First Canadian Graphite (TSX-V:FCI) has completed initial exploration at its Zone 13 graphite discovery and entered an option to acquire additional claims at the Lac Guéret South Project in Québec, Canada.
Field crews mapped graphite occurrences across 3.3km of a previously untested electromagnetic conductor, collecting 46 grab samples for laboratory analysis.
The work included systematic mapping and prospecting to identify targets for further exploration.
CEO John LaGourgue says First Canadian is “very encouraged by the results” from its first pass on Zone 13.
“We’re looking forward to getting the assay results back from the lab, and, in the meantime, we’ll be on the site again in the first week of August for phase 2 of our summer exploration program, which will methodically follow up on phase 1 and build strong momentum toward our planned late-fall drilling campaign,” LaGourgue says.
Results will be combined with further mapping and structural analysis to refine targets for mechanical stripping, channel sampling, and diamond drilling planned for late 2026.
First Canadian has also staked claims east of the existing project and entered an option agreement covering 51 contiguous claims to the north.
The optioned claims span 2,707.21 hectares and include the Esbec graphite occurrence, where First Canadian collected an additional sample during due diligence.
To earn a 100% interest, the company must pay C$30,000 ($30,630), issue 1.2 million shares at a deemed price of C$0.40 each, and spend C$500,000 on exploration over three years.
The agreement also provides for milestone payments of C$100,000 upon completion of a preliminary economic assessment, C$250,000 following a Feasibility Study, and C$500,000 upon commercial production. The transaction remains subject to TSX Venture Exchange approval.
Lac Guéret South lies approximately 234km north-northwest of Baie-Comeau and borders Nouveau Monde Graphite’s (NYSE:NMG) Uatnan Project.
Write to France Pinzon at Mining.com.au
Images: First Canadian Graphite
