Lomiko Metals drills 6% Cg over 45 metres at La Loutre, Quebec

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Lomiko Metals Inc. [LMR-TSXV] reported the seventh round of analytical results from the infill and extension exploration drill program at its 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.

Belinda Labatte, CEO and Director stated: “We are pleased to see significant intervals encountered in the second batch of results from the Battery Zone, including 10 holes (LL-22-60 to 69) in the south end of the Battery Zone. The assay results further validate the continuity and quality of the mineralization. The best interval of 6.00% Cg (graphitic carbon) over 45.0 metres from 55.0 to 100.0 metetresres is in hole LL-22-062 including 7.41% Cg over 33.0 metres from 65.5 to 98.5 metres. We look forward to receiving the results from the remaining 10 holes in the Battery Zone.”

Highlights: Assay results from the second 10 of 26 holes drilled at Battery Zone were consistent with near surface graphite mineralization along the southwest margin of the Battery Zone. There were strong graphite values and significant widths in all 10 drill holes.

The best interval was 6.00% Cg over 45.0 metres from 55.0 to 100.0 metres in hole LL-22-062, including 7.41% Cg over 33.0 metres from 65.5 to 98.5 metres. The second best interval was 5.62% Cg over 27.0 from 31.5 to 58.5 metres in hole LL-22-060, including 6.58% Cg over 21.0 metres from 36.0 to 57.0 metres.

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 (PEA) for the La Loutre project as announced July 29, 2021.

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.

Significant intervals of graphite mineralization were intersected in all 10 holes.

Generally, it was noted that the graphite mineralization intersected in the Battery zone is visually more coarse-grained than the graphite mineralization intersected at the recently drilled EV Zone.

In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corp. [CRE-TSXV] towards earning its 70% stake in the Bourier Project. 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.

Lomiko holds a 100% interest in its La Loutre graphite development project in southern Quebec and which consists of one large, continuous block with 76 mineral claims totaling 4,528 hectares (45.3 km2).

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 NI 43-101 Technical Report for Lomiko by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services, and Metpro Management Inc., collectively the report authors.

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