Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce that as of May 17, 2022 it has
started an infill and extension drill program at its wholly-owned
La Loutre graphite project, located approximately 180 kilometers
northwest of Montréal in the Laurentian region of Québec. The
program anticipates approximately 18,000 meters in 120 holes to be
drilled at the “Electric Vehicle” or “EV” and the Battery zones.
Please refer to Figure 1 for details.
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the full release here:
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Figure 1. Location of existing and
planned 2022 holes (Graphic: Business Wire)
Lomiko Metals has commissioned Breakaway Exploration Management
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. The Company anticipates that the
drilling program will take approximately four to five months to
complete, depending on site conditions. Lomiko has retained
InnovExplo, a Quebec-based independent consulting firm in geology,
mining engineering and sustainable development, to prepare an
updated NI 43-101 resource estimate for the La Loutre project
following the completion of the drilling and assay results. The
goal of the program is to build on the results of the positive
Preliminary Economic Assessment for the La Loutre property
announced in the Company’s July 29, 2021 press release. Also, as
announced in a press release issued on March 22nd, 2022 Lomiko has
obtained UL ECOLOGO® certification for mineral exploration, which
is now being implemented in the field.
Belinda Labatte, CEO and Director stated: “Initiating the infill
and extension drill program at the La Loutre graphite project is an
important step in the project development as we look to increase
confidence in our mineral resources. 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.”
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 one 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 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.
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.
Mr. Mark Fekete, of Breakaway Exploration Management, is a
registered professional geologist in the province of Quebec as 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220519005680/en/
For more information, please
contact: Kimberly Darlington k.darlington@lomiko.com
514-771-3398
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