Caribou Acquires Graphite Projects in Quebec Including Historic Drill Hole
Intercepting 46 Meters of 9.86 Cgf in Quebec
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/25/13 -- CARIBOU
KING RESOURCES LTD. ("Caribou" or the "Company") (TSX
VENTURE:CKR)(FRANKFURT:CB8) is pleased to announce it has signed an
agreement to acquire 100% of three Quebec graphite properties namely
TAC, Lac Vert and Buckingham, all situated in southwestern Quebec in
the Central Metasedimentary Belt of the Grenville Geologic Province.
The properties are prospective for large flake, crystalline graphite
and have a historic record of exploration and production for graphite
The TAC and Lac Vert properties are 3 kilometers apart located in
Mousseau Township. The Buckingham Property is situated in Buckingham
Township 750 meters west of a former producer, the historic Walker
Graphite Mine. All the properties have road access.
According to the Quebec government reports, graphite locally occurs
on TAC "as flakes up to 1cm in diameter but typically varying from
0.5mm to 5mm in diameter. Graphite appears to be preferentially
developed within the marble units; some crystals can be present
locally in any of the metasedimentary lithologies."
Graphite occurrences on the 11.23 km2 TAC property were explored in
1989 and 1990. Three mineralized zones, A, B and C, were partially
defined by geophysical surveys and diamond drilling. A
multi-frequency/multi-coil separation Maxmin II geophysical ground
survey identified a pattern of multiple conductors some of which were
subsequently investigated to a maximum depth of 75 meters by 49
reconnaissance diamond drill holes. Of particular note is hole T90-44
which returned a weighted average grade of 9.86% Cgf over 46.75
meters. The following drill hole results were extracted from the
Quebec government report entitled: Reconnaissance geologique et
campagne de forage 1989-1990, Propriete TAC, Canton Mousseau by
Ressources Graphicor (GM51068).
Summary of significant drill results from the TAC Property
Hole # Grade (% Cgf) Width (meters) Zone
T89-04 15.88 2.14 A
T89-13 10.14 6.0 A
T90-20 12.46 3.0 A
T90-21 7.76 8.9 B
T90-43 5.94 10.9 C
T90-44 9.86 46.75 C
Lac Vert Property
The Lac Vert property, located 3 km from the TAC property, is
underlain by the Central Metasedimentary Belt of the Grenville
Geologic Province. This package of marble, impure quartzite,
quartzofeldspathic gneiss, biotite gneiss, biotite schist and
associated pyroxenite and/or amphibolite stocks generally dips gently
to the south-southwest (8 to 20 degrees ). Graphite occurs in
crystalline marble. Twelve selected grab samples taken by Ressources
Graphicor returned concentrations ranging from 1.69% Cgf to 23.00%
Cgf averaging 15.66% Cgf. Historic exploration consisted of limited
prospecting and geological mapping followed by line-cutting, and a
geophysical survey which identified a cluster of numerous east-west
conductors interpreted at the time to represent a hinge or warp zone.
An 11 hole, 584 meter program of diamond drilling produced results
from 2.64% Cgf over 1 meter in hole V90-04 to 3.20% Cgf over 6.1
meters in hole V90-10. Best results came from hole V90-06 which
intersected a calcareous unit with 5.79% Cgf over 12.25 meters,
including a 3.35 m interval with 9.25% Cgf.
The Buckingham property is comprised of 8 claim blocks totaling 4.81
km2 located in Buckingham, Quebec. It is situated approximately 750
meters west of the historic Walker Graphite Mine, a producer from
1876 to 1920. Graphite occurs in veins or is disseminated within
diopsidite, marble and gneiss.
Commercial graphite concentrates are classified into four types: 1)
crystalline flakes (85-90% C), 2) crystalline lumps (90-96% C), 3)
amorphous powder (70-75% C) and 4) crystalline powder. Crystalline
flakes are further subdivided into: a) large flake; +80 mesh (greater
than 0.177mm), b) medium flake +100 mesh (greater than 0.149mm) to
-80 mesh (less than 0.177) and c) fine flake -100 mesh (less than
0.149mm). Both crystalline flakes and lumps command a premium price
in the commodity market. Flake graphite is used for higher value
applications like batteries. Vein/lump graphite is most valuable
because it requires the least processing. Natural graphite is used in
foundry facings, steelmaking, refractories, crucibles and lubricants.
Graphite is also in pencils, lithium-ion batteries fueling consumer
electronics and electric vehicles, fuel cells and Pebble Bed nuclear
reactors. Graphite is also purified to produce graphene, a tightly
packed single layer of carbon atoms that can be used to make
inexpensive solar panels, powerful transistors, and even a wafer-thin
tablet that could be the next-generation iPad. Graphene, extremely
light and strong, has been called "the world's next wonder material".
To earn a 100% interest in these three properties, the Company is to
issue 4,000,000 shares upon approvals and incur $250,000 in work
expenditures over the next year, with an additional 1,000,000 shares
to be issued in one year and an additional $500,000 in work
expenditures to be incurred in the following year. A 2% royalty is
payable to the vendor, and the Company is entitled to purchase 1%
back for $1,000,000. The vendor is arm's length to the Company.
A finder's fee will be payable in accordance with TSX Venture
This transaction is subject to TSX Venture Exchange approval.
The technical content of this release was approved by Michel Boily,
M.Sc. Ph.D. P.Geo. Dr. Boily is a qualified person as defined by
National Instrument 43-101. The properties have not been the subject
of a National Instrument 43-101 report. The historical data referred
to herein were obtained from government files and other sources
believed to be reliable but which cannot be verified.
ON BEHALF OF THE BOARD
Michael England, CEO, Caribou King Resources Ltd.
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.
Caribou King Resources Ltd.
1-604-683-3995 or Toll Free: 1-888-945-4770
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