Canada Strategic Metals Inc
. (TSX: V.CJC
, Stock Forum
) said that it has received more high grade graphite grab sample assay results derived from recent detailed sampling program on the La Loutre property and from reconnaissance sampling from the Lac des Iles property.
The La Loutre property consists of contiguous claim blocks totaling approximately 2,500 hectares situated approximately 53 kilometres to the east of Timcal's Lac des Iles graphite mine, 117 kilometres northwest of Montreal.
According to the Canada Strategic Metals press release
, to date, the sampling program has confirmed a graphite bearing structure covering an area approximately seven kilometers by one kilometer with results of up to 22.04% graphite in multiple parallel zones of 30 to 50 meters wide.
Another area has also been identified covering approximately two kilometers by one kilometer in multiple parallel zones of 20-50 meters wide, which includes results up to 18% graphite.
Highlights of the new La Loutre assays include sample 115732 with 17.25% graphite, sample 115728 with 9.16% graphite and 115718 with 7.76% graphite.
Lac des Iles best grab samples included sample 115736 with 1.2% graphite and 11573 also with 1.2% graphite.
Management is encouraged that these new samples results that confirm again the presence of graphite, on surface, and over a large area, all of which offers great potential to develop a graphite resource on the La Loutre property.
Canada Strategic Metals is an emerging growth company focused on the exploration and development of its early stage projects covering over 60,000 hectares throughout Quebec.
On Thursday, Canada Strategic Metals gained 25% and was trading at $0.075 a share. The company had a market cap of $4.0 million, based on 53 million shares outstanding.