Next Graphite JV Files 10-Q and Begins Underground Exploration at Aukam
NEW YORK, NY / ACCESSWIRE / August 16, 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 the on-time filing of its latest SEC Form 10-Q and the start of underground exploration at the past-producing Aukam graphite project in Namibia. This next phase of work will focus on delineating resources in support of an application for a mining license in early 2017, or sooner.
Initial work included the surveying of the underground adits and open pit at the past producing graphite mine. Two adits were surveyed, the lower adit extends into the hillside for a total of 165 metres with two of the largest stopes, each over two metres wide, occurring near the end of the adit (see map at http://www.nextgraphite.com). The upper adit, located 27 metres above the lower adit extends into the hillside for 75 metres. Both adits end directly below the open pit, which is located approximately 30 metres above the upper adit and 57 metres above the lower adit. This suggests that graphite veins observed at surface in the open pit extend 57 metres down dip to the stopes in the lower adit. Recent preliminary assessments of the veins in the lower adit (see News Release dated July 25, 2016) indicate that they continue below the level of the lower adit.
As recently reported in our New Release of August 10, Next Graphite's joint venture is also in the process of making the underground workings safe prior to undertaking exploration. Loose hangings in the open stopes of both adits have been barred down under the direction of a mining engineer. Larger blocks unable to be manually barred down will be blasted to complete the process of making the adits safe. In preparation for the blasting, blast holes have been prepared in both adits, and the explosive magazine from the historical mining activity is being rehabilitated.
Once the explosives arrive on site, blasting will begin with the remaining bad hangings in the adit, followed by clearing the winze area at the back of the lower adit (this will open access to a lower level) and finally in the open pit to ensure all loose material is down from the stopes. Much of the material that has been barred down and will be blasted is from graphite veins in the old stopes. This will be sorted and added to the graphitic material stockpiled from our recent bulk sampling program. Recent assays of vein material from the lower adit resulted in values of 18.34% Cg (carbon as graphite) to 56.06% Cg (see news release dated July 25, 2016).
Once the adits have been made safe, detailed mapping of the exposed graphite veins will be undertaken and results used in planning an underground drilling program. The program will aim to delineate resources down dip of the lower adit to be included in the application for a mining permit.
"We have surveyed our above-ground graphite heaps and are stockpiling graphitic material for sale. Our logical next step is to explore what we have underground, starting with our existing adits, and continue to add material to our stockpile," said Cliff Bream, CEO of Next Graphite. "Work is proceeding on schedule and we are excited at what we are finding. Even if we realize only a fraction of the 4 million tonnes of high-grade graphite estimated at the Aukam site in an outside geologists report, the site would become a significant provider of lump-vein graphite."
About Next Graphite, Inc.:
Next Graphite, Inc. is a 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 approximately 96,000 acres (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 has completed a bulk-sampling program at Aukam, and the joint venture has a letter of intent to sell the graphitic material produced during the program. Findings to date have reinforced Next's intent to put the historical mine back into production. The Company is working to transition from its current exploratory license to a full mining license and build a new graphite processing facility. Next'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.
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.