Lomiko Metals drills 14.43% Cg over 12.5 metres at La Loutre, Quebec

Lomiko Metals Inc. [LMR-TSXV; LMRMF-OTCQB; DH8C-FSE] reported the initial round of analytical results from the infill and extension exploration drill program at its wholly-owned La Loutre Graphite property, located approximately 180 km northwest of Montreal in the Laurentian region of Quebec.

The La Loutre graphite project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The drilling was supervised by Quebec-based, independent geological consultant Breakaway Exploration Management Inc. and was operated under ECOLOGO requirements and compliance protocols, as Lomiko is ECOLOGO certified.

This phase of the program was initiated on May 15, 2022, with the goal to further define the deposit, provide the data needed to increase confidence in the mineral resource and to build on the results of the positive Preliminary Economic Assessment for the La Loutre project as announced in the company’s July 29, 2021, press release.

Lomiko has retained InnovExplo Inc, a Quebec-based independent consulting firm specializing in geology, resource estimation, mining engineering and sustainable development, to prepare an updated NI 43-101 compliant resource estimate for the La Loutre project following the completion of the 2022 drill program.

In particular, the goal of the drilling in the southern end of the EV Zone, as described below, was to provide additional information, confirm results of the previous drilling campaigns, test the extension of the EV Zone (EV-EXT) and establish the southern extents of the zone.

Belinda Labatte, CEO and Director stated: “We are very encouraged by the strong results obtained in the first ten holes of the 2022 drill program as those confirm the previous results including the presence of the mineralization and the grades encountered. The discovery of previously unknown marble-hosted graphite is also very exciting as it opens the possibility of adding inferred mineral resources and decreasing the overall strip ratio for the open pits. We look forward to more positive results in the next 43 holes which will be released as more assays are received. We also acknowledge and appreciate the community’s communications with us during the period, and we will continue to respond to enquiries on all aspects of our ongoing program at La Loutre, and our desire to be a responsible operator and part of a climate success story in Southern Quebec.”

Highlights:

Completion of infill drill program designed for the preliminary feasibility study (PFS) level data acquisition at the “Electric Vehicle” or “EV” zone: Drilled 53 holes for a total of 8,999 metres in the EV Zone; collected a total of 2,335 core samples in the EV Zone with 2,021 results pending, including additional samples that would be taken to close off mineral zones indicated by received assay results (existing results at the shoulders of the zones indicate that zones extend further up or down the hole from currently sampled areas); received assay results for the first ten holes in the EV Zone; encountered significant graphite mineralization in seven of the ten holes with multiple graphite intervals encountered in holes LL-22-003, LL-22-006 and LL-22-008.

The best overall drill intersection, encountered close to surface, consists of 14.43% graphitic carbon (per cent Cg) over 12.5 metres from 48.2 to 60.7 metres in hole LL-22-008, and the second-best result was 11.31% Cg over 18.5 metres from 7.3 metres to 25.8 metres in hole LL-22-010.

A new zone was discovered in the marble unit on the eastern or footwall side of the paragneiss consisting of 6.09% Cg over 21.0 metres from 211.1 metres to 232.1 in hole LL-22-003.

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 graphite concentrate at 95 per cent Cg or a total of 1.5Mt of graphite concentrate. This report was prepared as NI 43-101 Technical Report for Lomiko Metals by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services, and Metpro Management Inc., collectively the report authors.