holes (1995 to 2012) were surveyed in the loop that covers most of the Josette horizon and the Josette grid.
The new ground and borehole geophysical data are currently being processed and interpreted by MB Geosolution of Quebec City. High-priority geophysical targets from the 2012 surveys will be followed-up though drilling in 2013.
Metallurgical tests and mineralogical study
A first round of metallurgical tests is planned at Kwyjibo this year. The testing will be performed on two representative samples of the mineralized iron formation (magnetitite) and the mineralized breccia in the aim to produce concentrates for critical rare earths, copper and iron. The first sample will be comprised of 80kg composite of mineralised rock from Josette showing. The second sample will consist of a 230kg composite from quarter-drill core samples from seven holes drilled below trenches TR-95-29 and TR-95-30. The contract to carry out the metallurgical testing has been awarded to COREM of Quebec-City. In conjunction with the metallurgical testing, a mineralogical study will be undertaken in order to characterize the distribution of the REEs in the different REE-bearing minerals. Results from both studies are expected in the third quarter of 2013.
The Kwyjibo polymetallic Iron-Rare Earth Elements-Copper-(Gold) (Fe-REE-Cu-(Au)) property, totalling 118 mining titles and covering 6,278 ha, is located 125 km northeast of Sept-Iles, in the Cote-Nord administrative district of Quebec. The property is also located 25 km east of the Quebec North Shore and Labrador railway line and is accessible by air from Sept-Iles.
Terms of the Agreement
On August 3, 2010, the Company announced the signing of an option agreement with SOQUEM Inc., a wholly-owned subsidiary of the Societe generale de financement du Quebec ("SGF") (in April 2011, the SGF merged with Investissement Quebec), to acquire a 50% interest in the Kwyjibo property.
Under the terms of the agreement, Focus could acquire a 50% interest in the Kwyjibo property, by spending up to $3 million in exploration work on the property over a period of 5 years of which $1 million had to be spent during the first 2 years. SOQUEM is the operator for the exploration work carried out on the property to date and Focus has the option to become the operator, by paying $50,000 in cash or issuing a block of common shares valued at $50,000. As of the year ended September 30, 2012 Focus had spent $3,244,173 on the Kwyjibo project (net of tax credits and mining duties) and has accordingly earned its 50% interest in the property.
About Focus Graphite
Focus Graphite Inc. is an emerging mid-tier junior mining development company, a technology solutions supplier and a business innovator. Focus is the owner of the Lac Knife graphite deposit located in the Cote-Nord region of northeastern Quebec. The Lac Knife project hosts a NI 43-101 compliant Measured and Indicated mineral resource of 4.972 Mt grading 15.7% carbon as crystalline graphite with an additional Inferred mineral resource of 3.000 Mt grading 15.6% crystalline graphite. Focus' goal is to assume an industry leadership position by becoming a low-cost producer of technology-grade graphite. On October 29th, 2012 the Company released the results of a Preliminary Economic Analysis ("PEA") of the Lac Knife project which demonstrates that the project has robust economics and excellent potential to become a profitable producer of graphite. As a technology-oriented enterprise with a view to building long-term, sustainable shareholder value, Focus Graphite is also investing in the development of graphene applications and patents through Grafoid Inc.
About SOQUEM Inc.
SOQUEM Inc. is a wholly-owned subsidiary of Ressources Quebec. Ressources Quebec is a new Investissement Quebec's subsidiary, specializes in the mining and hydrocarbon industries; it will consolidate and spur government investment in projects carried out by mining companies and the hydrocarbon sector.
The technical information presented in this press release has been reviewed by Benoit Lafrance, Ph.D., Geo (Quebec), Focus Vice-President of Exploration and a Qualified Person under National Instrument 43-101.
Forward Looking Statements - Disclaimer
This news release may contain forward looking statements, being statements which are not historical facts, and discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in our documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com Focus Graphite disclaims any intention or obligation to revise or update such statements.
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.
Mr. Gary Economo
President and Chief Executive Officer
613-691-1091, ext. 101
Most Popular Stories
- 15 Myths That Could Ruin Your Hispanic Ad Campaign
- AIG to Create 230 Jobs in Charlotte
- General Motors Names Mary Barra as First Female CEO
- Russia Says Nyet to Canada North Pole Claim
- Bipartisan Negotiators Reach Modest Budget Agreement
- Senate Dems Move Forward With Obama Nominees
- Justin Bieber Visits Typhoon Victims, Plays Concert
- New Obama Aide to Focus on Climate Change
- Obama Nominee Confirmed for D.C. Appeals Court
- MasterCard to Split Shares, Raise Dividend