Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce an updated Mineral Resource
Estimate ("MRE") for its La Loutre Natural flake Graphite property
(‘’La Loutre Project’’), located approximately 180 kilometres
northwest of Montréal in the Laurentian region of Québec. The La
Loutre Project is located within the Kitigan Zibi Anishinabeg (KZA)
First Nation’s territory. The estimate was completed in accordance
with the Canadian Institute of Mining, Metallurgy and Petroleum
("CIM") Definition Standards incorporated by reference in National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101").
Highlights of the La Loutre Project updated MRE:
- Estimated 68.2 million tonnes of Indicated Mineral Resources
averaging 4.50% Cg per tonne for 3.072 million tonnes of graphite,
a tonnage increase of 195%. Indicated Mineral Resources
increased 45.01 million tonnes as a result of the 2022 drilling
campaign, from 23.2 million tonnes in 2021 MRE;
- Additional Mineral resources reported down-dip and within
marble units resulted in the addition of 21.8 million tonnes of
Inferred Mineral Resources averaging 3.51% Cg per tonne for 0.765
million tonnes of contained graphite; and
- The additional 13,107 metres of infill drilling in 79 holes
completed in 2022 combined with the refinement of the deposit and
structural models contributed to the addition of most of the
Inferred Mineral Resources to the Indicated Mineral Resource
category, relative to the 2021 Mineral Resource estimate.
The MRE assumes a US$1,098.07 per tonne graphite price and a
cut-off grade of 1.50%Cg (graphitic carbon).
Belinda Labatte, CEO and Director stated: “We are pleased to see
that our 2022 drilling program has further refined the geological
model and increased potential of the La Loutre Project, resulting
in a significant increase of Mineral Resources within a wide and
persistent mineralized system, with good grade distribution
indicating continuous mineralization. This MRE has resulted in
increasing in-situ Indicated graphite quantities from 1.05 million
tonnes to 3.07 million tonnes (an additional 2 million in-situ
tonnes). Potential for further resource expansion appears
favourable, noting that EV and Battery deposits are open along
strike and at depth and remain open for further drilling. We
believe this to be an important step in validating the geological
potential of the deposit and look forward to the next steps
including more field work, and discussions with Kitigan Zibi First
Nation and local communities.”
The 2021 MRE can be seen on the Company’s website at:
https://lomiko.com/projects/la-loutre/
MINERAL RESOURCE STATEMENT – LA LOUTRE PROJECT, CANADA
(Effective as at March 31st, 2023)
Deposit |
Cut-off (%) |
Indicated resource |
Inferred resource |
Tonnage (kt) |
Graphite (%) |
Graphite (kt) |
Tonnage (kt) |
Graphite (%) |
Graphite (kt) |
EV |
1.5 |
26,471 |
5.58 |
1,477 |
5,031 |
3.74 |
188 |
Battery |
1.5 |
41,766 |
3.82 |
1,595 |
16,769 |
3.44 |
576 |
TOTAL |
68,238 |
4.50 |
3,072 |
21,800 |
3.51 |
765 |
Notes to accompany the Mineral Resource Estimate: 1. The
independent and qualified persons for the mineral resource
estimate, as defined by NI 43 101, are Marina Iund, P.Geo.
(InnovExplo Inc.), Martin Perron, P.Eng. (InnovExplo Inc.)., Simon
Boudreau, P.Eng. (InnovExplo Inc.). and Pierre Roy, P.Eng. (Soutex
Inc.). The effective date of the estimate is March 31st, 2023. 2.
These mineral resources are not mineral reserves as they do not
have demonstrated economic viability. The mineral resource estimate
follows current CIM Definitions (2014) and CIM MRMR Best Practice
Guidelines (2019).3. The results are presented undiluted and are
considered to have reasonable prospects of economic viability. 4.
The estimate encompasses two mineralized domains (EV and Battery)
using the grade of the adjacent material when assayed or a value of
zero when not assayed.5. No capping was applied on 1.5m
composites.6. The estimate was completed using sub-block model in
Leapfrog Edge 2022 with user block size of 5m x 5m x 5m and minimum
block size of 2.5m x 2.5m x 2.5m. Grades interpolation was obtained
by ID2 using hard boundaries. 7. Bulk density values were applied
by lithology (g/cm3): low grade zone = 2.82; high grade zone =
2.82; paragneiss = 2.8; quartzite = 2.73; pegmatite = 2.63, marble
= 2.75 and OB = 2.0.8. The mineral resource estimate is classified
as indicated and inferred. The Indicated mineral resource category
is defined with a minimum of three (3) drill holes in areas where
the drill spacing is less than 55 m, and reasonable geological and
grade continuity have been demonstrated. The Inferred category is
defined with a minimum of two (2) drill holes in areas where the
drill spacing is less than 100m, and reasonable geological and
grade continuity have been demonstrated. Clipping boundaries were
used for classification based on those criteria.9. The mineral
resource estimate is pit-constrained with a bedrock slope angle of
45° and an overburden slope angle of 30°. It is reported at a
graphite cut-off grade of 1.5%. The cut-off grade was calculated
using the following parameters: processing cost = C$13.04; product
transporting cost = C$41.16; mining cost (rock) = C$3.70; mining
cost (OB) = C$2.90; graphite price = US$1,098.07 /tonne of
graphite; USD:CAD exchange rate = 1.32; graphite recovery to
concentrate product = 94.7%. The cut-off grade should be
re-evaluated in light of future prevailing market conditions (metal
prices, exchange rates, mining costs etc.). 10. The number of
metric tons was rounded to the nearest thousand, following the
recommendations in NI 43 101 and any discrepancies in the totals
are due to rounding effects.11. The authors of the MRE are not
aware of any known environmental, permitting, legal, title-related,
taxation, socio-political, or marketing issues, or any other
relevant issue not reported in the Technical Report, that could
materially affect the Mineral Resource Estimate.
The updated MRE for the La Loutre Project used all available
validated data, and includes results incorporated into the resource
model from the 2014 to 2022 drilling programs for a total of
28,243 metres in 190 diamond drill holes. Drill holes are
variably spaced from 30 to 100 metres apart in the core resource
area. The deposits were modelled using Leapfrog software to create
domains using lithology, structure and alteration type (or
assemblage) and intensity, with graphite grade continuity analysis
of each domain. The mineralized domain model consists of two main
graphite-bearing domains that include five high grade envelopes.
The high and low grades envelopes were used to better guide
interpolation process using dynamic anisotropy to adjust the search
ellipsoids to fit each domain’s mean orientation (azimuth and
dip).
The estimate was prepared using a block model approach (5.0 x
5.0 x 5.0 metres block dimensions with sub-blocking down to 2.5
metres) employing inverse distance squared (“ID2”) interpolation
constrained by 3D wireframes using hard domain boundaries. A
Whittle Mine Planning Software was run on the block model to
constrain the resource and to support the CIM requirement that
Mineral Resources have "reasonable prospects for eventual economic
extraction". Pit slopes in rock were assumed at 45° and at 30° in
overburden and the mineral resource estimate assumes a long-term
price of US$1,098.07 per tonne of graphite. Graphite recoveries are
assumed at 94.7% as indicated by metallurgical test work completed
to date. Only mineralization contained within the optimized pit
shell has been included in the resource estimate. The resource
estimate was completed by InnovExplo with an effective date of
March 31st, 2023 and is reported at a 1.50%Cg cut-off grade.
The final report will be issued in the 45 days following this
press release.
Qualified Person for Mineral Resource Estimate at La Loutre
Project
The MRE was prepared by Marina Iund, P. Geo., Martin Perron,
P.Eng. and Simon Boudreau, P.Eng. from InnovExplo Inc, and Pierre
Roy, P.Eng., from Soutex. Mrs. Iund and Mr. Perron, Boudreau and
Roy have reviewed and approved the technical contents of this news
release as it relates to the MRE.
About Lomiko Metals Inc.
The Company holds mineral interests in its La Loutre Project 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.
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 southeast 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
Contact 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.
Cautionary Note Regarding Estimates of Resources
Readers are cautioned that mineral resources are not economic
mineral reserves and that the economic viability of resources that
are not mineral reserves has not been demonstrated. The estimate of
mineral resources may be materially affected by geology,
environmental, permitting, legal, title, socio-political, marketing
or other relevant issues. The mineral resource estimate is
classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum's (CIM) "2014 CIM Definition Standards on
Mineral Resources and Mineral Reserves" incorporated by reference
into NI 43-101. Under NI 43-101, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies or economic studies except for a Preliminary Economic
Assessment as defined under NI 43-101. Readers are cautioned not to
assume that further work on the stated resources will lead to
mineral reserves that can be mined economically. An Inferred
Mineral Resource as defined by the CIM Standing Committee is “that
part of a Mineral Resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling”. Geological evidence is sufficient to imply but not
verify geological and grade or quality continuity. An Inferred
Mineral Resource has a lower level of confidence than that applying
to an Indicated Mineral Resource and must not be converted to a
Mineral Reserve. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration.
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: expected costs of exploration and
timing to achieve certain milestones, 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 and the Company's
financial position or operations. 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: the ability of the Company to meet the closing
conditions of the acquisition, including regulatory approval, and
complete the transaction within the anticipated timing; ability to
implement its business strategy and to fund, explore, advance and
develop each of its projects, including results therefrom and
timing thereof; 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
A. Paul Gill
Lomiko Metals Inc. (TSX-V: LMR)
6047295312
a.paulgill@lomiko.com
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