Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce that the 2024 Beep-Map
prospecting and sampling program is well underway on the Grenville
Graphite Mineral Belt regional graphite exploration project. The
“Grenville” project includes 268 mineral claims covering 15,639
hectares on six blocks in the Laurentian region of Quebec,
approximately 200 kilometers northwest of Montréal within a 100 km
radius of the Company’s flagship La Loutre graphite project. The
2024 work is focused on following up on the very successful
graphite results reported in the Company’s press release dated July
11, 2023. To date, a total of 265 samples have been collected and
submitted for analysis from the Dieppe, Meloche, Ruisseau and
Tremblant properties, the focus of this campaign. No work is being
conducted on the Carmin or North Low properties at this time. The
results of the exploration campaign will be reported as they become
available. The regional exploration program focuses on improving
knowledge of graphite showings at the most prospective targets
outlined in the 2022 and 2023 exploration programs.
Corporate and market update
Lomiko is part of the global transition to electrification and
localization of transportation supply chains, a change that impacts
all forms of transportation, cars, heavy equipment, marine etc. It
also impacts communities and our talent pool to build these
businesses of the future. Natural flake graphite, and specifically
fine flake graphite, is crucial for the development of the North
American anode industry in the new energy framework driven by
tariffs on critical minerals, long-term supply chain resilience,
and responsible domestic industrial growth. The La Loutre graphite
is 67% fine flake distribution, making it an important source of
long-term future graphite supply with demonstrated success for
anode battery technology – among other uses currently being
evaluated by Lomiko. According to Fortune Business Insights report
dated October 14, 2024, the North American EV market is expected to
grow almost quadruple to $230 billion in 2030 from $63 billion in
2022, with growth from other transportation sectors still nascent.
Lomiko continues to engage with partners, customers and suppliers
in building the future of this industry and developing R&D for
the responsible extraction of this material.
Lomiko is initiating the reimbursement process for its recently
awarded grant from the United States government and contribution
agreement from the Canadian government, for work completed to date
and within the scope of the agreements. It is the recipient of a
Department of Defense (“DoD”) Technology Investment Agreement
(“TIA”) grant of US$8.35 million (approximately CA$11.4 million)
where Lomiko will match the funding over a period of 5 years, for a
total agreement with the DoD of US$16.7 million. The grant falls
under Title III of the Defense Production Act and is funded through
the Inflation Reduction Act to ensure energy security in North
America. The Company has also been approved for funding of CA$4.9
million in a non-repayable contribution agreement from the Critical
Mineral Research, Development and Demonstration (CMRDD) program
administered by Natural Resources Canada, with the total project
cost being CA$6.6 million. The announcement was made on May 16,
2024 and can be viewed on our website at www.lomiko.com.
In addition, Lomiko announces the resignation of CFO and
Corporate Secretary, Vince Osbourne, who will be pursuing a role
with a private company and maintain a strategic advisory role with
Lomiko going forward. Jacqueline Michael, Controller, will replace
Vince Osbourne as CFO on an interim basis, with the role of
Corporate Secretary to be assumed by current professionals working
with Lomiko.
On behalf of the board of directors and management, Belinda
Labatte, CEO and Interim Chair of the board of directors stated:
“Vince has been an integral member of the Lomiko team, and we wish
him success in his future endeavors, and we are pleased to continue
our working relationship in his new capacity to Lomiko as advisor
to the Company.”
Qualified Persons
Ms. Gordana Slepcev a COO of Lomiko Metals Inc., is a Qualified
Person within the meaning of NI 43-101. Ms. Slepcev has reviewed,
approved, and verified the technical information disclosed in this
news release.
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 an updated Mineral Resource Estimate
(MRE) in a NI 43-101 Technical Report and Mineral Resource Estimate
Update for the La Loutre Project, Quebec, Canada, prepared by
InnovExplo on May 11th, 2023, 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).
In addition to La Loutre, Lomiko has earned-in its 49% stake in
the Bourier Project from Critical Elements Lithium Corporation 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.
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 total amount of funds
available to the Company; 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); the Company’s ability to complete the Private
Placement and the Consolidation, , 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.
The FLI in this news release 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 Company’s, ability to implement its overall
business strategy and to fund, explore, advance and develop each of
its projects, including results therefrom and timing thereof, the
impact of increasing competition in the mineral exploration
business, including the Company’s competitive position in the
industry, and 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.sedarplus.ca. 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 such forward-looking information. The
Company does not undertake to update or revise any 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241030460389/en/
Contact us at 1-833-4-LOMIKO or e-mail: info@lomiko.com.
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