Montreal, Quebec –April 22, 2022 –
Lomiko Metals Inc.
(TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to
announce that it has received approvals from Quebec’s Ministère des
Forêts, de la Faune et des Parcs (“MFFP”) to start with its infill
and step-out exploration drilling program at its wholly-owned La
Loutre graphite project, located within the Kitigan Zibi
Anishinabeg (KZA) First Nations territory within the Outaouais and
Laurentides regions, 180 kilometers northwest of Montreal.
At this stage, Lomiko intends to keep building on the results of
the positive Preliminary Economic Assessment (“PEA”) for the La
Loutre property, issued on July 29, 2021, and to do so with a focus
on stakeholder engagement processes. As the Company’s vision is to
develop its projects into production, it is taking early steps
towards an eventual Pre-Feasibility Study. Lomiko intends to
de-risk the La Loutre project and increase confidence in its
mineral resource estimates as it further defines the quantity and
quality of the resource via the exploration program which will also
serve to test the extremities of the deposits.
The Company is also pleased to have added Anne L. Chabot as
strategic advisor to management on our work with First Nations
engagement, supported by Lee Arden Lewis as Independent Director of
the Board. Ms. Chabot possesses over 25 years of experience
working with Indigenous and non-Indigenous governments, agencies
and community groups, including a number of prominent political
organizations like the Assembly of First Nations and the Chiefs of
Ontario. Importantly, she works directly with a number of
First Nations communities advocating for their rights on land and
resource development. She has developed a reputation for being
trustworthy and reliable and for her ability to bring solutions to
diverse perspectives. She is guided by the vision of her father,
John Clarence Chabot, to bring prosperity and self reliance to
First Nations, based on principles of mutual respect, trust,
kindness and truth.
Lomiko’s strategic advisors also include Normand Champigny, CEO
and Director of Quebec Precious Metals.
Belinda Labatte, CEO and Director stated: “Our team is pleased
to have received the requisite permits to start with the infill and
extension drill program at the La Loutre graphite project. We also
appreciate the ongoing engagement that is required with our
communities as we move forward with this exploration program and
the future studies of this project and so we are thrilled to work
with Anne Chabot. We are eager to work in Quebec with our
communities and First Nations, and implement our strategy and path
forward as a people-first company and an operator of choice in the
development of La Loutre and our other future projects.”
Ms. Labatte continued: “We are very encouraged by the
recent news of major car manufacturers developing battery
production capacities in Quebec and North America. We are working
as a responsible environmental steward in the region and intend to
become a meaningful and vital part of the supply chain, including
the promotion of new-economy job prospects in the development of
our project to be used in battery production for Quebec, Canadian,
and North American solutions. The exploration program is funded
entirely with Canadian flow through financing.”
About the La Loutre exploration program
The planned comprehensive drill program will feature
approximately 130 holes or 18,000 meters in the Electric Vehicles
(“EV”) Zone and Battery Zone. Please refer to Figure 1 for details.
The PEA confirmed that the EV and Battery Zones are sources of
mineral material that, when processed, would yield concentrated
graphite of high purity over 95% graphitic carbon (Cg). Estimated
mineral resources are shown in Table 1 and PEA pit constrained
mineral material is shown in Table 2. For the full results please
refer to the Preliminary Economic Analysis (PEA) available on the
Company’s website at: www.lomiko.com.
Lomiko has commissioned Breakaway Consulting of Québec to
design and operate the 2022 exploration drilling program at the La
Loutre project and the drilling is being performed by Fusion
Drilling. Lomiko expects to mobilize to the site and start drilling
as soon as possible subject to weather conditions and
anticipates that the drilling program will take 4 to 5 months to
complete. The Company will continue the work of listening to and
meeting with local communities both in person and in virtual
meetings prior to, during and after the drilling is completed.
Table 1 La Loutre Mineral Resource Estimate
Class |
Cutoff (%) |
EV Deposit |
Battery Deposit |
Total |
Run-of-Mine |
In-Situ
Grade |
Run-of-Mine |
In-Situ
Grade |
Run-of-Mine |
In-Situ
Grade |
Graphite (kt) |
Tonnage
(kt) |
Graphite
(%) |
Tonnage
(kt) |
Graphite
(%) |
Tonnage
(kt) |
Graphite
(%) |
Indicated |
1 |
8,321 |
6.38 |
15,889 |
3.32 |
24,210 |
4.37 |
1,057.9 |
1.5 |
8,158 |
6.48 |
15,007 |
3.44 |
23,165 |
4.51 |
1,044.3 |
2 |
7,792 |
6.70 |
12,622 |
3.75 |
20,414 |
4.88 |
995.5 |
3 |
6,768 |
7.33 |
4,529 |
6.16 |
11,297 |
6.86 |
774.6 |
5 |
4,443 |
9.17 |
2,394 |
8.27 |
6,837 |
8.85 |
605.4 |
Inferred |
1 |
13,114 |
5.71 |
38,273 |
3.10 |
51,387 |
3.77 |
1,936.4 |
1.5 |
12,829 |
5.81 |
33,992 |
3.33 |
46,821 |
4.01 |
1,877.9 |
2 |
12,273 |
5.99 |
27,775 |
3.69 |
40,048 |
4.39 |
1,759.5 |
3 |
9,645 |
6.92 |
10,311 |
5.92 |
19,956 |
6.40 |
1,277.6 |
5 |
5,833 |
8.99 |
5,687 |
7.58 |
11,520 |
8.29 |
955.2 |
Notes:
1. Resources are reported using the 2014 CIM Definition
Standards and were estimated using the 2019 CIM Best Practices
Guidelines.
2. Mineral Resources are reported inclusive of Mineral
Reserves.
3. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
4. The Mineral Resource has been confined by a “reasonable
prospects of eventual economic extraction” pit using the following
assumptions: Exchange Rate C$1.00 = US$0.75; Weighted average price
of graphite of US$ 916/tonne; 100% payable; Offsite costs including
transportation and insurance of CDN$37.42/tonne; a 1.5% NSR
royalty; Metallurgical recoveries of 95%.
5. Pit slope angles are 45º below overburden, 20o in
overburden.
6. The specific gravity of the deposit is 2.86 in unmineralized
and low-grade zones and 2.78 in high-grade zones (within solids
above a 4% Graphite grade).
Table 2 La Loutre In-Pit Mineral Materials breakdown
Description |
Unit |
EV-N1 |
EV-N2 |
EV-S |
B-N |
B-S |
Total |
Indicated Resource |
kt |
3,118 |
1,964 |
1,437 |
1,283 |
873 |
8,675 |
Cg Grade |
% |
7.72 |
7.55 |
5.96 |
7.05 |
5.24 |
7.04 |
Cg Grade (Diluted) |
% |
7.48 |
7.34 |
5.88 |
6.40 |
5.10 |
6.78 |
Inferred Resource |
kt |
3,149 |
2,632 |
1,621 |
2,315 |
3,482 |
13,199 |
Cg Grade |
% |
8.08 |
7.31 |
5.81 |
6.86 |
5.86 |
6.84 |
Cg Grade (Diluted) |
% |
7.82 |
7.13 |
5.67 |
6.34 |
5.67 |
6.590 |
Total Resource |
kt |
6,267 |
4,596 |
3,058 |
3,598 |
4,355 |
21,874 |
Cg Grade |
% |
7.90 |
7.41 |
5.88 |
6.93 |
5.74 |
6.92 |
Cg Grade (Diluted) |
% |
7.65 |
7.22 |
5.77 |
6.36 |
5.56 |
6.67 |
Waste |
kt |
19,967 |
20,924 |
4,823 |
25,712 |
14,299 |
85,726 |
Overburden* |
kt |
733 |
299 |
286 |
727 |
625 |
2,670 |
Strip Ratio (w/o) |
t/t |
3.30 |
4.62 |
1.67 |
7.35 |
3.43 |
4.04 |
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in new energy.
Lomiko represents a company with purpose: a people-first company
where we can manifest a world of abundant renewable energy with
Canadian and Quebec critical minerals for a solution in North
America. Our goal is to create a new energy future in Canada where
we will grow the critical minerals workforce, become a valued
partner and neighbour with the communities in which we operate, and
provide a secure and responsibly sourced supply of critical
minerals.
The Company holds a 100% interest in its La Loutre graphite
development in southern Quebec. The La Loutre project site is
located within the Kitigan Zibi Anishinabeg (KZA) First Nations
territory. The KZA First Nations are part of the Algonquin Nation
and the KZA territory is situated within the Outaouais and
Laurentides regions. Located 180 kilometres northwest of Montreal,
the property consists of 1 large, continuous block with 48 minerals
claims totaling 2,867 hectares (28.7km2). Lomiko Metals published a
July 29, 2021 Preliminary Economic Estimate (PEA) which indicated
the project had a 15-year mine life producing per year 100,000
tonnes of the graphite concentrate at 95%Cg or a total of 1.5Mt of
the graphite concentrate. This report was prepared as National
Instrument 43-101 Technical Report for Lomiko Metals Inc. by
Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose
Mountain Technical Services, and Metpro Management Inc.,
collectively the Report Authors.
Lomiko is working with Critical Elements Lithium Corporation
towards earning its 70% stake in the Bourier Project as per the
options agreement announced on April 27th, 2021. The Bourier
project site is located near Nemaska Lithium and Critical Elements
south-east of the Eeyou Istchee James Bay territory in Quebec which
consists of 203 claims, for a total ground position of 10,252.20
hectares (102.52 km2), in Canada’s lithium triangle near the James
Bay region of Quebec that has historically housed lithium deposits
and mineralization trends.
Mr. Mike Petrina, Project Manager, a Qualified Person under
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects, has reviewed and approved the technical disclosure in
this news release.
For more information on Lomiko Metals, review the website at
www.lomiko.com or contact us at info@lomiko.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of the applicable Canadian securities legislation that
is based on expectations, estimates, projections and
interpretations as at the date of this news release. The
information in this news release about the Company; and any other
information herein that is not a historical fact may be
"forward-looking information" (“FLI”). All statements, other than
statements of historical fact, are FLI and can be identified by the
use of statements that include words such as "anticipates",
"plans", "continues", "estimates", "expects", "may", "will",
"projects", "predicts", “proposes”, "potential", "target",
"implement", “scheduled”, "intends", "could", "might", "should",
"believe" and similar words or expressions. FLI in this new release
includes, but is not limited to: the Company’s objective to become
a responsible supplier of critical minerals, exploration of the
Company’s projects, including expected costs of exploration and
timing to achieve certain milestones, including timing for
completion of exploration programs; the Company’s ability to
successfully fund, or remain fully funded for the implementation of
its business strategy and for exploration of any of its projects
(including from the capital markets); any anticipated impacts of
COVID-19 on the Company’s business objectives or projects, the
Company's financial position or operations, and the expected timing
of announcements in this regard. FLI involves known and unknown
risks, assumptions and other factors that may cause actual results
or performance to differ materially. This FLI reflects the
Company’s current views about future events, and while considered
reasonable by the Company at this time, are inherently subject to
significant uncertainties and contingencies. Accordingly, there can
be no certainty that they will accurately reflect actual results.
Assumptions upon which such FLI is based include, without
limitation: current market for critical minerals; current
technological trends; the business relationship between the Company
and its business partners; ability to implement its business
strategy and to fund, explore, advance and develop each of its
projects, including results therefrom and timing thereof; the
ability to operate in a safe and effective manner; uncertainties
related to receiving and maintaining exploration, environmental and
other permits or approvals in Quebec; any unforeseen impacts of
COVID-19; impact of increasing competition in the mineral
exploration business, including the Company’s competitive position
in the industry; general economic conditions, including in relation
to currency controls and interest rate fluctuations.
The FLI contained in this news release are expressly qualified
in their entirety by this cautionary statement, the
“Forward-Looking Statements” section contained in the Company’s
most recent management’s discussion and analysis (MD&A), which
is available on SEDAR at www.sedar.com, and on the investor
presentation on its website. All FLI in this news release are made
as of the date of this news release. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update or revise any such forward-looking statements
or forward-looking information contained herein to reflect new
events or circumstances, except as may be required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
On behalf of the Board,
Belinda Labatte
CEO and Director, Lomiko Metals Inc.
For more information, please contact:
Kimberly Darlington
k.darlington@lomiko.com
514-771-3398
- La Loutre Drill Plan
- Lomiko Development Plan
A. Paul Gill
Lomiko Metals Inc. (TSX-V: LMR)
6047295312
apaulgill@lomiko.com
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