Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce the eighth and final round of
analytical results from the infill and extension exploration drill
program at its 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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221213005367/en/
Figure 1: Battery Zone Drill Hole
Locations (Photo: Business Wire)
Belinda Labatte, CEO and Director stated: “We are pleased that
these assays further confirm the results of the infill and
expansion programs encountered so far. Significant intervals were
encountered in the third and last batch of results from the Battery
Zone, including 10 holes (LL-22-70 to 79) in the south end of the
Battery Zone. The assay results further validate the continuity and
quality of the mineralization. The best interval of 10.37% Cg over
64.0m was encountered in hole LL-22-074 including 14.15% Cg over
14.5m. We look forward to receiving the results from the shoulder
sampling conducted in November in the EV and Battery Zones, to
complete the drill database. The database would be used to start
with the NI-43-101 compliant mineral resource estimate.”
Highlights
Assay results from the third and last batch of 10 of 26 holes
drilled at Battery Zone:
- Consistent, near surface graphite mineralization along the
southwest margin of the Battery Zone
- Strong graphite values and significant widths in all 10 drill
holes
- Best interval of 10.37% Cg over 64.0m from 27.0 to 91.0m in
hole LL-22-074 including 14.15% Cg over 14.5m from 45.0 to
90.0m
- Second best interval of 11.42% Cg over 26.5m from 48.0 to
74.5m including 15.01% Cg over 13.5 from 51.0 to 64.5m and 17.16%
Cg over 5.5m from 69.0 to 74.5m in hole LL-22-073
- Battery zone remains open on the south end.
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.
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 (“PEA”)
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 assay results reported in this press release are for the 10
holes drilled at the south end of the Battery Zone. These holes
were drilled to confirm results of previous drilling and provide
better detail in this part of the Battery deposit. 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 referred to in this press release.
Significant intervals of graphite mineralization were
intersected in all 10 holes. The best intersection was 10.37 per
cent graphite (“%Cg”) over 64.0m from 27.0 to 91.0m in hole
LL-22-074 including 14.15% Cg over 45m from 45.0 to 90.0m. The
second-best interval was 11.42% Cg over 26.5m from 48.0 to 74.5m
including 15.01% Cg over 13.5 from 51.0 to 64.5m and 17.16% Cg over
5.5m from 69.0 to 74.5 in hole LL-22-073. These two holes as well
as holes LL-22-077, LL-22--078 and LL-22--079 form the southernmost
extent of the Battery Zone. The robust dimensions and tenor of the
strong intervals intersected in these holes suggests that the
intervals continue further to the southeast, and that the Battery
zone remains open in that direction.
Generally, it was noted that the graphite mineralization
intersected in the Battery zone is visually more coarse-grained
than the graphite mineralization intersected at the recently
drilled EV Zone.
Table 1: Weight averaged graphitic
carbon-bearing drill intersections (not true thickness)
Hole
From m
To m
Int. m
% Cg
Notes
LL-22-070
21.4
48.4
27.0
8.17
Sampling complete
Including
31.9
43.9
12.0
12.75
65.0
96.1
31.1
5.06
Including
87.5
96.1
8.6
8.78
136.9
157.2
20.3
1.09
167.8
190.3
22.5
1.22
LL-22-071
62.3
188.5
126.2
1.38
Sampling complete
Including
62.3
75.8
13.5
5.95
Including
180.5
188.5
8.0
2.07
LL-22-072
51.9
85.0
33.1
9.70
Sampling complete
Including
58.0
83.5
25.5
12.14
118.5
195.0
76.5
1.56
Including
118.5
135.0
16.5
3.59
LL-22-073
48.0
74.5
26.5
11.42
Sampling complete
Including
51.0
64.5
13.5
15.01
Including
69.0
74.5
5.5
17.16
118.0
189.2
71.2
1.44
Including
122.5
130.0
7.5
4.56
LL-22-074
27.0
91.0
64.0
10.37
Sampling complete
Including
45.0
90.0
45.0
14.15
LL-22-075
36.3
57.3
21.0
9.88
Sampling complete
Including
37.8
48.3
10.5
17.23
76.0
112.0
36.0
9.30
Including
91.0
104.5
13.5
16.22
152.0
223.1
71.1
1.31
Including
152.0
162.5
10.5
3.15
LL-22-076
55.5
69.0
13.5
9.27
Sampling complete
Including
55.5
64.5
9.0
12.94
120.8
138.0
17.2
2.31
Including
122.3
129.8
7.5
4.84
LL-22-077
41.0
54.5
13.5
10.75
Sampling complete
Including
42.5
51.5
9.0
13.37
109.3
113.8
4.5
4.81
LL-22-078
63.8
71.3
7.5
10.86
Sampling complete
Including
63.8
68.3
4.5
15.13
LL-22-079
68.2
99.7
31.5
4.00
Sampling complete
Including
71.2
83.2
12.0
10.20
Table 2: Drill Hole Collar Locations (UTM
NAD 83, Zone 18)
Hole
UTM_mE
UTM_mE
Elev._m
Azimuth_°
Dip_°
Length_m
LL-22-070
499406
5096572
345
60
-54
192
LL-22-071
499449
5096554
350
60
-58
192
LL-22-072
499459
5096511
351
60
-55
207
LL-22-073
499480
5096480
348
60
-56
201
LL-22-074
499480
5096480
348
60
-89
102
LL-22-075
499419
5096476
348
60
-53
240
LL-22-076
499367
5096458
339
60
-53
138
LL-22-077
499405
5096441
339
60
-62
126
LL-22-078
499353
5096409
332
60
-55
126
LL-22-079
499353
5096409
332
60
-85
126
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 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:
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221213005367/en/
Kimberly Darlington k.darlington@lomiko.com 514-771-3398
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