An updated resource estimate for Eagle Graphite Inc.'s Black Crystal graphite property in British Columbia increased measured and indicated tonnage by more than 3.5x, the company said May 10.

Black Crystal now hosts measured and indicated resources totaling 19.2 million tonnes grading an average 1.35% graphitic carbon, or Cg, representing 259,300 tonnes of contained graphite. Inferred resources are estimated at 23.9 million tonnes grading 1.30% Cg for 310,500 tonnes of contained graphite.

The company noted that the previous estimate defined measured and indicated resources of 5.4 million tonnes averaging 1.28% Cg.

The new estimate uses a cutoff of 0.70% Cg and incorporates data from 5,394 meters of diamond drilling and 547 meters of trenching.

"These results give an enormous boost in our confidence with respect to our graphite resource, and provide a solid underpinning for advancing the engineering studies and preliminary economic assessment planned for late 2018," Eagle Graphite CEO Jamie Deith said in the statement.