Lomiko Metals drills 11.64% Cg over 42 metres at La Loutre, Quebec

Lomiko Metals Inc. [LMR-TSXV] reported the second 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.

The drill program at La Loutre 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. The initial drill program contemplated up to 18,000 metres in both zones; due to the later than anticipated permit receipt in May, the environmental conditions in the spring and summer resulted in the completion of 13,113 metres.

Belinda Labatte, CEO and Director stated: “The results from the 18 holes drilled at the southern end of the EV Zone in 2022 demonstrate strong graphite mineralization over significant widths and confirm the potential of this area for additional graphite resources. We look forward to more results in the next 35 holes in the EV zone which will be released as more assays are received. Our vision is to become a responsible operator and part of a climate success story in Southern Quebec.”

Highlights: Strong graphite results from 8 additional holes drilled at southern extension of the EV Zone; broad zones of flake graphite mineralization including 2.76% Cg (graphitic carbon) over 99.0 metres from 30.5 to 129.5 metres in hole LL-22-014, including wide zones of 15 and 25.5 metres at 4.95% and 4.55%  Cg respectively; wide intervals of near surface, high-grade flake graphite mineralization including 11.64% Cg over 42.0 metres from 7.0 to 49.0 metres in hole LL-22-018, including 36 metres wide mineralization at 13.44% Cg; second best result was encountered in hole LL-22-023 at 14.86% Cg from 126.0 to 132.0 metres; numerous intersections remain open; additional assay results pending; drill assay results confirm potential to enlarge the EV Zone graphite mineralization southward.

The drilling at the southern end of the EV Zone was done to confirm results of the previous drilling campaigns and to test for the southward extension of the graphite mineralization. These results are in addition to the assay results for 10 holes announced September 6, 2022.

Except for hole LL-22-017 which was abandoned due to technical difficulties, all the holes mentioned in this press release intersected broad zones of near surface, moderate- to high-grade flake graphite mineralization. The thickest intersection was 2.76 percent graphitic carbon (” per cent Cg”) over 99.0 metres (“m”) from 30.5 to 129.5m in hole LL-22-014. The highest-grade intersection was 11.64 per cent Cg over 42.0m from 7.0 to 49.0m in hole LL-22-018. Additional sampling has been done and assays are pending to fully close these intervals.

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. 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.