Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce that it has filed the Mineral
Resource Estimate (MRE) Technical Report following National
Instrument 43-101 – Disclosure Standards for Mining Projects on its
La Loutre Project, where Lomiko has mineral rights. The technical
report entitled “NI 43-101 Technical Report and Mineral Resource
Estimate Update for the La Loutre Project, Quebec, Canada” and
dated May 26, 2023 (with an effective date of May 11, 2023) was
prepared for Lomiko by the firm InnovExplo of Val-d’Or. The
independent technical report is available on SEDAR (www.sedar.com)
under the Lomiko issuer profile.
During the final validation and completion of the Technical
Report, adjustments were made to the mineral resource estimate
statement disclosed in the April 13, 2023, news release and
therefore the mineral resource tonnage in all categories has been
amended. The adjustments now show an increase of 184% versus the
previously published increase of 195% in tonnage for the Indicated
Mineral Resource Category. See the news release dated April 13,
2023 entitled “Lomiko announces Updated Mineral Resource Estimate
for La Loutre Natural Flake Graphite Property in Southern Quebec
Achieving 195% Increase in Tonnage in the Indicated Mineral
Resource Category” which summarized certain key results,
assumptions and estimates contained in the Technical Report filed
on SEDAR. The adjustments also contributed to increasing the
overall grade from 4.50% to 4.59% which removed lower grade
material from all categories. Mineral resources adjustments are
presented in Table 1 for the updated 2023 MRE statement which was
filed.
Table 1. Mineral Resource Estimate Statement of the La Loutre
Property
Deposit
Cut-off (%)
Indicated resource
Inferred resource
Tonnage (kt)
Graphite (%)
Graphite (kt)
Tonnage (kt)
Graphite (%)
Graphite (kt)
EV
1,5
24,267
5.80
1,407
3,067
4.29
132
Battery
1,5
40,429
3.86
1,562
14,384
3.60
518
TOTAL
64,696
4,59
2,969
17,452
3.72
650
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 May 11, 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): mineralized domain = 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 50° 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 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.
Qualified Person for technical content at La Loutre
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.
The information in this press release has been prepared and
approved by Ms. Gordana Slepcev P.Eng., who is the Company’s COO
and registered professional engineer in the province of Ontario, a
qualified person as defined by NI 43-101 guidelines.
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.
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
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230529005036/en/
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.
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