Montreal, Quebec - September 20, 2022 -
Lomiko Metals Inc.
(TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to
announce the second round of analytical results from the infill and
extension exploration drill program at its wholly-owned La Loutre
Graphite property, located approximately 180 kilometres northwest
of Montréal in the Laurentian region of Québec. The La Loutre
graphite project site is located within the Kitigan Zibi
Anishinabeg (KZA) First Nations territory. The drilling was
supervised by Québec-based, independent geological consultant
Breakaway Exploration Management Inc. and was operated under
ECOLOGO requirements and compliance protocols, as Lomiko is ECOLOGO
certified. Please see the press release issued on March 22, 2022
for more details about Lomiko’s ECOLOGO certification.
The drill program at La Loutre was initiated on May 15, 2022,
with the goal to further define the deposit, provide the data
needed to increase confidence in the mineral resource and to build
on the results of the positive Preliminary Economic Assessment for
the La Loutre project as announced in the Company’s July 29, 2021,
press release. Lomiko has retained InnovExplo Inc, a
Quebec-based independent consulting firm specializing in geology,
resource estimation, mining engineering and sustainable
development, to prepare an updated NI 43-101 compliant resource
estimate for the La Loutre project following the completion of the
2022 drill program. The initial drill program contemplated up to
18,000 meters in both zones; due to the later than anticipated
permit receipt in May, the environmental conditions in the spring
and summer resulted in the completion of 13,113 metres.
Belinda Labatte, CEO and Director stated: “The results from the
18 holes drilled at the southern end of the EV Zone in 2022
demonstrate strong graphite mineralization over significant widths
and confirm the potential of this area for additional graphite
resources. We look forward to more results in the next 35 holes in
the EV zone which will be released as more assays are received. Our
vision is to become a responsible operator and part of a climate
success story in Southern Quebec.”
Highlights
- Strong graphite results from 8 additional holes drilled at
southern extension of the EV Zone (first ten holes results were
published in September 8 press release).
- Broad zones of flake graphite mineralization including 2.76%
Cg (graphitic carbon) over 99.0m from 30.5 to 129.5m in hole
LL-22-014 including wide zones of 15 and 25.5 m at 4.95 and 4.55 %
Cg respectively.
- Wide intervals of near surface, high-grade flake graphite
mineralization including 11.64% Cg over 42.0m from 7.0 to 49.0m in
hole LL-22-018 including 36m wide mineralization at 13.44%
Cg.
- Second best result was encountered in hole LL-22-023 at
14.86% Cg from 126.0 to 132.0 meters.
- Numerous intersections remain open; additional assay results
pending.
- Drill assay results confirm potential to enlarge the EV Zone
graphite mineralization southward.
The drilling at the southern end of the EV Zone was done to
confirm results of the previous drilling campaigns and to test for
the southward extension of the graphite mineralization. Please
refer to Table 1 for the weighted averaged graphitic carbon-bearing
drill intersections (not true thickness) and Table 2 and Figure 1
for the collar locations for the eight holes within the southern
extension of the EV Zone referred to in this press release.
These results are in addition to the assay results for ten holes
announced in Lomiko’s press release dated September 6, 2022.
Table 1: Weight averaged graphitic carbon-bearing drill
intersections (not true thickness)
Hole |
From m |
To m |
Int. m |
% Cg |
Notes |
LL-22-012 |
18.0 |
40.5 |
22.5 |
1.69 |
Open up-hole from 18.0m |
|
28.5 |
34.5 |
6.0 |
6.00 |
|
|
56.5 |
108.0 |
51.5 |
3.05 |
|
Including |
73.0 |
85.0 |
12.0 |
5.66 |
|
LL-22-014 |
16.6 |
19.6 |
3.0 |
0.79 |
|
|
30.5 |
129.5 |
99.0 |
2.76 |
|
Including |
53.0 |
68.0 |
15.0 |
4.95 |
|
and |
95.0 |
120.5 |
25.5 |
4.59 |
|
LL-22-015 |
54.5 |
86.0 |
31.5 |
2.65 |
Open up-hole from 54.5m, assays pending |
Including |
59.0 |
63.5 |
4.5 |
4.50 |
|
and |
69.5 |
78.5 |
9.0 |
4.01 |
|
LL-22-017 |
|
|
|
|
Not Sampled, abandoned hole, redrilled as LL-22-017 |
LL-22-018 |
7.0 |
49.0 |
42.0 |
11.64 |
Open down-hole from 49.0m, assays pending |
Including |
10.0 |
46.0 |
36.0 |
13.44 |
|
|
67.5 |
73.5 |
6.0 |
0.75 |
|
|
123.0 |
157.5 |
34.5 |
2.98 |
|
Including |
126.0 |
139.5 |
13.5 |
4.25 |
|
LL-22-020 |
6.0 |
76.5 |
70.5 |
2.57 |
Open down-hole from 76.5m, assays pending |
Including |
55.5 |
70.5 |
15.0 |
4.67 |
|
LL-22-021 |
7.0 |
50.5 |
43.5 |
4.51 |
Open down-hole from 50.5m, assays pending |
Including |
7.0 |
23.5 |
16.5 |
8.01 |
|
|
72.5 |
119.0 |
46.5 |
7.92 |
Open up-hole from 72.5m, assays pending |
Including |
87.5 |
111.5 |
24.0 |
12.95 |
|
|
157.0 |
175.0 |
18.0 |
3.15 |
Open from 157.0m up-hole & 175.0m down-hole, assays
pending |
Including |
161.5 |
167.5 |
6.0 |
6.18 |
|
LL-22-023 |
120.0 |
132.0 |
12.0 |
9.25 |
Open up-hole from 120.0m, assays pending |
Including |
126.0 |
132.0 |
6.0 |
14.86 |
|
|
146.6 |
149.6 |
3.0 |
0.75 |
|
|
159.0 |
162.0 |
3.0 |
0.49 |
|
Except for hole LL-22-017 which was abandoned due to technical
difficulties, all the holes mentioned in this press release
intersected broad zones of near surface, moderate- to high-grade
flake graphite mineralization. The thickest intersection was
2.76 percent graphitic carbon (“% Cg”) over 99.0 metres (“m”) from
30.5 to 129.5m in hole LL-22-014. The highest-grade
intersection was 11.64% Cg over 42.0m from 7.0 to 49.0m in hole
LL-22-018. Additional sampling has been done and assays are
pending to fully close these intervals.
Table 2: Drill Hole Collar Locations (UTM NAD 83, Zone 18)
Hole |
UTM_mE |
UTM_mE |
Elev._m |
Azimuth_° |
Dip_° |
Length_m |
LL-22-012 |
499938 |
5097836 |
340 |
60 |
-51 |
108.0 |
LL-22-014 |
499895 |
5097860 |
334 |
60 |
-55 |
132.0 |
LL-22-015 |
499861 |
5097889 |
335 |
60 |
-51 |
135.0 |
LL-22-017 |
499808 |
5097879 |
352 |
60 |
-45 |
23.1 |
LL-22-018 |
499808 |
5097879 |
326 |
60 |
-52 |
171.0 |
LL-22-020 |
499970 |
5097815 |
333 |
60 |
-54 |
87.0 |
LL-22-021 |
499813 |
5097838 |
344 |
60 |
-50 |
192.0 |
LL-22-023 |
499728 |
5097867 |
340 |
60 |
-50 |
162.0 |
Figure 1: EV Zone Drill Hole Locations
See attachment
Qualified Person
The technical content presented in this press release was
reviewed by Mark Fekete, P.Geo. who actively participated in the La
Loutre drill program as an independent consultant to the Company as
the "Qualified Person" as that term is defined under National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
QAQC and Analytical Procedures
The drill core was logged and marked for sampling by a
professional geologist. All the core was photographed as part
of the logging procedure. Core samples were collected by
splitting each sample interval in half lengthwise with a hydraulic
core splitter. One half of the interval was returned to the
core box, and the other half was placed in a plastic bag with a
tag. The tag number was marked in indelible ink on the
outside of the bag, and the bag was sealed with a plastic
tie-wrap. One certified reference material standard and one
blank were included in each batch of 21 samples. For
shipping, samples were placed in rice bags that were individually
sealed with numbered, tamper-proof security tags. The rice
bags were then placed on wooden pallets, secured with plastic
wrapping, and delivered by truck to Manitoulin Transport Inc. for
shipping to Activation Laboratories Ltd. (“Actlabs”) in Ancaster,
Ontario.
At Actlabs the samples were crushed to 80% passing 2mm and then
riffle split to a 250g sub-sample that was pulverized to pulp 95%
passing 105μm (Actlabs Code RX1). The sample pulps were then
analyzed for graphitic carbon “Cg”) by mild hydrochloric acid
digestion followed by combustion in an infrared induction furnace
(Actlabs Code 8Cg). Actlabs is accredited under ISO 9001:2015
registration and is independent of the Company.
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.
In addition to La Loutre, Lomiko is working with Critical
Elements Lithium Corporation towards earning its 70% stake in the
Bourier Project as per the option 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.
About the La Loutre Graphite Project
The Company holds a 100% interest in its La Loutre graphite
development project 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 one large, continuous block with 76
mineral claims totalling 4,528 hectares (45.3 km2).
The Property is underlain by rocks belonging to the Grenville
Province of the Precambrian Canadian Shield. The Grenville
was formed under conditions that were very favourable for the
development of coarse-grained, flake-type graphite mineralization
from organic-rich material during high-temperature
metamorphism.
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 graphite concentrate at 95% Cg
or a total of 1.5Mt of 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.
On behalf of the Board,
Belinda Labatte
CEO and Director, Lomiko Metals Inc.
For more information on Lomiko Metals, review the website at
www.lomiko.com or
please contact:
Kimberly Darlington
k.darlington@lomiko.com
514-771-3398
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.
A. Paul Gill
Lomiko Metals Inc. (TSX-V: LMR)
6047295312
apaulgill@lomiko.com
Lomiko Metals (TSXV:LMR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lomiko Metals (TSXV:LMR)
Historical Stock Chart
From Apr 2023 to Apr 2024