Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce the third 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 23,
2022 for more details about Lomiko’s ECOLOGO certification.
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the full release here:
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Figure 1: EV Zone Drill Hole
Locations
Belinda Labatte, CEO and Director stated: “Our team is very
excited to see that the results from the 14 holes drilled at the
northern end of the EV Zone in 2022 demonstrate strong graphite
mineralization over significant widths. Many holes intersected high
grades over 110-to-120-metre intervals. The number of holes
confirms the potential of this area for additional graphite
resources. We look forward to more results in the next 21 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
- First initial drill results from the northern part of EV Zone
show very thick mineralization zones with high grades in 8 out of
10 mineralized holes (please see table below).
- Several wide intervals of near-surface, high-grade flake
graphite mineralization including 11.02% Cg over 120.00m from 32.0
to 152.0m in hole LL-22-032 including 48.0m at 15.58% Cg from 50.0
to 98.0m.
- Second best result of 8.73% Cg over 110.5m from 81.5 to
192.0m in hole LL-22-019 Including 69.0m at 12.09% Cg from 102.5 to
171.5m
- Numerous intersections remain open; additional assay results
pending including holes LL-22-022, -024, 025, -026, -029, -030,
-032 and -033
- Northeastern limit of graphite mineralization defined with
holes LL-22-27& LL-22-028
- EV Zone shows a robust trend and remains open to the northwest
in holes LL-22-019 & LL-22-022
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 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 (see link). 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 assay results reported in this press release are for the 14
holes drilled at the north end of the EV Zone. These holes were
drilled to determine the northern extent of the graphite
mineralization, confirm the results of the previous drilling, and
provide better detail of the EV Zone in this part of the deposit.
Please refer to Table 1 for the weighted average graphitic
carbon-bearing drill intersections (not true thickness) and Table 2
and Figure 1 for the collar locations referred to in this press
release. These results are in addition to the assay results for
eighteen holes announced in Lomiko’s press releases dated September
6 and 20, 2022.
Table 1: Weight averaged
graphitic carbon-bearing drill intersections (not true
thickness)
Hole
From m
To m
Int. m
% Cg
Notes
LL-22-011
Not Sampled, abandoned hole,
redrilled as LL-22-013
LL-22-013
3.0
6.0
3.0
1.23
LL-22-016
73.0
85.0
12.0
3.76
139.0
164.5
25.5
4.80
Including
154.0
163.0
9.0
8.16
LL-22-019
81.5
192.0
110.5
8.73
Including
102.5
171.5
69.0
12.09
LL-22-022
4.0
20.5
16.5
4.09
Open down-hole from 20.5m
Including
5.5
16.0
10.5
5.68
38.5
70.0
31.5
4.09
Including
43.0
47.5
4.5
16.07
93.0
132.0
39.0
4.39
Including
120.0
127.5
7.5
13.19
LL-22-024
42.0
67.5
25.5
2.31
Open up-hole from 42.0m &
down-hole from 67.5m
90.0
109.5
19.5
2.99
Open up hole from 90.0m
LL-22-025
80.0
101.0
21.0
6.17
Including
87.5
95.0
7.5
13.50
Open up-hole from 87.5m &
down-hole from 95.0m
140.0
185.0
45.0
15.07
Open down-hole from 185.0m
LL-22-026
121.0
125.5
4.5
3.59
Open up-hole from 121.0m
LL-22-027
No sampling, entirely
quartzite
LL-22-028
No sampling, entirely
quartzite
LL-22-029
83.7
89.7
6.0
5.74
Open up-hole from 83.7m &
down-hole from 89.7m
LL-22-030
47.5
56.5
9.0
4.05
Open up-hole from 47.5m
LL-22-032
32.0
152.0
120.0
11.02
Open down-hole from 152.0m
Including
50.0
98.0
48.0
15.58
176.0
186.5
10.5
5.59
Open-up hole from 176.0m
LL-22-033
33.4
45.4
12.0
4.83
Open up-hole from 33.4m,
168.5
191
22.5
8.69
Stopped in graphite
mineralization
Including
170.0
180.5
10.5
15.20
On the northeast side of the EV Zone, holes LL-22-011, -013,
-026, -027 and -28 were drilled entirely or mostly in quartzite and
encountered no or very narrow graphite mineralization within narrow
paragneiss bands within the quartzite. The lack of significant
graphite in these holes effectively defines the northeastern limit
of the EV Zone.
Wide intervals of high- to moderate-grade graphite were
encountered in holes LL-22-016, -019, -022, -024, -025, -030, -032
and -033 and narrow, moderate-grade intervals in LL-22-029 and -30
within paragneiss. Exceptional intervals of near-surface,
high-grade flake graphite mineralization include 11.02% graphitic
carbon (“% Cg”) over 120.0 metres (“m) from 32.0 to 152.0m in hole
LL-22-032 and 8.73% Cg over 110.5m from 81.5 to 192.0m in hole
LL-22-019. These impressive intersections define a strong graphite
trend and indicate that the EV Zone has excellent potential to
continue to the northwest. 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-22-011
499286
5098374
337
60
-50
24.2
LL-22-013
499286
5098374
337
60
-50
150.0
LL-22-016
499251
5098354
337
60
-49
174.0
LL-22-019
499239
5098319
340
60
-51
192.0
LL-22-022
499170
5098268
340
60
-55
141.5
LL-22-024
499206
5098245
334
65
-50
199.0
LL-22-025
499259
5098279
347
60
-51
200.0
LL-22-026
499338
5098419
344
60
-56
153.0
LL-22-027
499359
5098380
338
60
-55
96.0
LL-22-028
499327
5098340
339
60
-52
151.7
LL-22-029
499257
5098221
352
60
-53
174.0
LL-22-030
499261
5098189
351
60
-57
174.3
LL-22-032
499321
5098219
352
60
-52
189.3
LL-22-033
499316
5098195
353
60
-52
195.0
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.
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.
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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
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