The company announced the discovery of three new, natural crystalline graphite veins Dec. 7. The veins are more than 15 centimetres in width, between 68.93 and 69.53 metres downhole, at its H1 site in the Hakbewa area.
Ceylon discovered the graphite veins in the normal course of drilling at the H1 site. Samples from the discovery have been sent to the Sri Lanka government’s Geological Survey and Mines Bureau’s laboratory for testing.
Coordinates of the drill location are E-130222, N-216410. The drilling azimuth is N30E and the dip is 55 degrees. This site is under the exploration licence EL 222/R/2.
The company also announced the length of its surface vein at its P1 site is more than 6.1 metres (20 feet) before it goes underground. Ceylon Graphite will continue trenching around the vein for another 3 to 6 metres (10 to 20 feet) to get a better perspective of the direction. The company anticipates there are additional similar-sized or larger veins at lower depths and is planning to actively pursue its aggressive exploration and production plans for the P1 site.
We are delighted at another discovery, this is outstanding. We now have identifiable graphite at all four sites we are developing. This discovery coupled with the veins we discovered earlier in the year at the K1 and M1 sites clearly demonstrates that Ceylon Graphite has a large resource base. Our graphite veins are impressive by any standard. We continue to focus on our plan to start commercial production imminently and continue with a robust exploration program on our other grids. This is a great year-end present.
—Bharat Parashar, CEO
It’s the latest in a long line of good news for the Vancouver-based, Sri Lanka-focused company. Equity Guru writer Greg Nolan posted a glowing profile Nov. 7 which was on the heels of Ceylon securing Depository Trust Company (DTC) eligibility under the symbol CYLF.
The company’s common shares became DTC eligible under that symbol on Nov. 1, which enabled its shares to become available to a wider range of brokerage firms.
The company submitted an NI 43-101 report Oct. 2 for its Malsipura project that showed “significant economic value.” In July, the company shipped 30 kilograms of high carbon content graphite for testing.
The latest discoveries at Hakbewa add to Ceylon’s unique position as a major player in a country renowned for its graphite profile. The world’s ever-increasing demands for high-quality inputs for electronic vehicles and equipment should make for a happy new year for Ceylon Graphite.
– Bo Ramone
Full disclosure: Ceylon Graphite is an Equity.Guru client, and the company owns stock.