Canadian mineral exploration company Graphite One Resources has released a N143-101 compliant resource estimate for the Graphite Creek deposit in the country.

The company now plans to further develop the deposit that’s located on the Seward Peninsula.

The deposit is believed to be the largest in North America, with 18-hole diamond drilling program in June 2012 over 4,248m identifying an inferred resource of 165.5 million tonnes at 4.61% graphite.

A potential resource of up to 492 million tonnes at a maximum grade of 7.9% graphite was also identified.

Graphite One president Anthony Huston said that based on resource size, flake content and potential this was possibly the largest reported flake graphite deposit in the world.

"We will look to take an aggressive approach in 2013 to advance the project towards production in the near future," Huston added.

The company estimates a cost of $1,200 a ton of graphite produced from the proposed open pit mine, earning revenues of $60mn from the production of 50,000t a year.