Focus Graphite (TSXV: FMS; US-OTC: FCSMF) has been awarded a grant of up to $350,000 by Québec’s Ministry of Energy and Natural Resources, to advance the company’s Manicouagan-Ouest Graphitic Corridor (MOGC) graphite deposit at its Lac Tétépisca project in Quebec.
The grant, which is part of the ministry’s five-year plan for developing critical and strategic minerals, will be used to finance a geometallurgical study of the deposit, the company said.
“By developing the geometallurgical model, we hope to advance our understanding…and determine what it will take to develop (the deposit) as a source of high-quality high purity flake graphite materials to supply the expanding electric vehicle (EV) battery market, as well as other applications,” the company’s CEO Marc Roy said in a press release.
The 62 sq. km. project, 240 km from the industrial city of Baie-Comeau, consists of two contiguous properties, Lac Tétépisca and Lac Tétépisca Nord and has the potential to become one of the largest sources of high-grade flake graphite in North America, the company says.
Discovered in 2012, the MOGC deposit contains indicated resources of 59.3 million tonnes grading 10.61% graphitic carbon for 6.3 million tonnes of natural flake graphite. Inferred resources add 14.9 million tonnes grading 11.06% graphitic carbon for 1.6 million tonnes of natural flake graphite. The resource used a cut-off grade of 3.9% graphitic carbon.
The resource estimate was based on 106 holes (16,467 metres) drilled between 2014 and 2020.
“The funding will be used to conduct a series of mineralogical, metallurgical, and geoenvironmental tests, the results of which will be integrated with geological, geochemical, and geostatistical information to create a spatially based predictive model of the MOGC deposit,” the company said.
The company also owns the Lac Knife project in northeastern Quebec, about 27 km south of the town of Fermont.
The 298.63 sq. km. Lac Knife project has measured and indicated resources of 9.5 million tonnes grading 14.77% graphite carbon for 1.41 million tonnes of natural flake graphite. Inferred resources add 3.10 million tonnes grading 13.25% graphite carbon for 411,000 tonnes of natural flake graphite.
At press time, Focus Graphite was trading at 34.5¢ per share
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