Goldcore changes name of Graphite Resource

November 25th, 2020, VANCOUVER, B.C. Goldcore Resources Ltd. (TSX-V: GEM, FSE: BK2P, WKN: A2QENP) (“Goldcore” or the “Company”) is pleased to announce that it has renamed its Graphite project located in Northern Quebec from the “Lac Gueret South Project” to the “Berkwood Graphite Project.”  The Berkwood Graphite Project is located in Northern Quebec and has a proven resource on it.  As per Goldcore’s news release (previously named Berkwood Resources) dated August 19th, 2019 the Company is pleased to provide the following resource estimate on the Berkwood Graphite Project.

The maiden Mineral Resource Estimate for Lac Guéret South, Zone 1, (now called Berkwood, Zone 1)  is summarized in Table 1 (with annotation). The Mineral Resource Estimate is based on drilling campaigns in 2017 and 2018 totalling 6,232.49 meters.

Table 1:  Base Case Pit-Constrained Mineral Resource Estimate at the Lac Guéret South Project1

Mineral Resource Category

Current Resource (June 2019)8

Tonnage (Mt)5,7

Grade (% Cgr)4

Cgr (t)6

Indicated

1.76

17.00

299,200

Inferred3

1.53

16.4

250,200

Notes:

  1. The mineral resources provided in this table were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definition and Guidelines.
  2. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Additional trenching and/or drilling will be required to convert Inferred and Indicated Mineral Resources to Indicated and Measured Mineral Resources.
  3. Inferred Mineral Resources represent material that is considered too speculative to be included in economic evaluations. Additional trenching and/or drilling will be required to convert Inferred Mineral Resource to Indicated or Measured Mineral Resources/Reserves.
  4. All assays used for the Resource Estimates were performed by MS Analytical in Langley, BC with verification samples analysed at ALS-Laboratory at Burnaby, BC for graphitic carbon (“% Cg”), internal analytical code SPM-140 and GE_CSA05V respectively.
  5. Current Resource effective June 30, 2019.
  6. No recovery was applied in the calculation of tonnage of graphitic carbon (90% recovery was applied in pit optimization to define pit constrained mineral resources).
  7. The Current Mineral Resources are stated at a cut-off grade of 6.81% Cgr.

The company ProGraphite GmbH offers professional expertise and a wide range of laboratory services in natural graphite. ProGraphite’s laboratory expertise is well recognized in the industry for the determination of flake graphite qualities specific to various end uses. For more information about ProGraphite, please visit: www.pro-graphite.com

The main findings of ProGraphite are:

  • The size distribution of the flake graphite in the concentrate shows a coarse flake size, above market standard (based on the two screened samples “Berkwood 20×50” and “Berkwood 50×100”).
  • Graphitic carbon grade of the tested graphite samples is above 98% Cgr.
  • The tested material is very suitable for the production of expandable graphite. Expansion rates of 380 ml/g (H2O2 method) and 390 ml/g (KMnO4 method) have been achieved easily.
  • The carbon content obtained after a standard alkaline purification process was 99.95%.

Edward Lyons, PGeo (BC,QC,NL) states: “The results of the initial resource estimate and metallurgical testwork demonstrate that the Zone 1 deposit as tested to date has substantial resources and robust recoveries, subject to further testing. The deposit has not been closed off in the lateral extents and the several geophysical surveys suggest that the shallower mineralisation continues around the western fold hinge. The strike length has the potential to significantly increase resources with future development drilling. The Zone 2 target now in an early exploration stage, may add mineralisation as well.”

The technical data included in this release was prepared by qualified independent experts, as defined by NI 43-101 Regulation, including Claude Duplessis Eng., of GoldMinds Geoservices Inc. (resource estimation), Edward Lyons PGeo (BC, QC,NL) of Tekhne Research Inc. (senior author and most of the report), and Florent Baril, Eng. of Bumigème Inc. (mineral processing and metallurgical testing).

Berkwood Resource Ltd has finalised the independently prepared Mineral Resource Estimate technical report, in accordance with the National Instrument (NI) 43-101, detailing this important work, and the report is now filed on SEDAR at www.sedar.com .

Tom Yingling, President and CEO states, “The market and timing over the last year was not optimal for graphite and it did not give our shareholders the value they deserved. However, this is changing as the demand for graphite is coming back with governments banning fossil fuels.  (UK – 2030 , Quebec -2035 and Cal.-2035).  These changes will add to the rapidly accelerating Electric Vehicle (EV) market and will have a major impact on mineral supply chains, including graphite. 

Manufactures are starting to feel the effects from the strains on the battery minerals supply chain.   In February Audi temporarily halted the production of its electric SUV, the e-tron, citing “battery supply bottlenecks.” It reduced its production to 4,100 EV, some 1,600 short of its 2020 target. This is not an isolated case.  Jaguar, Land Rover is pausing the production of its I-Pace electric SUV as is Mercedes of its EQC due to the unavailability of certain key ingredients for batteries.

We feel vertical integration is one answer to this.   A long-term approach will be required by all the supply chains, to ensure that the supply of batteries to EVs remains at a good pace.  

We are confident that Canada and Quebec will play a large role in the up and coming supply chain of battery minerals.   In addition, new owners of EV’s will want to make sure that their cars are not made from materials coming from countries where corruption, human rights and environmental abuses are happening.” 

About the Company:  Goldcore Resources is managed by a team with over 200 years collectively with a proven track record of not just finding numerous mines but building and operating them too.  The Company has a proven resource at its 100 percent owned Berkwood Graphite Project and has recently announced that it has entered into a definitive agreement, subject to exchange approval, to acquire the “Stallion Gold and Silver Project” located next door and contiguous to Benchmark Metals, in British Columbia’s famous Golden Horseshoe region, as per the news release dated October 27th, 2020.

On Behalf of the Board of Directors

Goldcore Resources Ltd.

‘Thomas Yingling’

President, CEO & Director

FOR MORE INFORMATION, PLEASE CONTACT:

Investor Relations: 
or 1-604-343-7740     

 info@goldcoreresources.com     www.goldcoreresources.com

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements, which reflect the expectations of management.  Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future.  Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements.  No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.  These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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