Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce the following regional
exploration updates. The Company has staked approximately 268
mineral claims covering 15,639 hectares on six blocks in the
Laurentian region of Quebec, approximately 200 kilometres northwest
of Montréal within the Kitigan Zibi First Nation’s territory. These
new claim blocks lie within a 100 km radius of the Company’s
flagship La Loutre graphite project.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230221005902/en/
Figure 1 - Project Location (Graphic:
Business Wire)
Highlights :
- 1518-line kilometres of heliborne magnetic and time-domain
electromagnetic surveys completed over the six Grenville graphite
properties (Figure 1)
- 55 targets prospective for graphite mineralization
identified
- Targets to be ground tested with Beep-Mat prospecting and
sampling
Within the Central Metasedimentary Belt of the Grenville
Geological Province, graphite mineralization is known to occur in
conjunction with various types and amounts of sulphides suggesting
that a combined geophysical High-resolution magnetic (“MAG”) and
time-domain electromagnetic (“TDEM”) response is expected from
graphite-bearing rock units. The strong correlation of TDEM and MAG
anomalies implies that magnetic sulphide minerals are likely to
compose at least part of the anomaly sources. These are considered
first steps in developing natural flake graphite exploration
campaigns.
Belinda Labatte, CEO stated: “We are very pleased to see that
the geophysical surveys we conducted over the summer on our new
graphite properties in the Grenville belt have returned very
encouraging results with previous visible graphite occurrences
observed on several of the claims. We intend to follow up on the
prospective targets identified on all six properties with Beep-Map
prospecting and sampling later in 2023. This method successfully
found the La Loutre deposit currently at the Pre-Feasibility Stage.
Those positive results fit into our strategy to create a
responsible regional solution for natural flake graphite
development in Southern Quebec and we are looking forward to
working with Kitigan Zibi First Nation and local communities to
further develop those properties. At Bourier, we have a massive
claim package to explore and we continue our earlier soil and
surface sampling test to determine the most prospective pegmatite
anomalies.”
The 179-line-km survey flown over the 28-claim Boyd project
located adjacent to the historical Standard graphite deposit
identified 260 TDEM point anomalies with 65 having an intermediate
to strong conductive response. Seven linear TDEM trends show strong
correlation with magnetic trends and are considered prospective
targets for graphite-sulphide mineralization. Three other TDEM
trends are associated with MAG lows or do not show any clear
correlation to magnetic data. Graphite hosted within non-magnetic
marble rocks may be the source of TDEM responses of this sort.
The 175-line-km heliborne survey flown over the 33-claim Meloche
project located 25 km southeast of Mont-Laurier identified 229 TDEM
point anomalies with 33 having an intermediate conductive response.
Two linear TDEM trends and three spot anomalies show strong
correlation with magnetic trends and are considered prospective
targets for graphite-sulphide mineralization. Two of these targets
correspond with known surface occurrences, including the Lac
Meloche occurrence where visible flake graphite has previously
returned up to 13.85% graphite and the Lac Pimodan-NE occurrence
where visible flake graphite has previously returned up to 10.13%
graphite (refer to reference no.2). A sixth target is defined by
two TDEM anomalies over a MAG low.
The 372-line-km survey flown over the 69-claim Dieppe project
located 55 km north of Mont-Laurier identified 320 TDEM point
anomalies with 24 having an intermediate to strong conductive
response. Three linear TDEM trends show strong correlation with
magnetic trends and are considered prospective targets for
graphite-sulphide mineralization. One of these targets correspond
with the known Lac Dieppe occurrence where visible flake graphite
has previously returned up to 11.6% graphite (refer to reference
no.1). Three other TDEM trends are associated with MAG lows or do
not show any clear correlation to magnetic data. Graphite hosted
within non-magnetic marble rocks may be the source of TDEM
responses of this sort.
The 246-line-km survey flown over the 47-claim Ruisseau project
located 50 km ENE of Mont-Laurier identified 538 TDEM point
anomalies with 204 having an intermediate to very strong conductive
response. Eleven linear TDEM trends and three spot anomalies show
strong correlation with magnetic trends and are considered as
prospective targets for graphite-sulphide mineralization. Ten other
TDEM trends are associated with MAG lows or do not show any clear
correlation to magnetic data. Graphite hosted within non-magnetic
marble rocks may be the source of TDEM responses of this sort.
The 315-line-km survey flown over the 52-claim Tremblant project
located 25 km southeast of Mont-Laurier identified 221 TDEM point
anomalies with 31 having an intermediate conductive response. Eight
linear TDEM trends show strong correlation with magnetic trends and
are considered prospective targets for graphite-sulphide
mineralization.
The 231-line-km survey flown over the 39-claim North Low project
located 40 km north of Gatineau identified 406 TDEM point anomalies
with 21 having an intermediate to strong conductive response. Two
linear TDEM trends show strong correlation with magnetic trends and
are considered prospective targets for graphite-sulphide
mineralization. Two other TDEM trends are associated with MAG lows
or do not show any clear correlation to magnetic data. Graphite
hosted within non-magnetic marble rocks may be the source of TDEM
responses of this sort.
Please refer to the Lomiko website at www.lomiko.com to view
maps showing the prospective targets for graphite-sulphide
mineralization on each claim block.
Bourier Exploration Update
The Bourier Lithium property consists of 203 mining claims,
covering 102.6 km2, located in the Nemiscau greenstone belt. The
2022 exploration program consisted of 1) intensifying the surface
rock sampling in the anomalous zones discovered during the 2021
field program, and 2) testing new lithium-cesium-tantalum pegmatite
(LCT-Pegmatite) targets.
The 2022 surface exploration program confirmed and extended the
2.5 km long SW-trending LCT-Pegmatite corridor, which is in strike
with the Lemare lithium-prospect owned by Critical Elements Lithium
Corp. In addition, the exploration program revealed a new
LCT-Pegmatite sector in the North of the Bourier Property.
Lomiko’s 2023 exploration activities at Bourier will consist of
two phases; 1) a litho-geochemical characterization study of
pegmatites and host rocks, and reanalyses of soil samples using a
lithium-oriented geochemical package, and 2) the completion of soil
surveys in favourable geological areas in the North and in the
South of the Bourier Property.
Qualified Person for graphite exploration
The technical content presented in this press release
referencing graphite exploration was reviewed by Mark Fekete,
P.Geo. who acts 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.
Qualified Person for technical content at Bourier
The technical information in this press release has been
prepared and approved by Ludovic Bigot, professional geologist
(P.Geo No. 01655), a qualified person as defined by NI 43-101
guidelines.
References
- Blain, M. (1990). Rapport sur la campagne d’exploration, été
1990, propriété Kiamak , Ressource Graphicor Inc.,
https://gq.mines.gouv.qc.ca/documents/EXAMINE/GM51088/
- Nantel, S., Pintson, H. (2002). Géologie de la région du lac
Dieppe (310/03), Energie et Ressources naturelles Quebec., RG
2001-16,
https://gq.mines.gouv.qc.ca/documents/EXAMINE/RG200116/RG200116.pdf
About Lomiko Metals Inc.
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.
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.
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/20230221005902/en/
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.
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