Montreal, Quebec, June 1, 2021 – SRG Mining Inc. (TSXV: SRG) (“SRG” or the “Company”) is pleased to report the discovery of a new graphite occurrence in northern Liberia, West Africa. The discovery followed a geological investigation within SRG’s Liberia exploration permit located immediately south of the border with Guinea and as a prolongation of the Lola graphite project in Guinea. SRG Liberia, who owns the permit, is a fully owned subsidiary of SRG Mining Inc.
SRG Mining has identified a geological unit extending over 8 km with numerous mineralised surface samples with up to 15% visual estimate of graphite flakes. Graphite flakes are similar in size and shape as the graphite mineralisation at the SRG Mining’s Lola graphite deposit located only 10 km north of the Liberian border. “We are very pleased with this new discovery which enhances the potential of the entire region in eastern Guinea and the northern Liberia, strategically positioning SRG as a key leader in the region”, said Ugo Landry Tolszczuk, President and COO of SRG.
Dr. Audet and the SRG Mining geological team became aware of the possible extension of the Lola Graphite deposit into Liberia after discovering graphite rich gneiss host at the border with Liberia. This 2021 geological investigation performed by SRG Geologist’s M. Nana Camara within SRG Liberia’s exploration permit confirmed the large extension of the geological host toward the south-west over more than 8 km (Figure 1 below).
As a general corporate update, the Government of Quebec announced that it has, through Investissement Quebec, concluded a deal with Sayona Quebec regarding the purchase of assets of North American Lithium Inc. within the procedures of the Sale and Investor Solicitation Process relating to NAL (“SISP”). Faced with this conclusion and considering a number of irregularities which have tainted the procedure of the SISP, SRG is currently evaluating its legal rights and recourses.
In parallel, with COVID-19 related travel restrictions easing up on a global scale, the Company will resume its project financing related work in order to finance its fully developed and permitted Lola graphite project. “With travel restrictions now easing, most of our financial partners can now engage in on site due diligence and we hope to be able to immediately relaunch project financing activities on full scale”, commented Benoit La Salle, Executive Chairman of SRG.
Figure 1: newly discovered extension of the geological host with outcropping graphite mineralisation in northern Liberia.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, PhD Geo., P.Geo, Lead Geologist, SRG and a ‘qualified person’ as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Benoit La Salle, FCPA FCA
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Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.