Vancouver, British Columbia--(Newsfile Corp. - July 18, 2019) - Lomiko Metals (TSXV: LMR) (OTCQB: LMRMF) (FSE: DH8C) recently announced its remaining drill results from its La Loutre high-grade graphite project in southern Quebec, Canada and its intention to next, deliver an updated 43-101 graphite resource estimate followed by a Preliminary Economic Assessment aimed at supplying graphite for lithium-ion and other battery anode production. Lomiko's La Loutre property, which comprises of a large contiguous block of 42 mineral claims totalling over 25 square kilometers, located 117 kilometers northwest of Montreal, in southern Quebec, is owned 80% by Lomiko and 20% by Quebec Precious Metals.
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To date the company has reported a 43-101 mineral resource estimate for its Graphene-Battery Zone of 18.4 million tonnes at a grade of 3.19% carbon flake graphite Indicated and 16.7 million tonnes of 3.75% in the Inferred category.
The recent drill results from the 2019 program are all from the adjacent area, the Refractory Zone. Based on geophysical and drill data, the strike length of mineralization is now approximately 900 meters and open in both directions. The remaining 16 diamond drill hole results just reported included multiple intercepts of over 100 meters and several zones of over 10% carbon flake graphite. The 2019 drill program comprised a total of 21 holes for 2,985 meters of drilling.
With the results of the 2019 drill campaign in hand, the company is now looking to deliver an updated NI 43-101 resource estimate for the entire project incorporating a total of 36 new drill holes completed in the Refractory Zone since the initial NI 43-101 Graphene-Battery zone resource. Lomiko further reports that it plans to follow the updated resource estimate with a PEA, a Preliminary Economic Assessment, aiming to develop its resource for North American graphite anode production used in Lithium-Ion and other batteries.
A. Paul Gill, CEO, stated: "Lomiko believes that it is in an ideal position to participate in the burgeoning Electric Vehicle market, with the potential to become a North American supplier of graphite materials, a market currently dominated by foreign supply from China. Graphite is a major and critical material in the manufacture of lithium-ion and other batteries, specifically battery anodes."
According to Benchmark Mineral Intelligence, graphite anode demand is set to increase from 194,160 tonnes in 2017, to 1,080,360 tonnes by 2023, and to 1,747,800 tonnes by 2028.
The importance of sourcing a domestic supply of graphite, which is currently dominated by China, was echoed by Energy and Natural Resource Committee Chair Senator Lisa Murkowski in a February 5, 2019 News Release: "In contrast to the energy sector, our nation is headed in the wrong direction on mineral imports. This is our Achilles' heel that serves to empower and enrich other nations, while costing us jobs and international competitiveness."
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