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Berkwood Resources shares soar on positive drill assays from Lac Gueret South

Last updated: 15:53 28 Nov 2017 EST, First published: 05:53 28 Nov 2017 EST

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Berkwood Resources

Shares in Berkwood Resources Ltd (CVE:BKR) shot up over 15% in Toronto as it unveiled high grade graphite assays from drilling at the Lac Gueret South project in Quebec.

Thirteen holes were drilled in the first phase drill program at the zone 1 geophysical prospect with every hole hitting visible graphite.

Assays from the lab confirmed high-grade graphite with average grades in the range of 14.39 to 25.52% graphitic carbon (Cgr) and true thicknesses ranging 22.1 to 40.3 metres.

"The analyses show that the thick unit on Section 3100E as well as shorter intervals showed a similar range of grades that occurs at Mason Graphite's Lac Gueret deposit nearby," said Edward Lyons, who has worked extensively on the Lac Gueret property, now owned by Mason.

The drill holes were completed on western three sections 3100E through to 3300E.

The zone 1 target is a conductive and magnetic system with a 2.2km east-west strike length and 0.6 km width.

It shows two parallel zones which may be a large-scale fold.

Significant drill intersections  included a  40.4m thick intersection with 21.01% average graphitic carbon, and 36m intersection with 14.68%.

Also in today's release, Berkwood revealed it had expanded its Lac Gueret extensions project (northern blocks) due to the success of the phase 1 drill program, it has decided to immediately acquire  further claims.

It has acquired a further 53 claims to extend the previously held 19,884 hectares covered by 368 claims to a new total of 22,739.46 hectares covered by 421 claims.

Berkwood is acquiring 1005% of the Turkey Lake property by payment to 1131348 B.C. Ltd. of 630,000  shares and C$15,000.

Berkwood shares added 6.41% to C$0.42 each on the day.

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on 11/26/2019