Ceylon Graphite (TSX.V: CYL) (OTC: CYLYF) (FSE: CCY) today announced the filing on SEDAR the results of an initial NI 43-101 mineral resource estimate for the K1 Mine Project in Sri Lanka. According to the update, the estimate comprised of total indicated and inferred resources of 274,489 tonnes at a grade of more than 90% Cg. “We are very pleased with this strong resource estimate for the K1 Mine. K1 is the first of potentially 10+ mining prospects of similar potential contained within our land package, covering 30,000 acres containing many of the 3,000 abandoned mines,” Ceylon CEO Don Baxter said in the news release. “We are seeing a global recognition of critical raw materials necessary for the energy transition to a carbon zero society. Natural graphite is on the list as it nearly half the volume of active materials in electric vehicle batteries as it is used in the anode. Benchmark Mineral Intelligence projects graphite demand for anodes to reach 4 million tonnes by 2030. Ceylon will continue to add resources to inventory of the now globally significant Sri Lankan vein graphite deposits.”
To view the full press release, visit https://ibn.fm/K1RyQ
About Ceylon Graphite Corp.
Ceylon Graphite is a public company listed on the TSX Venture Exchange that is in the business of mining for graphite and developing and commercializing innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be some of the purest in the world and has been confirmed to be suitable to be easily upgradable for a range of applications including the high-growth electric vehicle and battery storage markets as well as construction, health care and paints and coatings sectors. The government of Sri Lanka has granted the company’s wholly owned subsidiary Sarcon Development Ltd. an IML Category A license for its K1 mine and exploration rights in a land package of over 120km. These exploration grids (each one square kilometer in area) cover areas of historic graphite production from the early twentieth century and represent a majority of the known graphite occurrences in Sri Lanka. Further information regarding the company is available at www.CeylonGraphite.com.
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