Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce shoulder sampling 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 Nation’s territory.
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Figure 1: EV Zone, Collar locations of
holes with additional core sampling (Graphic: Business Wire)
Belinda Labatte, CEO and Director stated: “we are pleased to see
that additional shoulder sampling has further extended
mineralization in multiple zones in the EV and Battery zones. These
additional sampling results demonstrate graphite mineralization
encountered over much more significant widths then previously known
in 28 holes out of 79. These results also show areas where two or
more zones are joined together indicating consistent
mineralization. Significant intervals were encountered in the EV
Zone, including hole LL-22-042 where mineralization now extends
over 210.9m from surface: from 4.5m to 215.4m with a grade of
7.09%Cg. The assay results further validate the continuity and
quality of the mineralization. We have now received all the results
from the shoulder sampling conducted in November in the EV and
Battery Zones and have completed the drill database updates. The
database will be used to complete an updated NI-43-101 compliant
mineral resource estimate for La Loutre.”
Highlights
- Additional core sampling increases thickness of graphite zones
in 28 holes
- Increased thickness of greater than 3.0m were noted for 28
graphite zones
- Increases greater than 20.0m were noted for 11 graphite zones
ranging from 22.0 to 63.0m
- Most significant intersection is 7.09% Cg over 210.9m from
4.5 to 215.4m in hole LL-22-042 now joining two previously outlined
zones
- Second most significant intersection is 9.405% Cg over
154.5m from 32.0 to 186.5m in hole LL-22-032
- Graphite mineralization >1.0% Cg was determined in marble
and quartzite units including a new marble graphite carrying zone
between these paragneiss intervals in hole LL-22-042, in addition
to the marble zone at the bottom of the paragneiss sequence in EV
Zone as announced in press release September 6, 2022
- Shoulder sampling has also shown that 9 holes in the EV and
Battery zones remain open at depth
- Southeast and northeast end of EV zone remain open
- South end of Battery zone remains open
The assay results reported in this press release are for 33
holes where additional core samples were collected to close
intervals of graphite mineralization reported in previous press
releases. This shoulder sampling resulted in increasing the
thickness of the mineralization for 28 holes. Intervals are
considered closed where graphite values fall below 0.50 per cent
graphite (“Cg”) over at least four successive core samples (i.e.,
totalling approximately 6.0 metres of core.) Out of twenty-eight
holes that have shown an increase in the width of the
mineralization, twenty-two were drilled in the EV Zone (Figure 1)
and six in the Battery Zone (Figure 2). Please refer to Table 1 for
the revised weighted averaged graphitic carbon-bearing drill
intersections (not true thickness). The press releases wherein the
original weight averages were reported are referenced in Table
1.
Increases of 3.0m or more to the thickness of graphite zones
were noted for 28 intersections generally without significant
dilution of the graphite grade. Eleven of these intersections
showed increased thickness greater than 20.0m ranging from 22.0m up
to a maximum of 63.0m. The most notable result of the additional
sampling is in hole LL-22-042. Originally two intervals of graphite
mineralization were reported in this hole including 8.68% Cg over
94.5m from 4.5 to 99.0m and 6.64% Cg over 94.4m from 121.0 to
215.4m. These intersections are in paragneiss. An interval of
marble between these paragneiss intervals was originally not
sampled as it was assumed that the marble did not contain graphite.
In fact, the additional sampling showed the marble to contain
significant graphite mineralization with a weight average of 2.13%
Cg over 22.0m from 99.0 to 121.0m. Moreover, the graphite is evenly
distributed in the marble with a minimum value of 1.42% Cg and a
maximum value of 3.26% Cg. Most importantly, the additional
sampling joined the two previously reported zones to provide a
revised weight average in hole LL-22-042 of 7.09% Cg over 210.9m
from 4.5 to 215.4m (the end of the hole). The last sample assayed
3.14% Cg indicating that the graphite mineralization continues
beyond the end of the hole (i.e., the interval remains open below
the end of the hole). Holes LL-22-025, -045 and -046 and were also
stopped in mineralization and remain open below the end of the
hole. Five holes including LL-22-023, -046, -055, -056 and -064
remain open above the first sample of the interval. The additional
sampling connected zones that were previously reported as separate
zones, in holes LL-22-012 and -021 and -032. One new graphite zone
was defined in hole LL-22-062 by the additional sampling.
Table 1: Revised weight averaged graphitic
carbon-bearing drill intersections (not true thickness)
Source
Hole
From m
To m
Int. m
% Cg
Notes
m +/-
1
LL-22-003
93.1
103.6
10.5
2.39
Revised
LL-22-003
57.1
102.1
45.0
1.22
Closed
34.5
1
LL-22-003
135.9
162.9
27.0
2.46
Revised
LL-22-003
126.9
156.9
30.0
2.60
Closed
3.0
1
LL-22-006
48.8
141.8
93.0
0.79
Revised
LL-22-006
48.8
74.3
25.5
1.00
Closed
Revised
LL-22-006
132.8
151.0
18.2
2.52
Closed, 1 zone split into 2
-49.3
1
LL-22-008
48.2
60.7
12.5
14.43
Revised
LL-22-008
7.7
60.7
53.0
4.83
Closed
40.5
1
LL-22-010
7.3
25.8
18.5
11.31
Revised
LL-22-010
7.3
29.0
21.7
9.73
Closed
2
LL-22-012
18.0
40.5
22.5
1.69
2
LL-22-012
28.5
34.5
6.0
6.00
2
LL-22-012
56.5
108.0
51.5
3.05
Revised
LL-22-012
6.0
108.0
102.0
2.21
Closed, 3 zones connected
22.0
2
LL-22-014
16.6
19.6
3.0
0.79
Revised
LL-22-014
4.6
21.1
16.5
0.62
Closed
13.5
2
LL-22-015
54.5
86.0
31.5
2.65
Revised
LL-22-015
8.0
117.5
109.5
1.27
Closed
78.0
2
LL-22-018
123.0
157.5
34.5
2.98
Revised
LL-22-018
100.5
168.0
67.5
1.82
Closed
33.0
2
LL-22-020
6.0
76.5
70.5
2.57
Revised
LL-22-020
6.0
87.0
81.0
2.37
Open below 87.0m (EOH)
10.5
2
LL-22-021
7.0
50.5
43.5
4.51
2
LL-22-021
72.5
119.0
46.5
7.92
Revised
LL-22-021
7.0
119.0
112.0
5.95
Closed, 2 zones connected
22.0
2
LL-22-021
157.0
175.0
18.0
3.15
Revised
LL-22-021
148.0
191.5
43.5
1.67
Closed
25.5
3
LL-22-022
4
20.5
16.5
4.09
Revised
LL-22-022
4.0
24.5
20.5
3.48
Closed
2
LL-22-023
120.0
132.0
12.0
9.25
Revised
LL-22-023
57.0
132.0
75.0
2.84
Open above 57.0m
63.0
3
LL-22-025
80.0
101.0
21.0
6.17
Revised
LL-22-025
75.5
101.0
25.5
5.54
Closed
4.5
3
LL-22-025
140.0
185.0
45.0
15.07
Revised
LL-22-025
140.0
195.0
55.5
12.74
Open below 195.0m (EOH)
10.5
3
LL-22-026
121.0
125.5
4.5
3.59
Revised
LL-22-026
115.0
125.5
10.5
2.18
Closed
6.0
3
LL-22-030
47.5
56.5
9.0
4.05
Revised
LL-22-030
43.0
58.0
15.0
3.17
Closed
6.0
3
LL-22-032
32.0
152.0
120.0
11.02
3
LL-22-032
176
186.5
10.5
5.59
Revised
LL-22-032
32.0
183.5
151.5
9.59
Closed, 2 zones connected
21.0
3
LL-22-033
168.5
191.0
22.5
8.69
Revised
LL-22-033
168.5
195.0
26.5
7.74
Closed
4.0
4
LL-22-031
169.0
211.0
42.0
13.84
Revised
LL-22-031
169.0
215.5
46.5
12.70
Open below 215.5m
4.5
4
LL-22-042
4.5
99.0
94.5
8.68
4
LL-22-042
121.0
215.4
94.4
6.64
Revised
LL-22-042
4.5
215.4
210.9
7.09
Open below 216.m (EOH), 2 zones
connected
22.0
5
LL-22-045
204.0
231.0
27.0
5.83
Revised
LL-22-045
170.0
231.0
61.0
2.99
Open below 231.0m (EOH)
34.0
5
LL-22-046
186.0
207.0
21.0
3.95
Revised
LL-22-046
175.5
207.0
31.5
2.97
Open above 175.5m & below 207.0m
(EOH)
10.5
5
LL-22-050
13.0
136.0
123.0
5.07
Revised
LL-22-050
13.0
139.0
126.0
4.99
Closed
3.0
6
LL-22-055
94.5
123.0
28.5
4.66
Revised
LL-22-055
72.0
120.0
48.0
3.78
Open above 72.0m
19.5
6
LL-22-056
71.5
106.0
34.5
2.53
Revised
LL-22-056
67.0
107.5
40.5
2.31
Open above 67.0m
6.0
New
LL-22-062
6.0
15.0
9.0
2.75
Closed
9.0
7
LL-22-064
104.5
115.0
10.5
4.08
Revised
LL-22-064
86.5
115.0
28.5
2.65
Open above 86.5m
18.0
7
LL-22-066
16.0
20.5
4.5
4.58
Revised
LL-22-066
10.0
20.5
10.5
2.58
Closed
6.0
7
LL-22-066
102.5
108.5
6.0
5.18
Revised
LL-22-066
98.0
108.5
10.5
4.17
Closed
4.5
7
LL-22-067
11.0
15.5
4.5
4.68
Revised
LL-22-067
6.5
15.5
9.0
2.77
Closed
4.5
Source
Press Release
1
September 6, 2022
2
September 20, 2022
3
September 28, 2022
4
October 12, 2022
5
October 24, 2022
6
November 28, 2022
7
December 6, 2022
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 mineral interests in its La Loutre graphite
development in southern Quebec. The La Loutre project site is
located within the Kitigan Zibi Anishinabeg (KZA) First Nation’s
territory. The KZA First Nation is part of the Algonquin Nation and
the KZA traditional 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230109005785/en/
For more information on Lomiko Metals, review the website at
www.lomiko.com
Gordana Slepcev at 647-391-7344 or Belinda Labatte at
647-402-8379 or at 1-833-456-6456 or 1-833-4-LOMIKO or email:
info@lomiko.com.
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