Soldi Stakes Additional Graphite Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/13 -- Soldi
Ventures Inc. (TSX VENTURE:SOV) (Soldi) announces that it has staked
an additional 120.4 hectare property (known as the "Royal" property)
within Galaxy Graphite Corp.'s ("Galaxy") Buckingham Project located
in Quebec (map available here: http://www.soldiventuresinc.com/wp-con
Galaxy recently announced its assay results from its fall 2012
mapping and sampling program on the Buckingham graphite project in
Quebec. One sample taken from the property analyzed for size
distribution contains 11.5% graphitic carbon, with 54.42% of the
large flakes in excess of 80 mesh.
The Buckingham graphite property comprises of two former producing
mines, located just east of Buckingham, Quebec. The mines are located
in the highly prospective Central Metasedimentary belt of the
Grenville geological province, host to many active graphite projects.
The host rocks for both deposits are graphitic crystalline marbles,
similar to the host stratigraphy at Timcal's Lac des Iles graphite
mine, currently Canada's only producing graphite mine. The two
properties cover a total of 1,324 hectares on 22 mining claims.
The Ste-Marie deposit had small-scale production in 1865, with a
total reported production of 50 tons of graphite. The mineralization
is hosted in lenticular masses and mineralized veins, within a
crystalline limestone marble. The mineralization results from
carbonization of organic matter in calcareous sedimentary formations
during the Grenvillian metamorphic event. The graphite mineralization
is typically massive.
The Dominion mine produced a reported 916 tons of graphite between
1910 and 1919. The geological setting is very similar to the
Ste-Marie deposit. Flake graphite is reported to be the common form
of graphite in the deposit (see Galaxy's news release dated February
7, 2012 for more details).
Soldi's new Royal property within Galaxy's Buckingham project is
approximately 20 kilometres west of Soldi's Lochaber Graphite
Property and 95 kilometres south of Soldi's Cameron Graphite Property
(map available here: http://www.soldiventuresinc.com/wp-content/uploa
The Lochaber Graphite Property covers 930.7
7 hectares and was
acquired February 2012. The Lochaber Property had been the target of
exploration in the early 1950's and again in the 1980's during which
time an airborne survey (in report DP 83-05) was flown to further
define targets. A strong, wide airborne conductor was discovered and
a ground visit to the location revealed massive flake graphite. The
property is located approximately 50 kilometers east of
Ottawa-Gatineau, near a highway in a historic graphite mining
In a 1952 report it was reported that: "Trenches were bulldozed by
Frobisher Exploration, stripping overburden of 3-18 inches
perpendicular to the strike of the Graphite zone. 10 trenches were
stripped every 50 feet for 550 feet of the zone. The graphite exposed
ranged from 3 feet to over 10 feet in the last 150 feet of the zone.
The graphite zone trends along a steep valley that has a strike of
N85E." The author visually estimated grades of 10% to 15% graphite. A
pit 1,500 feet west of this zone exposed graphite bearing rock. A
government airborne electromagnetic-magnetic survey detected
conductors on three lines, showing parallel zones to the one which
Soldi's other graphite project - the approximate 1,200 hectare
Cameron Graphite Property in Quebec, is located 16 kilometres east of
Maniwaki and approximately 125 kilometres due north of Ottawa, with
excellent road access.
The property is part of the G
renville Sub-Province of the Precambrian
Shield of northern Canada. The formations of the area are generally
gneissic granites, crystalline limestones, mica and amphibolites
schists. Pegmatite dykes, veins and stock work are often present
within the gneissic granite batholite.
Graphite is known to be common throughout the Grenville Sub-Province
and has been commercially mined in the past from a number of deposits
located mainly between the Ottawa River to the south and the Mont
Laurier area to the north. On the property itself, graphite was found
to occur in large, irregular shaped masses of coarsely crystalline
white limestone. The graphite occurs as a bed approximately 20 feet
thick. The graphite grade was visually estimated to be approximately
15% with a high proportion of large flakes.
In 1965, a bulk sample of the graphite-bearing material was shipped
to a processing plant located in Labelle, Quebec. Approximately 5
tons of this material was processed. In addition, 23 drill holes were
drilled to the west of this occurrence and all, except for one,
Three metallurgical tests were conducted on the bulk sample from 1965
using different grinding times. The results obtained were excellent,
with the ensuing production of concentrate averaging 91.35% carbon
after two minutes of grinding in the rod mill. A concentrate
averaging 95.06% carbon was obtained after four minutes of grinding
in a rod mill. In either case the recovery of large or "jumbo"
graphite flakes in the plus 48 mesh concentrate ("plus 48 mesh"
concentrate is considered highly valuable) was exceptional at 65.09%
and 52.39% respectively.
The bulk sample was later analyzed with a semi-commercial plant test.
The rod mill test gave a concentrate of 95.11% Carbon with 77.43%
recovery. The final test run gave a concentrate of 97.40% Carbon with
a 90.15% recovery.
In July 2012, Soldi reported that it received assays of samples taken
from its Cameron Graphite Property. Two consecutive chip samples
taken over widths of 1 metre each, assayed 26.85% and 25.02%
graphitic carbon respectively, for an average of 25.94% graphitic
carbon over a true thickness of 2.0 metres.
In the spring of 2012, Soldi carried out a preliminary
VLF-electromagnetic survey and geological mapping on the Cameron
property (see news release of May 1, 2012). The graphite zone
coincides with a weak VLF conductor that extends for 200 metres to
the southeast, and is open in that direction. Historic shallow drill
holes that were put down in 1965, at the same time as the bulk
sample, are reported to have intersected graphite in "all but one" of
23 drill holes to the west of the test pit, although the VLF
conductor does not extend for more than about 25 metres in that
direction. Details of the 1965 drilling, including hole locations and
depths, as well as widths and grades of mineralized intersections,
are not available.
The technical information in this news release has been written
and/or reviewed by Mike Magrum, P.Geo., a Qualified Person as defined
in NI 43-101. Note: Grab samples are selective by nature and are
unlikely to represent average grades on the property. Historic
results are not 43-101 compliant and cannot be relied upon.
You can now find Soldi Ventures Inc. on Twitter at:
Soldi Ventures Inc. (TSX VENTURE:SOV) is a Canadian junior
exploration company focused on discovering gold and graphite deposits
in politically safe jurisdictions.
On behalf of the board of SOLDI VENTURES INC.
Charles Desjardins, President
This report contains forward-looking statements. Resource estimates,
unless specifically noted, are considered speculative. Any and all
other resource or reserve estimates are historical in nature, and
should not be relied upon. The production rate and mine-life
projections have been made without support of a feasibility study,
there is no certainty the proposed operations will be economically
viable. By their nature, forward-looking statements involve risk and
uncertainties because they relate to events and depend on factors
that will or may occur in the future. Actual results may vary
depending upon exploration activities, industry production, commodity
demand and pricing, currency exchange rates, and, but not limited to,
general economic factors. Cautionary Note to US investors: The U.S.
Securities and Exchange Commission specifically prohibits the use of
certain terms, such as "reserves" unless such figures are based upon
actual production or formation tests and can be shown to be
economically and legally producible under existing economic and
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Soldi Ventures Inc.
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