Galaxy Graphite Corp. Reports Drill Results From SUN Graphite Project, Quebec
18 Januar 2013 - 2:00PM
Marketwired Canada
Galaxy Graphite Corp. (TSX VENTURE:GXY) (the "Company" or "Galaxy") is pleased
to announce that it has received all assay results from its Fall 2012 drill
program on the SUN Graphite project in Quebec. Drilling has outlined two zones
of prospective graphite mineralization, each covering a strike length of at
least 400 meters, up to 10 meters in width with average graphite contents
ranging from 1 to 3%.
The drill program totaled 1525m in 16 holes, evenly split between the West and
East zones. The drilling was carried out by Forage Val d'Or, and the field
program was managed by Consul-Teck Exploration Inc. of Val d'Or, QC. All samples
were analyzed for graphite content at Acme Metallurgical Labs in Vancouver.
Full results of the drilling are shown in the following table:
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Total Collar Collar
Hole # Zone depth Dip Azimuth From To Length %Cg
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SG-12-01 West 103.00 -50.00 340.00 48.00 56.07 8.07 1.29
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SG-12-02 West 75.00 -50.00 160.00 3.70 7.40 3.70 1.09
and 61.92 63.92 2.00 1.13
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SG-12-03 West 102.00 -50.00 160.00 No significant assays
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SG-12-04 West 75.00 -50.00 160.00 27.95 32.00 4.05 1.70
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SG-12-05 West 102.00 -50.00 160.00 59.05 60.05 1.00 2.49
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SG-12-06 West 75.00 -50.00 160.00 13.55 21.70 8.15 2.07
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SG-12-07 West 102.00 -50.00 160.00 47.70 52.50 4.80 1.02
and 65.20 70.11 4.91 1.31
and 72.00 78.50 6.50 1.73
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SG-12-08 West 75.00 -50.00 160.00 18.45 28.95 10.50 1.32
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SG-12-09 East 102.00 -50.00 160.00 58.00 61.40 3.40 1.33
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SG-12-10 East 102.00 -50.00 160.00 No significant assays
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SG-12-11 East 102.00 -50.00 160.00 No significant assays
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SG-12-12 East 102.00 -50.00 160.00 87.00 89.50 2.50 1.24
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SG-12-13 East 102.00 -50.00 160.00 11.25 20.25 9.00 1.23
and 32.25 36.75 4.50 1.70
and 80.10 83.10 3.00 1.47
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SG-12-14 East 102.00 -50.00 160.00 7.50 10.50 3.00 1.53
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SG-12-15 East 102.00 -50.00 160.00 18.00 21.00 3.00 1.50
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SG-12-16 East 102.00 -50.00 340.00 5.00 6.00 1.00 3.41
and 32.00 41.50 9.50 1.14
and 57.00 60.62 3.62 1.26
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Sun Graphite Property, Quebec:
The Sun Graphite property consists of 4,200 hectares, located approximately 145
km by road, north of Baie-Comeau, QC. The property is owned 100% by Galaxy
Graphite Corp. The claim block hosts multiple targets for large flake graphite,
initially identified by Outokumpu Mines Inc. in 1998, looking for base metal
mineralization.
The property is located within the Central Metasedimentary Belt of the Grenville
Province of the Canadian Shield. This geological province is characterized by a
high level of metamorphism, critical in the development of coarse flake
graphite. This metamorphism is believed to have occurred approximately one
billion years ago.
Within the property boundary, in excess of 25 km of conductive horizons were
identified from the airborne survey. All of this may be considered prospective
for graphite mineralization.
Galaxy has an option to earn a 100-per-cent interest in the Sun Graphite
Property from Zimtu Capital Corp. and three of their prospecting partners by
making the following payments and issuing the following common shares to the
vendors: i) $15,000 upon signing the letter agreement (paid), ii) $15,000 and
1,000,000 common shares on receipt of the TSX Venture Exchange ("TSX-V")
acceptance of the agreement (paid), iii) $30,000 and 500,000 common shares
fourteen months from TSX-V acceptance, iv) $40,000 and 500,000 common shares 24
months from TSX-V acceptance. During the period which is 12 months from the date
of TSX-V acceptance, Galaxy Graphite Corp. will complete a minimum of C$150,000
of exploration on the Property (completed). The vendors will retain a 2-per-cent
net milling royalty on the property, 1% of which can be purchased by Galaxy for
C$1,000,000.
About Galaxy
Galaxy Graphite Corp. (TSX VENTURE:GXY) is a publicly traded Canadian
exploration company which is focused on exploring and developing graphite
properties, especially in the Grenville geological province in eastern Canada.
In addition, the company is exploring a highly prospective gold property in
northeastern Saskatchewan, Brownell Lake.
Jean-Sebastien Lavallee (OCG #773), a Qualified Person as defined by National
Instrument 43-101, has reviewed and approved the technical content of this
release.
ON BEHALF OF THE BOARD
Chris M. Healey, President and CEO
We seek safe harbor.
FOR FURTHER INFORMATION PLEASE CONTACT:
Galaxy Graphite Corp.
Chris M. Healey
President and CEO
(604) 921-1810
(604) 921-1898 (FAX)
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