Greenlight Increases land position to 5,760 acres on itsChristmas Island Gold and Graphite Property
(via Thenewswire.ca)
VANCOUVER, British Columbia - March 14, 2012 - GREENLIGHT RESOURCES
INC. (TSXV.GR), is pleased to announce that it has acquired by staking
a further 3,040 acres adjacent to its recently acquired Christmas
Island Gold and Graphite property announced February 29, 2012 located
in the County of Cape Breton, Nova Scotia.
A summary of the combined 100% owned property is as follows:
-Large contiguous 5,760 acres claim block hosting multiple near
surface target areas, for Gold, Copper & Graphite. Numerous IP and
geochemical anomalies, the longest of which is greater than a
kilometre in length.
-Includes Gold (up to 5oz/t) and Graphite (up to 20% graphite in shear
zones) showings identified from trenching &(up to 4% disseminated)
-Excellent infrastructure with road access to the property
Flake Graphite Potential
Dr. Ian Flint, who has a PhD in Mining and Mineral Processing
Engineering and is a leading expert in graphite, carried out studies,
back in 2006, of the graphite chemistry on Greenlight's recently
acquired Christmas Island property.
Dr Flint states "I am surprised this property was available and
applaud Greenlight for having prospectors on the ground who were able
to identify the property for its good potential for flake graphite
deposits."
Graphite samples were taken from graphite showings on the newly
optioned lands and were tested in 2006. Of the four samples taken ,
three samples were taken from graphite schist on the property and one
sample was taken from the George River Marble along strike from the
property. There is a historic graphite mine just to the south, dating
from approximately a hundred years ago. Graphite mining of that time
concentrated on the high grade, vein graphite, often found at sheared
lithologic contacts between schist and carbonates. There is a good
possibility that the more economically attractivedisseminated flake
graphite mineralization will be found within the George River Marbles
that traverse the property. Also the distinctive geophysical
anomalyoccurring the propertymay indicate the presence of additional
graphite or other conductive minerals. Greenlight is currently
reviewing all the previous work and reports associated with the
property as well as reviewing the local geology and will be commencing
a phase one work program immediately.
Gold Silver and Base Metal Targets
The newly staked ground was acquired to cover an area of
mineralization first mentioned in 1876 by the Geological Survey of
Canada. They noted that a historic old gold shaft existed
approximately 400 feet upstream from the mainroad crossing the
property. In 1993/94 the Nova Scotia Department of Natural Resources
looked for evidence of the gold mine and found a disturbed area with a
quartz/sulphide dump. Samples from this dump returned as high as 5.76%
Pb, 3.79% Zn, 1.48% Cu, 0.3% Bi, >0.1% Sb, 0.09% WO3, >50g/t
(grams per tonne) Ag and 1.5g/t Au. Follow up work by prospectors a
few years later received assays of 0.62g/t Au and 48.8g/t Ag from the
rock dump samples. It appears from the dump rock that the mined vein
was 1 to 2 meters wide. The vein was never located in place at that
time. Fifty meters to the south a quartz-carbonate-sulphide vein was
identified that ran from 0.13 to 1.45g/t Au and 2.6 to 136g/t Ag.
There has been little exploration work done here since that time. The
prospectors did a IP survey that identified the mineralized
structures and a spruce bark survey that indicated that there was an
anomalous zone several hundred meters in length along the trace of the
vein systems. The survey does correspond with graphite showings found
at surface. Panning of the streams in the area showed there to be
free gold in two adjoining streams. One stream was located 2.1km to
the SW and the other stream is 1.7km to the NE, which indicates the
potential for a mineralized structure some 3.8 km in length. The
mineralization is hosted in quartz or quartz carbonate veins with
sulphides that occur within a discrete shear zone approximately 100
meters wide which is controlled by a NE trending structure (Fault
Zone) cutting both George River Group (Bras dOr Gneiss Complex) and
the younger Shunacadie Pluton granites and granodiorites.
Readers are warned that "historical records" referred to in
this release have been examined but not verified by a "Qualified
Person". Further work is required to verify that the historical
assays referred to in this release are accurate.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101
is responsible for the technical information contained in this
release.
Graphite Market
Graphite is a conductive, chemically inert mineral that is a key
component to almost all batteries, fuel cells, brake pads, and is also
a critical component in both the metallurgical and electrical
industries. Graphite is similar to rare earths minerals in that they
are largely monopolized by China. Current and planned production of
high quality graphite is only a small fraction of the projected
requirements of the battery and automotive industries. Global
consumption of natural graphite has increased from ~600,000 in 2000 to
1.2 MM t in 2012. Demand for graphite has been increasing by
approximately 5% per year since 2000 due to the ongoing modernization
of China, India and other emerging economies, resulting in strong
demand from traditional end uses such as the steel and automotive
industries. Graphite also has many important new applications such as
lithium ion batteries, fuel cells and nuclear and solar power that
have the potential to create significant incremental demand growth.
On Behalf of the board of directors
"Chris Anderson"
Christopher R Anderson,
CEO - President 604 488-3900
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