QUEBEC – Torch River Resources of Oakville, ON, is planning to acquire the past producing Walker lump graphite mine. The property, active from 1890 through 1920, is located between Montreal and Ottawa. About 800 tonnes of lump graphite was produced.
The company says it is encouraged by its review of the historical records about graphite in the region. In a book published by the Canadian Department of Mines in 1907, the Walker deposit is described as being similar to graphite deposits in Celon (today's Sri Lanka). The graphite occurs in lumps or veins, considered to be one of the rarest, commercially valuable and highest quality types of natural graphite.
Torch River has offered to acquire the Walker mine with a mix of shares and cash. An initial payment of 5.5 million shares will be made on closing. A payment of $5,000 will be made on signing of the term sheet and a further $45,000 on Aug. 31, 2013. Another 5.0 million shares will be issued to the vendor on the one year anniversary of the closing date.
Additional information is posted at TorchRiver.ca.