Lomiko Metals updates flake graphite exploration, Quebec
Lomiko Metals Inc. [TSXV: LMR; OTC: LMRMF; FSE: DH8C] reported 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 m 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 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 when 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.
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 five years, for a total agreement with the DoD of US$16.7 million.
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.
Lomiko also 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.
Lomiko 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. Located 180 km 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, prepared by InnovExplo on May 11, 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 Corp. [TSXV: CRE; US OTCQX: CRECF; FSE: F12]. The Bourier project site is located near Nemaska Lithium and Critical Elements south-east of the Eeyou Istchee James Bay territory, 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.