Graphano Energy: Drilling Highlights Multiple Zones on Western Trend

Source: 2/22/2024, Location: North America

Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) ("Graphano") is pleased to report further assay results from the 2023-24 winter drilling program at its 100% owned Standard Mine Project ("Standard"). The primary focus of the drilling program was on graphite zone expansion, following up on the excellent results from the 2022-23 trenching and drilling programs.

Luisa Moreno, Chief Executive Officer of the Company, stated: "We are excited to continue the release of the Standard Mine drill results from a very successful drilling campaign. To date we have drilled over 3,000 metres at Standard in connection with ongoing Mineral Resource estimation work. We firmly believe Standard complements our Lac-Aux-Bouleaux graphite project well and we eagerly look forward to continuing to advance the two projects to become a significant regional supplier of sustainable graphite to the North American market."

Key Highlights from the Western Graphite Trend

Current Holes
- Drill Hole ST23-21 intersected 15.57% graphitic carbon (Cg) over 15.04 metres (m) starting at 68.79 m drilled depth; and
- Drill Hole ST23-19 intersected 6.28% Cg over 5.23m at 25.75m drill depth, and 5.57% Cg over 4.14m at 40.43m drill depth and 4.89% over 5.26m at 52.47m drill depth.

Previous Holes
- Drill Hole ST23-13 intersected 8.99% Cg over 11.3 m starting at 4.2 m drilled depth, and 7.65% Cg over 13.0 m at 56 m drill depth; and
- Drill Hole ST23-05 intersected 5.79% Cg over 14.4 m at 4.6 m drill depth.
(Note: All intersections reported are based on drilled width and have not been converted to the true width. True widths are not currently known.)

The seven drill holes reported in this update were drilled as step-outs to extend the mineralization on the Western Trend. Previous Western Trend trenching and drilling completed by Graphano in early 2023 returned multiple zones of significant graphite mineralization, such as in hole ST23-13 noted above. The current drilling has extended this mineralization and indicates the zones dip to the southeast towards the northwest dipping Eastern Trend (see news release dated February 15, 2024 – Reports 18.8m grading 9.79% Cg). Drilling to date has encountered significant graphite mineralization over an approximate strike length of 350m and mineralization remains open in both the strike and dip directions for continued expansion. In addition, Drill Hole ST23-22 intersected a new area of near surface mineralization grading 7.34% Cg over 3.03m at a drilled depth of 8.92m and warrants further exploration. Full assay results from the seven holes are presented in Table 1 and drill hole locations in Figure 2. Further assay results are expected to be released in the coming weeks.

Select samples from the 17 holes drilled from Standard were submitted for assay analysis. A total of 1,991m was drilled during the program. All drill core samples were sampled, stored and shipped using industry best practices and were delivered to Activation Laboratories ("ACTLABS"), Ancaster, Ontario, for sample preparation and analyses using laboratories' Code 4F-C Graphitic, analyzing C-Graphite (infrared) where the sample is subjected to a multistage furnace treatment to remove all forms of carbon with the exception of graphitic carbon; and C-Total (infrared). ACTLABS is an independent commercial, accredited ISO Certified Laboratory. The core sample program also included field duplicates, blanks and a graphite standard sample for quality control and quality assurance (QA/QC) purposes.

Qualified Person
This news release has been reviewed and approved by Roger Dahn, B.Sc., P.Geo., a director of the Company and a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Matthew Harrington, P.Geo., of Mercator Geological Services Ltd. and an "Independent Qualified Person" as defined in NI 43-101, has reviewed and approved the scientific and technical information disclosed in this news release.

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