Lomiko Announces
Receipt of Exploration Drilling Permits for its La Loutre Graphite
Project and Appointment of Anne Chabot as Strategic
Advisor
Montreal, Quebec, Canada
-- April 22, 2022 -- InvestorsHub NewsWire
-- Lomiko Metals
Inc. (TSX.V:
LMR) ("Lomiko Metals" or the "Company")
is pleased
to announce that it has received approvals from Quebec's Ministère
des Forêts, de la Faune et des Parcs ("MFFP") to start with its
infill and step-out exploration drilling program at its
wholly-owned La Loutre graphite project, located within the Kitigan
Zibi Anishinabeg (KZA) First Nations territory within the Outaouais
and Laurentides regions, 180 kilometers northwest of
Montreal.
At this
stage, Lomiko intends to keep building on the results of the
positive Preliminary Economic Assessment ("PEA") for the La Loutre
property, issued on July 29, 2021, and to do so with a
focus on stakeholder engagement processes. As the Company's vision
is to develop its projects into production, it is taking early
steps towards an eventual Pre-Feasibility Study. Lomiko intends to
de-risk the La Loutre project and increase confidence in its
mineral resource estimates as it further defines the quantity and
quality of the resource via the exploration program which will also
serve to test the extremities of the deposits.
The Company is also
pleased to have added Anne L. Chabot as strategic advisor to
management on our work with First Nations engagement, supported by
Lee Arden Lewis as Independent Director of the Board.
Ms. Chabot possesses over 25 years of
experience working with Indigenous and non-Indigenous governments,
agencies and community groups, including a number of prominent
political organizations like the Assembly of First Nations and the
Chiefs of Ontario. Importantly, she works directly with
a number of First Nations communities advocating for their rights
on land and resource development. She has developed a reputation
for being trustworthy and reliable and for her ability to bring
solutions to diverse perspectives. She is guided by the vision of
her father, John Clarence Chabot, to bring prosperity and self
reliance to First Nations, based on principles of mutual respect,
trust, kindness and truth.
Lomiko's strategic
advisors also include Normand Champigny, CEO and Director of Quebec
Precious Metals.
Belinda Labatte, CEO and
Director stated: "Our team is pleased to have received the
requisite permits to start with the infill and extension drill
program at the La Loutre graphite project. We also appreciate the
ongoing engagement that is required with our communities as we move
forward with this exploration program and the future studies of
this project and so we are thrilled to work with Anne Chabot. We
are eager to work in Quebec with our communities and First Nations,
and implement our strategy and path forward as a people-first
company and an operator of choice in the development of La Loutre
and our other future projects."
Ms. Labatte continued:
"We are very encouraged by the recent news of major car
manufacturers developing battery production capacities in Quebec
and North America. We are working as a responsible environmental
steward in the region and intend to become a meaningful and vital
part of the supply chain, including the promotion of new-economy
job prospects in the development of our project to be used in
battery production for Quebec, Canadian, and North American
solutions. The exploration program is funded entirely with Canadian
flow through financing."
About
the La Loutre exploration program
The planned comprehensive
drill program will feature approximately 130 holes or 18,000
meters in the Electric Vehicles ("EV") Zone and Battery Zone.
Please refer to Figure 1 for details. The PEA confirmed that the EV
and Battery Zones are sources of mineral material that, when
processed, would yield concentrated graphite of high purity over
95% graphitic carbon (Cg). Estimated mineral resources are shown in
Table 1 and PEA pit constrained mineral material is shown in Table
2. For the full results please refer to the Preliminary Economic
Analysis (PEA) available on the Company's website at:
www.lomiko.com.
Lomiko has
commissioned Breakaway Consulting of Québec to design and operate
the 2022 exploration drilling program at the La Loutre project and
the drilling is being performed by Fusion Drilling. Lomiko expects
to mobilize to the site and start drilling as soon as possible
subject to
weather
conditions and anticipates that the drilling program will take 4 to
5 months to complete. The Company will continue the work of
listening to and meeting with local communities both in person and
in virtual meetings prior to, during and after the drilling is
completed.
Table
1 La Loutre Mineral Resource Estimate
Class
|
Cutoff
(%)
|
EV
Deposit
|
Battery
Deposit
|
Total
|
Run-of-Mine
|
In-Situ
Grade
|
Run-of-
Mine
|
In-Situ
Grade
|
Run-of-Mine
|
In-Situ
Grade
|
Graphite
(kt)
|
Tonnage
(kt)
|
Graphite
(%)
|
Tonnage
(kt)
|
Graphite
(%)
|
Tonnage
(kt)
|
Graphite
(%)
|
Indicated
|
1
|
8,321
|
6.38
|
15,889
|
3.32
|
24,210
|
4.37
|
1,057.9
|
1.5
|
8,158
|
6.48
|
15,007
|
3.44
|
23,165
|
4.51
|
1,044.3
|
2
|
7,792
|
6.70
|
12,622
|
3.75
|
20,414
|
4.88
|
995.5
|
3
|
6,768
|
7.33
|
4,529
|
6.16
|
11,297
|
6.86
|
774.6
|
5
|
4,443
|
9.17
|
2,394
|
8.27
|
6,837
|
8.85
|
605.4
|
Inferred
|
1
|
13,114
|
5.71
|
38,273
|
3.10
|
51,387
|
3.77
|
1,936.4
|
1.5
|
12,829
|
5.81
|
33,992
|
3.33
|
46,821
|
4.01
|
1,877.9
|
2
|
12,273
|
5.99
|
27,775
|
3.69
|
40,048
|
4.39
|
1,759.5
|
3
|
9,645
|
6.92
|
10,311
|
5.92
|
19,956
|
6.40
|
1,277.6
|
5
|
5,833
|
8.99
|
5,687
|
7.58
|
11,520
|
8.29
|
955.2
|
Notes:
1. Resources are
reported using the 2014 CIM Definition Standards and were estimated
using the 2019 CIM Best Practices Guidelines.
2. Mineral Resources
are reported inclusive of Mineral Reserves.
3. Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability.
4. The Mineral
Resource has been confined by a "reasonable prospects of eventual
economic extraction" pit using the following assumptions: Exchange
Rate C$1.00 = US$0.75; Weighted average price of graphite of US$
916/tonne; 100% payable; Offsite costs including transportation and
insurance of CDN$37.42/tonne; a 1.5% NSR royalty; Metallurgical
recoveries of 95%.
5. Pit slope angles
are 45º below overburden, 20o
in
overburden.
6.
The specific gravity of the deposit is 2.86 in unmineralized and
low-grade zones and 2.78 in high-grade zones (within solids above a
4% Graphite grade).
Table
2 La Loutre In-Pit Mineral Materials breakdown
Description
|
Unit
|
EV-N1
|
EV-N2
|
EV-S
|
B-N
|
B-S
|
Total
|
Indicated Resource
|
kt
|
3,118
|
1,964
|
1,437
|
1,283
|
873
|
8,675
|
Cg Grade
|
%
|
7.72
|
7.55
|
5.96
|
7.05
|
5.24
|
7.04
|
Cg Grade (Diluted)
|
%
|
7.48
|
7.34
|
5.88
|
6.40
|
5.10
|
6.78
|
Inferred Resource
|
kt
|
3,149
|
2,632
|
1,621
|
2,315
|
3,482
|
13,199
|
Cg Grade
|
%
|
8.08
|
7.31
|
5.81
|
6.86
|
5.86
|
6.84
|
Cg Grade (Diluted)
|
%
|
7.82
|
7.13
|
5.67
|
6.34
|
5.67
|
6.590
|
Total Resource
|
kt
|
6,267
|
4,596
|
3,058
|
3,598
|
4,355
|
21,874
|
Cg Grade
|
%
|
7.90
|
7.41
|
5.88
|
6.93
|
5.74
|
6.92
|
Cg Grade (Diluted)
|
%
|
7.65
|
7.22
|
5.77
|
6.36
|
5.56
|
6.67
|
Waste
|
kt
|
19,967
|
20,924
|
4,823
|
25,712
|
14,299
|
85,726
|
Overburden*
|
kt
|
733
|
299
|
286
|
727
|
625
|
2,670
|
Strip Ratio (w/o)
|
t/t
|
3.30
|
4.62
|
1.67
|
7.35
|
3.43
|
4.04
|
Figure
1. Location of existing and planned 2022 holes
Figure
2. Location of the proposed La Loutre open pits
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.
The Company holds a 100%
interest in its La Loutre graphite development in southern Quebec.
The La Loutre project site is located within the Kitigan Zibi
Anishinabeg (KZA) First Nations territory. The KZA First Nations
are part of the Algonquin Nation and the KZA territory is situated
within the Outaouais and Laurentides regions. Located 180
kilometres northwest of Montreal, the property consists of 1 large,
continuous block with 48 minerals claims totaling 2,867 hectares
(28.7km2).
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 the graphite
concentrate at 95%Cg or a total of 1.5Mt of the 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.
Lomiko is working with
Critical Elements Lithium Corporation towards earning its 70% stake
in the Bourier Project as per the options 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.
Mr. Mike Petrina, Project
Manager, a Qualified Person under National Instrument 43-101 –
Standards of Disclosure for Mineral Projects, has reviewed and
approved the technical disclosure in this news release.
For more information on
Lomiko Metals, review the website at
www.lomiko.com or
contact us at
info@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.
On behalf of the
Board,
Belinda
Labatte
CEO and Director, Lomiko
Metals Inc.
For more
information, please contact:
Kimberly
Darlington
k.darlington@lomiko.com
514-771-3398