Canada Carbon said it aims to prioritize the development of Miller’s potential as a high-quality graphite mine. “This aligns with many developments in the energy sector, showing that Miller graphite is a strategic resource for small modular nuclear reactors and batteries in Quebec and Canada,” the company said. .
Updated estimates include Specified Resources of 3.34 million tons at an average of 0.75% Cg (graphite carbon) and Speculative Resources of 10.5 million tons at an average of 0.72 % Cg within the boundaries of the optimized open pit model.
“Graphite resources in the new mine are up 27% from what was reported in the company’s January 23, 2017 Miller Project Resource Update Technical Report,” the company said in a statement. and sampling the bedrock channel to provide resource estimates at a maximum depth of 150 meters in the pit.”
It goes on to say that the portion of Project Miller that is the subject of an updated resource estimate covers only 0.29 square kilometers of the approximately 32 square kilometers of townhouse held by the company.
Graphite is the anode material in lithium-ion batteries and is the largest component by weight. There are no substitutes and almost all of them come from China, so if electric vehicle makers like Tesla Motors Ltd [TSLA-NASDAQ] and Volkswagen succeed in meeting even a small portion of the spend their widely advertised sales, more will be needed. to support the production of the necessary lithium-ion batteries.
“Following a limited drilling program in December, a significant increase in resource estimates has enhanced our understanding of mineralization in the required area,” said Canadian Carbon CEO Ellerton Castor. book”.
“The revised resource model will serve as the basis for the company’s updated preliminary feasibility assessment in the future,” he said. “The greater resources align with the company’s efforts to expand its potential customer base in the aerospace, defense and small modular reactor (SMR) sectors. Additionally, we believe it gives us a greater degree of flexibility in future tunnel designs.”
The latest estimate is based on the results of diamond boreholes and channel analysis completed by Canada Carbon since 2013. The company says the mineral resource model used 213 bores and 135 surfaces/passes. , including 11,885 analyses.
Shares of Canada Carbon closed at $0.055 on Nov. 16 and is currently trading in a 52-week range of 10 cents and 3 cents.