Lomiko drills more high-grade graphite at La Loutre Graphite property, Quebec

Lomiko Metals Inc. [LMR-TSXV; LMRMF-OTCQB; DH8C-FSE] reported the fourth 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.

Belinda Labatte, CEO and Director stated: “I am encouraged to see that the results from those additional 10 holes drilled at the center of the EV Zone continue to build on the results announced already and continue to demonstrate high-grade graphite mineralization over significant intervals. The best intersection was 8.14% graphitic carbon (% Cg) over 148.5 metres in hole LL-22-035 including 15.09% Cg over 60.0 metres from 13.5 metres to 73.5 metres. The number of holes with significant mineralization confirms the potential of this area for additional graphite resources, and many holes remain open. We look forward to more results in the next 11 holes in the EV zone which will be released as more assays are received.”

Highlights include consistent, near-surface graphite mineralization in the mid-north section of EV Zone, high-grade graphite values and significant widths with nine out of 10 holes intersecting significant mineralization.

Selected results include up to 8.14% Cg over 148.5 metres from 6.0 to 154.5 metres in hole LL-22-035, including 15.09% Cg over 60.0 metres from 13.5 metres to 73.5 metres. Hole LL-22-042 encountered 8.68% Cg over 94.5 metres from 4.5 to 99.0 metres and 6.64% Cg over 94.4 metres from 121.0 to 215.4 metres; up to 13.84% Cg over 42.0 metres from 169.0 to 211.0 metres in hole LL-22-031.

Holes LL-22-038, LL-22-040 and LL-22-042 all bottomed in mineralization. Graphite intervals in 8 of 10 holes remain open; additional assay results pending.

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.

The drill program at La Loutre began May 15, 2022, with the goal to further define the deposit, provide the data needed to increase confidence in the mineral resource and build on the results of the positive Preliminary Economic Assessment for the La Loutre project.

The assay results reported in this press release are for 10 holes drilled at the mid-north section of the EV Zone. These holes were drilled to confirm results of the previous drilling and provide better detail of the EV Zone in this part of the deposit.

Significant intervals of graphite mineralization were intersected in 9 of the 10 holes. Holes LL-22-036, – 038, -040 and -042 intersected multiple layers of significant graphite values. Graphite intervals intersections in holes LL-22-035 to -042 remain open with additional assay results pending. Hole LL-22-038, -040 and -042 all bottomed in mineralization. Hole LL-22-034, drilled on the east margin of the EV Zone, encountered only quartzite as expected so no sampling was done. Four other holes were planned for this area but could not be drilled due to swampy, soft conditions that prevented access.

The Annual General Meeting of the company will be held by means of remote communication, rather than in person, on Tuesday, December 6, 2022, at 11:00 a.m. (Eastern time). The company has fixed November 1, 2022 as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and at any adjournment or postponement thereof.

In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corporation towards earning its 70% stake in the Bourier Project Quebec which consists of 203 claims, for a total ground position of 10,252.20 hectares in Canada’s lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

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% Cg or a total of 1.5Mt of graphite concentrate.