Lomiko Announces Completion of 49% Ownership of Bourier Lithium Property
20 Dicembre 2023 - 3:00PM
Business Wire
Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce that, in connection with its
previously announced amended option agreement with Critical
Elements Lithium Corporation (“CELC”) on the Bourier project (see
news release dated January 25, 2022 for more details), the Company
has successfully earned its 49% interest in the project. The final
exploration results are pending as CELC, the project operator, is
still receiving the assay results from the 2023 field program. 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).
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Figure 1 - Bourier Project Location
(Graphic: Business Wire)
To earn its 49% interest in the Bourier project (the “First
Option”), Lomiko Metals needed to incur or fund exploration
expenditures aggregating not less than $1,300,000 on the
project.
About Lomiko Metals Inc. The
Company holds mineral interests in its La Loutre graphite
development in southern Quebec. The La Loutre project site is
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 kilometers northwest of Montreal,
the property consists of one large, continuous block with 76
mineral claims totaling 4,528 hectares (45.3 km2).
The Property is underlain by rocks from the Grenville Province
of the Precambrian Canadian Shield. The Grenville was formed under
conditions that were very favorable for the development of
coarse-grained, flake-type graphite mineralization from
organic-rich material during high-temperature metamorphism.
Lomiko Metals published its April 13, 2023 Updated Mineral
Resource Estimate (MRE) which estimated 64.7 million tonnes of
Indicated Mineral Resources averaging 4.59% Cg per tonne for 3.0
million tonnes of graphite, a tonnage increase of 184%. Indicated
Mineral Resources increased by 41.5 million tonnes as a result of
the 2022 drilling campaign, from 17.5 million tonnes in 2021 MRE,
with additional Mineral resources reported down-dip and within
marble units resulted in the addition of 17.5 million tonnes of
Inferred Mineral Resources averaging 3.51% Cg per tonne for 0.65
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).
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/20231220666419/en/
Gordana Slepcev at 647-781-7344 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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