Lomiko Announces Closing of the Acquisition of the Carmin Natural Flake Graphite Property in Southern Quebec
02 June 2023 - 6:52AM
Business Wire
Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) advises that it has applied and received TSX-V approval
for the acquisition agreement entered among SOQUEM Inc. and a
private owner to acquire 100% of 17 mineral claims forming the
Carmin project (the “Property”). The Property covers 678 hectares
(6,780 Sq km).
The Property is located 40 km west of Mont Tremblant, situated
north-east and contiguous to the La Loutre property where the
Company has mineral rights. The Property is accessible by road and
forest road from Lac-des-Plages and the northern end of the claims
are partially contiguous to the Papineau-Labelle Wildlife Reserve.
The Company commits to not exploring or developing within 1km of
park boundaries. The La Loutre and Carmin project site are located
within the Kitigan Zibi Anishinabeg (KZA) First Nation’s territory
and the KZA First Nation is part of the Algonquin Nation. KZA
territory is situated within the Outaouais and Laurentides
region.
In order for the Company to acquire SOQUEM’s interest, the terms
are:
- $50,000 payable in cash;
- the issuance of 1,250,000 common shares of the Company;
and
- the granting to SOQUEM of a royalty of 0.75% on net smelter
revenues (NSR) (the “SOQUEM Royalty”).
In order to acquire the private owner’s interest, the terms
are:
- the issuance of 1,250,000 common shares of the Company;
and
- the granting to the private owner of a royalty of 0.75% NSR
(the “Private Owner Royalty”).
The Company retains the exclusive and irrevocable right and
option to redeem one-third of the total of each of the SOQUEM
Royalty and the Private Owner Royalty, thus reducing each of the
royalties to 0.50% NSR, each for a total amount of $250,000 payable
in cash. In the event of the redemption of one-third of the royalty
by the Company, the total amount of the royalty payable shall be
reduced to 0.50% NSR will be limited to $1,000,000 for each of the
SOQUEM Royalty and the Private Owner Royalty, beyond which amount
the royalty will be automatically terminated with respect to future
net foundry revenues only.
The common shares issuable under this transaction will be
subject to a regulatory hold period of 4 months and 1 day from
issuance.
Please refer to the Company’s press release dated March 3, 2023
for further information on the Property.
Upcoming Conference Participation
Lomiko is pleased to be participating at the Benchmark Minerals
Battery Gigafactories USA conference from June 8th to 9th, 2023, in
Washington, DC. The Company will also attend the Mining Investment
Event of the North in Quebec City from June 19th to 21st, 2023.
Please check the Company’s social media for participation and
details.
The Company’s updated investor presentation and website can be
found on www.lomiko.com
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 April 13, 2023 Updated Mineral
Resource Estimate (MRE) which 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 with
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).
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230601006057/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
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