25th, 2020, VANCOUVER, B.C. Goldcore Resources Ltd. (TSX-V: GEM, FSE:
BK2P, WKN: A2QENP) (“Goldcore” or the “Company”) is
pleased to announce that it has renamed its Graphite project located in
Northern Quebec from the “Lac Gueret South Project” to the “Berkwood Graphite
Project.” The Berkwood Graphite Project
is located in Northern Quebec and has a proven resource on it. As per Goldcore’s news release (previously
named Berkwood Resources) dated August 19th, 2019 the Company is
pleased to provide the following resource estimate on the Berkwood Graphite
The maiden Mineral Resource Estimate
for Lac Guéret South, Zone 1, (now called Berkwood, Zone 1) is summarized in Table 1 (with annotation).
The Mineral Resource Estimate is based on drilling campaigns in 2017 and 2018
totalling 6,232.49 meters.
Table 1: Base Case
Pit-Constrained Mineral Resource Estimate at the Lac Guéret South Project1
Mineral Resource Category
Current Resource (June 2019)8
Grade (% Cgr)4
- The mineral resources provided
in this table were estimated using current Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Standards on Mineral Resources and
Reserves, Definition and Guidelines.
- Mineral resources that are not
mineral reserves do not have demonstrated economic viability. Additional
trenching and/or drilling will be required to convert Inferred and
Indicated Mineral Resources to Indicated and Measured Mineral Resources.
- Inferred Mineral Resources
represent material that is considered too speculative to be included in
economic evaluations. Additional trenching and/or drilling will be
required to convert Inferred Mineral Resource to Indicated or Measured
- All assays used for the
Resource Estimates were performed by MS Analytical in Langley, BC with
verification samples analysed at ALS-Laboratory at Burnaby, BC for graphitic
carbon (“% Cg”), internal analytical code SPM-140 and GE_CSA05V
- Current Resource effective June
- No recovery was applied in the
calculation of tonnage of graphitic carbon (90% recovery was applied in
pit optimization to define pit constrained mineral resources).
- The Current Mineral Resources
are stated at a cut-off grade of 6.81% Cgr.
The company ProGraphite GmbH offers professional expertise and a wide range
of laboratory services in natural graphite. ProGraphite’s laboratory expertise
is well recognized in the industry for the determination of flake graphite
qualities specific to various end uses. For more information about ProGraphite,
please visit: www.pro-graphite.com
The main findings of ProGraphite are:
- The size distribution of the
flake graphite in the concentrate shows a coarse flake size, above market
standard (based on the two screened samples “Berkwood 20×50” and “Berkwood
- Graphitic carbon grade of the
tested graphite samples is above 98% Cgr.
- The tested material is very
suitable for the production of expandable graphite. Expansion rates of 380
ml/g (H2O2 method) and 390 ml/g (KMnO4 method) have been achieved easily.
- The carbon content obtained
after a standard alkaline purification process was 99.95%.
Edward Lyons, PGeo (BC,QC,NL)
states: “The results of the initial resource estimate and metallurgical
testwork demonstrate that the Zone 1 deposit as tested to date has substantial
resources and robust recoveries, subject to further testing. The deposit has
not been closed off in the lateral extents and the several geophysical surveys
suggest that the shallower mineralisation continues around the western fold
hinge. The strike length has the potential to significantly increase resources
with future development drilling. The Zone 2 target now in an early exploration
stage, may add mineralisation as well.”
The technical data included in this release was prepared by qualified
independent experts, as defined by NI 43-101 Regulation, including Claude
Duplessis Eng., of GoldMinds Geoservices Inc. (resource estimation), Edward
Lyons PGeo (BC, QC,NL) of Tekhne Research Inc. (senior author and most of the
report), and Florent Baril, Eng. of Bumigème Inc. (mineral processing and
Berkwood Resource Ltd has finalised the independently prepared Mineral
Resource Estimate technical report, in accordance with the National Instrument
(NI) 43-101, detailing this important work, and the report is now filed on
SEDAR at www.sedar.com .
Tom Yingling, President and CEO states, “The market and timing over the last year was not
optimal for graphite and it did not give our shareholders the value they
deserved. However, this is changing as the demand for graphite is coming back
with governments banning fossil fuels. (UK – 2030 , Quebec -2035 and Cal.-2035). These changes will add to the
rapidly accelerating Electric Vehicle (EV) market and will have a major impact
on mineral supply chains, including graphite.
are starting to feel the effects from the strains on the battery minerals
supply chain. In February Audi temporarily halted the production of its electric SUV, the e-tron, citing
“battery supply bottlenecks.” It reduced its production to 4,100 EV, some 1,600
short of its 2020 target. This is not an isolated case. Jaguar, Land Rover is pausing the production of its I-Pace electric SUV as is
Mercedes of its EQC due to the unavailability of certain key ingredients
vertical integration is one answer to this.
A long-term approach will be required by all the supply chains, to
ensure that the supply of batteries to EVs remains at a good pace.
confident that Canada and Quebec will play a large role in the up and coming
supply chain of battery minerals. In
addition, new owners of EV’s will want to make sure that their cars are not
made from materials coming from countries where corruption, human rights and environmental abuses are
About the Company: Goldcore Resources is
managed by a team with over 200 years collectively with a proven track record
of not just finding numerous mines but building and operating them too. The Company has a proven resource at its 100
percent owned Berkwood Graphite Project and has recently announced that it has
entered into a definitive agreement, subject to exchange approval, to acquire the
“Stallion Gold and Silver Project” located next door and contiguous to
Benchmark Metals, in British Columbia’s famous Golden Horseshoe region, as per
the news release dated October 27th, 2020.
Behalf of the Board of Directors
CEO & Director
MORE INFORMATION, PLEASE CONTACT:
Disclaimer for Forward-Looking Information:
statements in this release are forward-looking statements, which reflect the
expectations of management. Forward-looking statements consist of
statements that are not purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such statements
are subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those contained in the
statements. No assurance can be given that any of the events anticipated
by the forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them. These forward-looking
statements reflect management’s current views and are based on certain
expectations, estimates and assumptions, which may prove to be incorrect.
Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.