Ceylon files NI 43-101 technical report for K1

Dec 6, 2021

2021-12-06 10:28 ET – News Release

Mr. Don Baxter reports

CEYLON GRAPHITE FILES NI 43-101 TECHNICAL REPORT WITH INITIAL MINERAL RESOURCE ESTIMATE FOR K1 MINE

Ceylon Graphite Corp. has filed on SEDAR the results of an initial National Instrument 43-101 mineral resource estimate for the K1 mine project in Sri Lanka. Total indicated and inferred resources of 274,489 tonnes at a grade of over 90 per cent Cg.

Based on the exploration results of geological mapping, geophysical evidence, studying abandoned mine works and exposures and drill hole data along with historical records and geological setting of the area the resources have been calculated as: i) indicated resources and ii) inferred resources.

Ceylon chief executive officer Don Baxter commented: “We are very pleased with this strong resource estimate for the K1 mine. K1 is the first of potentially 10 plus mining prospects of similar potential contained within our land package, covering 30,000 acres containing many of the 3,000 abandoned mines. We are seeing a global recognition of critical raw materials necessary for the energy transition to a carbon-zero society. Natural graphite is on the list as it is nearly half the volume of active materials in electric vehicle batteries as it is used in the anode. Benchmark Mineral Intelligence projects graphite demand for anodes to reach four million tonnes by 2030. Ceylon will continue to add resources to inventory of the now globally significant Sri Lankan vein graphite deposits.”

Qualified person

Ceylon’s significant resource and its energy products division, Ceylon Graphite Technologies(UK), will allow the company to evolve into a stand-alone battery technology company, with exclusive access to a lower-cost and, unique, high-performance battery-grade graphite, sourced from its wholly owned deposits in Sri Lanka.

Qualified person

Mr. Baxter, PEng, CEO of Ceylon Graphite, is a qualified person as defined by National Instrument 43-101 guidelines, and has reviewed and approved the content of this news release.

About Ceylon Graphite Corp.

Ceylon Graphite is a public company listed on the TSX Venture Exchange, that is in the business of mining for graphite, and developing and commercializing innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be some of the purest in the world and has been confirmed to be suitable to be easily upgradable for a range of applications including the high-growth electric vehicle and battery storage markets as well as construction, health care, and paints and coatings sectors. The government of Sri Lanka has granted the company’s wholly owned subsidiary Sarcon Development Pvt. Ltd. an IML Category A licence for its K1 mine and exploration rights in a land package of over 120 square kilometres. These exploration grids (each one square kilometre in area) cover areas of historic graphite production from the early 20th century and represent a majority of the known graphite occurrences in Sri Lanka.

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https://www.ceylongraphite.com/