Vancouver-based Canada Carbon Inc. (TSX:V.CCB, Stock Forum) announced chemical characterization results of purified graphite concentrate from it's Miller hydrothermal lump/vein property Tuesday, and the news was good for stockholders.
R. Bruce Duncan, CEO and Director of Canada Carbon, commented in a news release, "The extremely high Miller graphite purity of 100% Cg reported on July 23, 2013 as the result of preliminary metallurgical upgrading conducted by SGS Lakefield, was unprecedented. Even though the sample submitted to GDMS was of lower purity than that previously obtained, we have shown that the graphite could be suitable for use in nuclear reactors, with a calculated EBC of 0.94 ppm, as compared to the required maximum levels, typically between 1 and 3ppm.”
Duncanc continued, “Graphite suitable for nuclear applications generally sells at a significant premium to all other graphite products, and very few upgraded graphite products can pass the EBC requirement for nuclear use. These results show the high value and quality of the Miller graphite."
Canada Carbon stock had dropped close to 50% since a mid-September 52-week high of $0.37, but news of the positive Miller results sent prices up 18% to $0.23 in early trading.
Canada Carbon has a 100% interest in four East coast Canadian graphite properties, including Miller.