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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

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 giles@proactiveinvestors.com

Follow him on Twitter@Gile74

Quick facts: Ceylon Graphite Corp

Price: 0.17 CAD

Market: TSX-V
Market Cap: $16.92 m

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Ceylon Graphite readying for first production in early 2020

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