Nouveau Monde (NOU.V) has completed its summer drill program at Matawinie which consisted of 22 holes totaling almost 3,600 meters, focusing on the western part of the Tony claims. As you might remember, the PEA that has been published in June was based on a mine plan to process the ore from this Tony zone.
This summer’s program was successful as Nouveau Monde was able to confirm the continuity of the graphite zones with several long intervals such as 88 meters at almost 5% Cg and 87 meters of 3.99% Cg. These positive results extended the strike length to approximately 2.2 kilometers whilst the mineralization remains open to the north, south and at depth, indicating additional potential to add more tonnes to the resources and the mine plan.
The company’s PEA was quite positive (and pretty much in line with our expectations), but the potential to increase the resources and extend the mine life will definitely make Matawinie more appealing for a larger player in the industry looking for a decent-sized graphite project in a safe and mining-friendly region.
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The author has a small long position in Nouveau Monde. Please read the disclaimer
