Proactive Investors - Run By Investors For Investors

Ceylon Graphite encouraged by new graphite discovery in Sri Lanka

Bharat Parashar, CEO at Ceylon, says that the group is 'delighted' by the discovery, which showed earlier mapping was correct and a major find is possible
Graphite
The firm is exploring and developing graphite mines in Sri Lanka

Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLYF) (FSE:CCY) on Wednesday announced it had discovered a new graphite vein over 30 cm in width, 10 feet downhole at its M1site in the Malsiripura area in Sri Lanka, underscoring the potential of the area.

The vein was discovered in the normal course of digging a ventilation shaft and samples have been sent to the Sri Lanka Government’s Geological Survey and Mines Bureau’s lab for testing, the company said in a statement.

READ THE DEEP DIVE: Ceylon Graphite takes aim at the purest graphite on Earth

Bharat Parashar, CEO at  Ceylon, said that the group was 'delighted' at the discovery, which showed its earlier mapping was correct and that it now anticipates a major find.

"We now have identifiable graphite at surface and below the surface in the overburden. A 30 cm (one foot) vein is impressive by any standards.”

He added: "This discovery coupled with the veins we discovered earlier in the year at our other sites clearly demonstrates that Ceylon Graphite has a large resource base.

"We feel the M1 site will be one of the largest in Sri Lanka. Our plan to start commercial production at our K1 site imminently is nearing fructification and we hope to start producing at M1 by the fourth quarter."

Compelling history

The country of Sri Lanka has a compelling history when it comes to graphite -- graphite mined from the country is known to be some of the purest in the world but accounts for less than 1% of global production.

Graphite has a wide range of industrial uses including being used in steel-making, brake-pads and dry lubricants. It is also used in fuel cells, which power hybrid and electric vehicles and in lithium-ion batteries used in portable consumer devices, like laptops and smartphones.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

View full CYL profile View Profile

Ceylon Graphite Timeline

Related Articles

This Nanocube Memory Ink targets the global multi-billion dollar printed electronics market
February 11 2019
It has an Internet of Things data ink along with Pilbara ground prospective for conglomerate gold.
1542719693_zinc-periodic-3.jpg
November 21 2018
A JORC resource is expected early next year, after which Galileo will apply for a mining licence
A drill rig at the Australian Vanadium project in WA
April 14 2019
A revised resource model is on the agenda for the US$616 million The Australian Vanadium Project.
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use