CARIBOU KING RESOURCES LTD. announces that ground-based electromagnetics (EM) has identified four significant conductors on its 100%-owned Mulloy graphite project, located ten kilometers west of the Zenyatta Ventures Ltd. Albany graphite project in Ontario. Measurements taken over 325 meters along a claim line identified four horizontal loop EM (HLEM) conductors that are near historic drilling that encountered 90% visual graphite in 18.68 meters of graphitic schist, followed by a second graphitic schist intersected over 19.78 meters for a total of 38.46 meters (see news release, August 15, 2013). Based on these positive results, permitting for line-cutting and drilling has been submitted and geophysics is presently underway to delineate the strike extent of the conductors, which will then be drill-tested.
Mulloy Graphite Maps: www.caribouking.com/index.php?page=projects&project=18
Michael England, CEO and Director states, “The Mulloy graphite property hosts a historic drill hole with substantial graphite intersections that correspond with our recently-identified HLEM conductors. Our detailed work program is now underway and will include a drill program to test these high priority EM targets. This is a very active and exciting time for Caribou King as we explore all of our highly prospective graphite properties, several of which are in close proximity to historic or operating mines.”
The Mulloy Graphite Project (formerly the Pito claims, see news release, August 15, 2013) covers 1,536 hectares and is located 10 kilometers west of the Zenyatta Ventures Ltd. Albany graphite project that recently reported five drill holes including: 146m of 5.2% Cg, 177m of 5.3% Cg, 186m of 4.9% Cg, and 125m of 4.6% Cg, respectively (Zenyatta Ventures news, July 2, 2013). At Mulloy, a single north-directed hole drilled in the late 1970′s by Shell Canada Resources Ltd. intersected graphitic schist from 107.9-126.58 meters, with graphite forming 90% of the schist over the 18.68 meter interval. An additional 19.78 meters of graphitic schist from 130.28-150.0 meters contained several zones of soft graphite (Ontario Ministry of Northern Development and Mines, Report 42F15NE8019). An estimate of true thickness cannot be determined from the historic drilling, and the graphite content is a visual historical estimate and should not be relied upon without lab assay confirmation. The total depth of the drillhole was 182.70 meters.
The HLEM survey at Mulloy followed a north-south claim line located ten meters east of the historic drillhole collar, with stations spaced at 25 meters along a north-directed transect. Four HLEM conductors with coincident magnetic highs were detected over the 325 meter length and are believed to indicate additional graphitic zones in the metamorphic stratigraphy. Geophysical compilations available from government sources were also reviewed and show that the historic drillhole at Mulloy is positioned between a magnetic high and low, with a similar situation observed for the graphite breccia pipe presently being explored by Zenyatta Ventures at Albany (data from www.mndm.gov.on.ca/en/mines-and-minerals/applications/ogsearth/gravity-and-aeromagnetic-data). Maps of the Mulloy graphite project that includes historical magnetic data can be viewed on the company website at www.caribouking.com.