Extensive 2023 Drilling Campaign At Graphite Creek

VANCOUVER - Graphite One Inc. reported the completion of summer drilling program, marking the largest exploration program in the it’s history and allowing the Company to accelerate completion of its National Instrument 43-101 – Standards of Disclosure for Mineral Project (NI 43-101) compliant feasibility study. With the support of the grant funding awarded pursuant to the Department of Defense Technology Investment Agreement under Title III of the U.S. Defense Production Act (DPA), which is funded through the Inflation Reduction Act, Graphite One carried out a large-scale drilling program, quadrupling the number of feet drilled in 2023 compared to 2022.

As a result of this DPA grant and a strategic investment from Bering Straits Native Corporation (BSNC), Graphite One completed 57 holes for a total of 8,736 m (28,661 ft) of drilling, including 5 geotechnical holes for the primary purpose of evaluating construction sites or hydrology conditions. The remaining 52 resource holes all intersected visual graphite mineralization and continued to demonstrate exceptional consistency of a shallow, high-grade graphite deposit that remains open both to the east and west of the existing mineral resource estimate (MRE).

"Our team's impressive effort put us well on the way to completing the Feasibility Study as expeditiously as possible," added Anthony Huston, founder and CEO of Graphite One. "The results – 52 graphite intercepts over 52 holes – confirm our confidence that Graphite Creek is truly a generational resource of strategic value to the United States, and we wish to thank the Alaskan Government, our funding partners, local stakeholders, and communities for their continued support in advancing this critical asset."