Graphano Energy Ltd (OTCMKTS:GELEF) (TSXV: GEL) Stock Pulls Back After The Recent Jump

Shares of Graphano Energy Ltd (OTCMKTS:GELEF) (TSXV: GEL) closed lower in the previous after gaining momentum in the past week.

Market Action

On Friday, GELEF stock ended lower by 4.10% to $0.3823 with 251 shares, compared to its average volume of 5.4K shares. The stock moved within a range of $0.3823 – 0.3823 after opening trade at $0.3823.

Graphano Energy Drills First Hole at LAB Graphite Project

Exploration and development company focusing on assessing, acquiring, and developing energy metals resources from exploration to production, Graphano Energy Ltd (OTCMKTS:GELEF) (TSXV: GEL) on February 4, 2022, announced that Phase 1 drilling activity has started at the Lac AudBouleaux Property in Quebec. Forage Hébert Inc. of Quebec has been awarded the drilling contract for the program.

The firm is planning to finish about 20 holes of about 2,800 meters NQ size core drilling on its Property. The program is focusing on Zones 4 and Zone 1 where surface trenching as well as sampling programs have witnessed significant grades as well as widths of graphite mineralization.

The program will intend to assess size as well as characteristics of mineralization in the two zones and the program would be its starting step in building a Canadian Institute of Mining Metallurgy and Petroleum.

The historical data is from Orrwell Energy Corp.’s 1980s program comprising of 79 diamond drill holes totaling 19,550 feet as well as resource estimation work.

Luisa Moreno, Chief Executive Officer said that the firm is keen on the drilling program and the company is spending over a month in performing exploratory drilling in two of eight target areas. Moreno added that the property has a significant proportion of big and jumbo flakes from high purity concentrate.

key Quote

Luisa Moreno, Chief Executive Officer, commented: “We are pleased that the drilling program is now under way and we will be spending the next four to six weeks performing exploratory drilling in two of the eight new target areas. An important asset of LAB is its metallurgy. The Property contains a high proportion of large and jumbo flakes from which a high purity concentrate was proven to be produced across all flakes by a simple flotation process. We also have the historical resource site that will be investigated as we prepare to build a resource.”