NEW YORK, NY / ACCESSWIRE / July 25, 2016 / Next Graphite, Inc. (OTC PINK: GPNE) ("Next Graphite," "GPNE" or the "Company"), a graphite exploration/development stage company in the African Republic of Namibia, is pleased to announce recent assay results for samples of graphite veins from the lower adit and further assays of screened dump material at its Aukam graphite project.
Chip channel samples were taken from three graphite veins exposed in the lower adit and assayed between 18.34% Cg an 56.06% Cg (see table below).
The first sample, taken close to the entrance to the adit, assayed 18% Cg (carbon as graphite) over 0.9 metres (true width of 0.85 metres). A second sample taken at the intersection of the adit with a crosscut assayed 41.98% Cg over 0.84 metres (true width of 0.83 metres). The third sample was taken from the wall of a 2.2 metre wide stope near the end of the adit and assayed 52.08% Cg. With the exception of the low grade sample RM-001 (table below), results of these assays are consistent with historical assays of graphite veins that range from 41.21 to 68.85% Cg.
Three separate two-to-four kilogram grab samples of screened and sorted material from the dumps produced by the ongoing bulk sampling program assayed 41.55% Cg to 53.48% Cg. Previous assay results have ranged from 55.64% Cg to 63.87% Cg (see news release dated June 14, 2016). The average grade of the ten samples taken to date is 56.29% Cg.
"We are impressed with the consistency of assays from the screened and sorted material produced during the bulk sampling program," said Cliff Bream, President and CEO of Next Graphite. "This indicates that the screening and sorting is achieving the desired outcome of generating an upgraded graphitic product. In addition, and very importantly, the initial sampling of the veins in the underground adit demonstrates the high grade nature of the veins. Next Graphite's joint venture plans to follow up on these successful results with additional underground exploration."
|Sample Number||Sample Type||Description||True Thickness (m)||Carbon as Graphite (Cg %)|
|RM-001||Channel chip||Graphite Vein||0.85||18.34|
|RM-002||Channel chip||Graphite Vein||0.83||41.98|
|RM-003||Channel chip||Graphite Vein||Unknown||56.06|
About Next Graphite, Inc.:
Next Graphite, Inc. is an exploration / development stage company targeting the growing global graphite production industry with the Company's Africa-based Aukam Graphite Project. The Aukam Graphite Mine was established in 1940 in the current Republic of Namibia and produced USD $30 million of graphite at today's prices. The site is located on 34,082 hectares in southern Namibia close to the port city of Luderitz and is estimated to contain a significant amount of high grade, vein type graphitic material.
The property hosts three underground adits that were mined periodically between 1940 and 1974. Five dumps from the historical mining occur on the property and 73 samples from the lower three dumps were assayed and averaged 42% Cg. Next Graphite's joint venture is planning a bulk-sampling program at Aukam, and the joint venture has a letter of intent to sell the graphitic material produced during the program. Next also intends to put the historical mine back into production and is working on an application for a mining license. The Company's joint venture in Namibia maintains high safety and environmental standards and has a comprehensive strategy of social engagement.
For more information, please visit: www.nextgraphite.com.
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Safe Harbor Statement:
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Next Graphite Inc.'s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Africa, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements. Among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Africa, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
SOURCE: Next Graphite, Inc.