Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce the initial 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.
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Figure 1: Location of existing and
planned 2022 holes
This phase of the program 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.
In particular, the goal of the drilling in the southern end of
the EV Zone, as described below, was to provide additional
information, confirm results of the previous drilling campaigns,
test the extension of the EV Zone (“EV-EXT”) and establish the
southern extents of the zone.
Belinda Labatte, CEO and Director stated: “We are very
encouraged by the strong results obtained in the first ten holes of
the 2022 drill program as those confirm the previous results
including the presence of the mineralization and the grades
encountered. The discovery of previously unknown marble-hosted
graphite is also very exciting as it opens the possibility of
adding inferred mineral resources and decreasing the overall strip
ratio for the open pits. We look forward to more positive results
in the next 43 holes which will be released as more assays are
received. We also acknowledge and appreciate the community’s
communications with us during the period, and we will continue to
respond to enquiries on all aspects of our ongoing program at La
Loutre, and our desire to be a responsible operator and part of a
climate success story in Southern Quebec.”
Highlights:
- Completion of infill drill program designed for the preliminary
feasibility study (PFS) level data acquisition at the “Electric
Vehicle” or “EV” zone;
- Drilled 53 holes for a total of 8,999 metres in the EV
Zone;
- Collected a total of 2,335 core samples in the EV Zone with
2,021 results pending, including additional samples that would be
taken to close off mineral zones indicated by received assay
results (existing results at the shoulders of the zones indicate
that zones extend further up or down the hole from currently
sampled areas);
- Received assay results for the first ten holes in the EV
Zone;
- Encountered significant graphite mineralization in seven of the
ten holes with multiple graphite intervals encountered in holes
LL-22-003, LL-22-006 and LL-22-008;
- The best overall drill intersection, encountered close to
surface, consists of 14.43 percent graphitic carbon (% Cg) over
12.5 metres (m) from 48.2m to 60.7m in hole LL-22-008, and the
second-best result was 11.31% Cg over 18.5m from 7.3m to 25.8m in
hole LL-22-010;
- Discovered a new zone in the marble unit on the eastern or
footwall side of the paragneiss consisting of 6.09% Cg over 21.0m
from 211.1m to 232.1 in hole LL-22-003.
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 ten completed holes
within the southern end of the EV Zone referred to in this press
release.
Table 1: Weight averaged graphitic
carbon-bearing drill intersections (not true thickness)
Hole
From (m)
To (m)
Interval (m)
% Cg
Notes
LL-22-001
No samples
LL-22-002
140.2
149.2
9.0
1.05
Open up-hole, additional results
pending
LL-22-003
93.1
103.6
10.5
2.39
Open up-hole, additional results
pending
and
135.9
162.9
27.0
2.46
Open up-hole, additional results
pending
including
144.9
149.4
4.5
8.20
and
211.1
232.1
21.0
6.09
Interval closed, no additional results
pending;
New graphite zone discovered in marble
LL-22-004
No significant values
LL-22-005
No samples
LL-22-006
48.8
141.8
93.0
0.79
Open down-hole, additional results
pending
including
57.8
68.3
10.5
1.44
and
132.8
141.8
9.0
3.18
and
177.4
180.5
3.1
15.10
Interval closed, no additional results
pending
LL-22-007
204.0
222.0
18.0
0.33
Open up-hole, additional results
pending
LL-22-008
48.2
60.7
12.5
14.43
Open up-hole, additional results
pending
Including
52.3
60.7
8.4
17.93
83.6
94.1
10.5
0.66
Open up-hole and down hole, additional
results pending
LL-22-009
29.9
36.4
6.5
14.86
Interval closed, no additional results
pending
LL-22-010
7.3
25.8
18.5
11.31
Open down-hole, additional results
pending
Table 2: Drill Hole Collar Locations
Hole
UTM_mE
UTM_mE
Azimuth°
Dip_°
Depth_m
LL-22-001
499820
5097669
60
-54
201
LL-22-002
499871
5097700
60
-55
180
LL-22-003
499772
5097782
60
-59
261
LL-22-004
499792
5097666
60
-55
255
LL-22-005
499803
5097700
60
-50
234
LL-22-006
499804
5097737
60
-55
240
LL-22-007
499771
5097696
60
-55
258
LL-22-008
499928
5097737
60
-60
126
LL-22-009
499954
5097719
60
-55
111
LL-22-010
499976
5097763
60
-55
69
New Discovery
A new zone of graphitic carbon was encountered in a marble unit
on the eastern or footwall side of the paragneiss. The graphite
mineralization at la Loutre is generally hosted in paragneiss, and
drill holes completed in prior years by the Company in the EV Zone
all stopped several metres into the marble as it was previously
thought that the graphite mineralization was restricted to the
paragneiss. This discovery consists of 6.09% Cg over 21.0m from
211.1m to 232.1m in hole LL-22-003.
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.
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.
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 48
mineral claims totalling 2,867 hectares (28.7km2).
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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