Shares of Rock Tech Lithium (CVE:RCK) moved higher Monday after the company reported the first three channel sampling results at its Lochaber graphite project in Quebec conducted in the fourth quarter of last year.
The junior explorer's stock moved up by one penny to 3.5 cents, with an average of 2.27 million shares changing hands, compared to an average trading volume of 352,516 shares.
The results Monday are from the first three channels completed at the project in the fourth quarter, which were cut on electromagnetic conductor "C", with the aim of establishing surface continuity of graphite mineralization found during a drill campaign at the site.
Notable results from the channels included 2.49% graphite over 30.50 metres.
"We are very pleased to confirm the continuation of wide graphite mineralization at the surface," said the company's VP of exploration and current interim CEO, Afzaal Pirzada.
"The two primary graphite zones discovered on the Plumbago area of the property have resource potential with mineralization starting at the surface and continuing to a depth of over 150 metres."
The company has been actively exploration for graphite on the Lochaber since it acquired the asset last year. In the fourth quarter, it completed more than 7,000 metres of drilling and seven trenches, so far having received results for 3,000 metres of core samples and three channel samples.
The recent exploration programs have focused solely on four contiguous claims in the southern area of the property, near the past producing Plumbago mine, Rock Tech said.
While surface samples from this area of the property have returned up to 13.60% graphite, surface samples from other areas of Lochaber have returned up to 22%, the company has said.
Rock Tech is hoping to bring an NI 43-101 compliant maiden resource to its Lochaber graphite property in Quebec this year. Notable results from the latest drill holes include 59.48 metres of graphitic carbon (Cg) at various depths with grades ranging from 1.52% to 14.61% Cg in hole PB-12-14.
The Canadian junior is looking to benefit from the development of two metals critical for industrial production, as the company is also reviewing proposals from geological and engineering companies regarding its planned preliminary economic assessment (PEA) report at its Georgia Lake lithium project in Ontario.
When Rock Tech acquired the Georgia Lake lithium project in 2009, the property had an historic resource estimate* of 8.87 million tonnes grading 1.19% lithium oxide.
Between 2010 and 2012, the company completed almost 13,000 metres of drilling and released an NI 43-101 compliant estimate showing an indicated resource of 3.19 million tonnes grading 1.10% lithium oxide, in addition to an inferred resource of 6.31 million tonnes grading 1.00% lithium oxide.
"We have a unique scenario in that we have two very good projects that can provide graphite for the battery industry, as well as lithium," Pirzada told Proactive Investors last month.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.