Nouveau Monde Mining Enterprises Inc. (TSX: V.NOU
) said the assay results of its recent prospecting and surface sampling exploration program on the Matawinie graphite property, located 140 kilometres north of Montreal, Québec, resulted in a new discovery.
The Matawinie property consists of six groups of claims located at the Eastern limit of the highly prospective Central Metasedimentary belt of the Grenville geological province, host to many active graphite projects.
According to the Nouveau Monde press release
, the fieldwork conducted in late May 2013, targeted electromagnetic anomalies provided by the regional airborne geophysical survey carried-out earlier this year.
Channel sampling on the property returned over 5.0 metres grading 15.16 % organic carbon.
Nouveau Monde is a mining exploration company holding a large portfolio of base and precious metals and industrial minerals in the province of Québec.
On Monday, Nouveau rose 11% and was trading at $0.20 a share. The company had a market cap of $3.8 million, based on 18.8 million shares outstanding.