Stratmin establishes graphite reserves

Reserves of graphitic material at its Mont Laurier, Que., deposit are estimated to be 23.7 million tonnes, Stratmin Inc. (ME) reports.

Results to date from ongoing drilling and from a 44-tonne bulk sample processed at the Centre de Recherches Minerales du Quebec in Quebec City indicate an average grade of between 7.2% and 8.12% of graphitic carbon content.

Drilling to date has indicated 8.1 million probable tonnes and 5.6 million possible tonnes, calculated to a maximum depth of 50 m. The company says the mineralization is open at depth.

Five electromagnetic conductors on the property identified by stripping will be tested by drilling; the company estimates an additional 10 million tonnes of reserves of about the same grade will be uncovered.

In other news, an exploration financing agreement has been arranged, subject to regulatory approval, between Stratmin and CMP 1988 Resource Partnership and Co., Ltd. whereby the former will receive $500,000 in return for flow-through class A shares at $1.20 per share.

Stratmin reports it will spend $400,000 of the proceeds to complete surface exploration work at its Mont Laurier property. The balance of the money will go towards helping to finalize preparation for underground exploration at the joint-venture Fontana gold project in northwestern Quebec.