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Vancouver, British Columbia, Canada, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Global Li-Ion Graphite Corp. (“Global Li-Ion” or, the “Company”) (CSE: LION, OTCQB: GBBGF, F: 0TD)is pleased to announce it has entered into a stand-still MOU to acquire a 100% interest in the The Montepuez Graphite Project with a total area of 14,656.05 hectares and is one of six properties in the country to hold a mining license. The project is located near Montepuez, in the province of Cabo Delgado, the second largest city in Mozambique. The parties intend on entering into a definitive sales and purchase agreement by April 15th, 2025.
The project is adjacent to the Syrah Resources Limited (current market cap of $240mill) project and to the Battery Minerals (Suni Resources) project which was acquired recently by Tirupati Graphite Plc.
Mozambique is the world’s 3rd largest producer of graphite and is known for high quality flake graphite. Large scale production commenced towards the end of the 20th century and reserves are estimated at 26 million tonnes.
Chairman Jason Walsh commented “We are very excited to have the opportunity to add the Montepuez Graphite project to our portfolio of Graphite assets. Like Madagascar, Mozambique is known for its high grade, large flake Graphite deposits.”
The transaction has been facilitated by The Minexchange, the world’s largest database of transactable mining projects.
About Montepuez Graphite Project
The project has undergone a systematic exploration programme across Target 1 - being an open-ended trench on a graphite schist zone down to 50 metres @ 9.15% TGC over a 4km strike and a proven lateral extension of the mapped area. Metallurgical test work resulted in up to Medium+ Large+ Jumbo flake @41.43% of the total mass with 98% purity.
Extensive trenching has defined an exploration target of some 100 million tonnes of graphite ore @+9% TGC in one of 4 target areas. Further high-grade ground identified at Targets 2, 3 and 4, showing prospects of a Tier 1, globally significant discovery.
About Ambato-Arana Graphite Mine, Madagascar
The 3 forty-year renewable mining exploitation licenses that comprise the Project total 4,375 hectares (10,811 acres) are located in the vicinity of Andasibe in Toamasina Province in Madagascar, 20 km to the southwest of Sheritt’s large-scale nickel/cobalt laterite open pit mine at Ambatovy and 15 km northeast of the town of Moramanga from which national highway RN2 connects with capital city Antananarivo (114 km) and Madagascar’s main port of Toamasina (Tamatave) (240 km). Graphite was produced on the licenses, at a modest rate constrained by the technology employed on the licenses at that time, for roughly a century from 1910. Production was suspended by the previous owners due to a slump at the time in Global Graphite markets and with the deposits only partially mined. The deposits are now ready for larger scale exploitation with modern production techniques. They lie within the graphitic horizons of the highly prospective Manampotsy Formation and are associated with topographic highs that are exploited via free digging of lateritic ore and open pit mining, providing a lower cost exploitation without need for blasting. The graphite mineralization on the Project appears within well-defined north-south belts with interbedded graphite-rich friable layers. The geological layers of interest have continuity of several kilometres and exhibit a shallow dip angle. Sample data indicate good grade (up to 10% carbon content with some samples up to nearly 14%) and large flake (jumbo size) consistent with other nearby mines e.g. Gallois (Elate Graphite), Sahamamy & Vatomina (Tirupati Graphite) and DNI Metals’ Vohitsara (DNI Metals).