Uragold Bay Resources has signed an agreement with a private vendor for the acquisition of 100% interest in two large flake graphite properties, the Asbury Graphite Mine and the Canadian Graphite property.
Asbury Graphite Mine located in Notre-Dame-de-Laus, 60 km south of Mont-Laurier, Quebec consists of two claims, which holds the former Asbury Graphite Mine.
The mine was an open pit mine that operated seasonally from 1980 to 1989, and less then 70,000 tons were process during that period.
Past metallurgical tests on the mine have shown a graphite concentrate with a recovery of 85% where by 50% of the concentrate fall into the large flake grade with an average carbon content of 90% and a granulometry of 80 plus mesh.
About 25% fall in the medium flake category with an average carbon content of 80% carbon and the remaining 25% fall in the fine flake category and had an average carbon content of 80% and a granulometry of minus 200 mesh.
Canadian Graphite Property consists of two mining claims located 13 km east of St-Michel-de-Wentworth in the Laurentian region of Quebec.