Lac-des-Iles Mine’s Updated Resource Estimate Unveiled by Northern Graphite

Northern Graphite Corporation (TSXV: NGC) has announced a significant update to the mineral resources at its Lac-des-Iles mine in Quebec. SLR Consulting (Canada) Ltd. prepared the new mineral resource estimate, revealing an indicated resource of 3.29 Mt at 6.4% Cg and an inferred resource of 1.43 Mt at 7.4% Cg. This update may extend the mine’s life by at least eight more years.

Production Increase Planned to Meet Surging Demand

Northern targets a production hike in Q2 to a 25,000 tpy rate responding to the growing market demand for graphite. The transition to a full-week operation schedule underlines the company’s strategic production ramp-up.

Significant Resource Base Growth at Northern’s Cornerstone Asset

Hugues Jacquemin, CEO of Northern, expressed enthusiasm about the resource expansion at LDI amid increasing graphite demand. The updated estimate hints at further expansion opportunities and the company’s strong position serving the EV battery market. COO Kirsty Liddicoat highlighted the robust grades and the potential in the expansion through further exploration.

Expanded Pit Life and Drilling Programs Expected in 2024

Northern’s Phase I drilling program outcomes posit a resource increase extending beyond existing Pit 2. The company anticipates further expansion and increased output as part of its 2024 ambitions.

Positioning as a Market Leader Amid Tight Supply

Market dynamics have sparked a surge in demand for this critical battery component. With its status as North America’s only graphite producer, Northern aims to capitalize on this opportunity, against a backdrop of limited supply from traditional producers like China.

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