Northern Graphite (TSXV: NGC; OTCQB: NGPHF) received a grant from Quebec’s Ministère des Ressources Naturelles et des Forêts (MRNF) for the company’s drilling program at Lac des Iles. Northern is North America’s only significant producer of natural graphite, located in western Quebec, 180 km northwest of Montreal. 

The grant for up to C$400,000 will pay 50% of eligible expenses for geo-metallurgical and geo-environmental drilling to be carried out this year on the company’s Lac des Iles mining lease.

Northern Graphite acquired Lac des Iles mine in April 2022. The mine has been producing graphite for over 30 years and is the only operating graphite mine currently in North America.

This financial support was granted as part of the fourth call for projects of the MRNF’s Mineral Exploration Support Program for Critical and Strategic Minerals. The program is designed to help companies in the field of mineral exploration to carry out development projects aimed at the discovery of quality critical and strategic mineral deposits in Québec.

“We are proud to have been selected to participate in this program and to be a part of Québec’s plan for the development of critical and strategic minerals,” CEO Hugues Jacquemin said in a news release. “This kind of support is critical to our company and to the province’s miners as Quebec pursues its energy and technological transition and the development of a greener economy.”

Northern is in the process of completing a new reserve estimate for Lac des Iles that the company believes will show potential to extend the life of the mine by eight years. This includes a proven value of 213,000 tonnes of measured and indicated resources with potential to grow. 

It will be centred on a mineral resource estimate published in January that was based on their Phase I drilling program. The program began in May 2023 and totalled 7,890 metres in 88 holes which identified significant graphite mineralization that is still open at depth. 

“A Phase II program is planned to explore additional target zones identified by an airborne geophysical survey and which are to the west of the existing pit,” said COO Kirsty Liddicoat. “Preliminary results allowed us to announce a potential extension of the life of our mine, and we believe our drilling in 2024 will further support this life extension.”

Source: MINING.COM – Read More