U.S. Markets close in 3 hrs 8 mins
  • S&P 500

    4,361.85
    +35.34 (+0.82%)
     
  • Dow 30

    34,207.02
    +46.24 (+0.14%)
     
  • Nasdaq

    13,554.65
    +201.87 (+1.51%)
     
  • Russell 2000

    1,934.14
    +2.85 (+0.15%)
     
  • Crude Oil

    86.82
    +0.21 (+0.24%)
     
  • Gold

    1,782.70
    -12.30 (-0.69%)
     
  • Silver

    22.18
    -0.49 (-2.17%)
     
  • EUR/USD

    1.1159
    +0.0012 (+0.1116%)
     
  • 10-Yr Bond

    1.7840
    -0.0230 (-1.27%)
     
  • Vix

    29.85
    -0.64 (-2.10%)
     
  • GBP/USD

    1.3395
    +0.0014 (+0.1045%)
     
  • USD/JPY

    115.2160
    -0.0860 (-0.0746%)
     
  • BTC-USD

    36,999.92
    +724.16 (+2.00%)
     
  • CMC Crypto 200

    842.30
    -0.15 (-0.02%)
     
  • FTSE 100

    7,466.07
    -88.24 (-1.17%)
     
  • Nikkei 225

    26,717.34
    +547.04 (+2.09%)
     

Lomiko Metals and Quebec Precious Metals report multiple 100 m+ intercepts and multiple 10%+ Cg Zones at La Loutre Flake Graphite Project

  • Oops!
    Something went wrong.
    Please try again later.
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • LMR.V

Next Steps: 43-101 Resource, Financing and Pre-Economic Assessment

Vancouver, B.C. and Montreal, Que, July 09, 2019 (GLOBE NEWSWIRE) -- Lomiko Metals Inc. (TSX-V:LMR, OTC:LMRMF, FSE:DH8C) (Lomiko or the “Company”) and Quebec Precious Metals Corporation (TSX.V:CJC, FSE:YXEP, OTC-BB:CJCFF) (“QPM”) are pleased to announce the results from the remaining 16 exploration diamond drill holes received from the 2019 program (see Table 1 below, and Figure 1) at the Refractory Zone of the La Loutre graphite project (the “Project”). A total of 21 holes were completed on the Refractory Zone for a total of 2,985 metres. The Project is owned by Lomiko (80%) and QPM (20%).

“La Loutre has proven to be a large and high-grade area worthy of further investment.” stated A. Paul Gill, CEO. “The only operating graphite mine in North America is the Imerys Graphite & Carbon at Lac-des-Îles, 53 km northwest of La Loutre which reported Proven reserves of 5.2 M Tonnes at a grade of 7.42 % Cg in July 1988 before the start of production.” (reference: Potentiel de la minéralisation en graphite au Québec, N’Golo Togola, MERN, page 31, Conférence Québec Mines, November 24 2016).

Although the current focus is on the Refractory Zone, the Project was also subject of an independent technical report in accordance with NI 43-101 - Standards of Disclosure for Mineral Projects, prepared by B. Turcotte and G. Servelle of InnovExplo Inc. from Val-d’Or, Québec, and O. Peters, of AGP Mining Inc., dated March 24, 2016, filed for the Project’s Graphene-Battery Zone. The report presented a mineral resource estimate of 18.4 M Tonnes at a grade of 3.19% carbon flake graphite (“Cg”) in the Indicated category and 16.7 M Tonnes at 3.75% Cg in the Inferred category using a cut-off of 1.5% Cg.

The above-noted 2016 mineral resource does not include the current results or the intercepts from the Refractory Zone in 2016 which were as follows:

LL-16-01 - 7.74% Cg over 135.60 m including 16.81% Cg over 44.10 m

LL-16-02 - 17.08% Cg over 22.30 m and 14.80% Cg over 15.10 m

LL-16-03 - 14.56% Cg over 110.80 m

The next task is to complete a new resource estimate in compliance with NI 43-101 for the entire Project including the 36 new drill holes completed since the above-mentioned 2016 resource estimate.

Table 1: Results of the 21 drill holes of the 2019 drill program. The width is drill indicated core length. Insufficient data exists to determine true width at this time.

Hole ID #

UTM E

UTM N

Azimuth

Dip

Mineralization

Gp %

From(m)

To(m)

Interval (m)

LL-19-01

499426

5098072

66.7

-50

3.00

10.50

7.50

18.85

109.50

213.00

103.50

9.89

Including:

109.50

177.00

67.50

13.89

LL-19-02

499364

5098071

62.1

-50

114.80

117.00

2.20

8.62

LL-19-03

499515

5097977

55.6

-50

43.90

174.00

130.10

3.73

Including:

106.50

162.90

56.40

4.97

LL-19-04*

499567

5098041

65.9

-50

3.00

93.00

90.00

2.75

LL-19-05

499562

5097944

56.3

-50

100.50

148.50

48.00

2.70

LL-19-06

499614

5097980

63.3

-50

5.50

30.00

24.50

6.81

52.50

70.30

17.80

4.89

LL-19-07

499644

5098001

66.1

-50

6.00

84.00

78.00

2.31

LL-19-08

499630

5097931

57.3

-50

55.50

109.50

54.00

2.73

LL-19-09

499654

5097957

63.1

-50

27.60

86.50

58.90

8.05

51.00

86.50

35.50

9.94

LL-19-10

499587

5097909

62.9

-50

102.00

108.00

6.00

3.54

LL-19-11

499687

5097903

75.1

-50

90.00

108.00

18.00

4.42

Including:

100.50

105.00

4.50

10.10

LL-19-12

499641

5097888

69.1

-50.00

93.00

124.50

31.50

1.26

LL-19-13

499669

5097837

56.8

-50

81.00

90.00

9.00

6.35

106.50

136.50

30.00

1.19

LL-19-14*

499700

5097803

59.7

-50

80.70

99.00

18.30

4.43

LL-19-15*

499751

5097832

64.8

-50

51.00

167.90

116.90

4.80

Including:

152.70

167.90

15.20

18.04

LL-19-16**

499851

5097829

66.5

-50

4.10

92.00

87.90

7.14

Including:

70.50

91.50

21.00

15.48

132.00

160.50

28.50

3.86

LL-19-17*

499894

5097804

78.2

-50

15.00

62.30

47.30

7.56

Including:

51.00

62.30

11.30

17.45

96.00

126.00

30.00

1.96

LL-19-18

499919

5097767

69.6

-50

3.00

36.20

33.20

3.50

43.70

60.00

16.30

12.38

69.80

72.00

2.20

12.38

LL-19-19

499792

5097791

63.2

-50

55.50

166.50

111.00

4.93

Including:

55.50

84.00

28.50

3.40

Including:

110.50

166.60

56.10

7.47

Including:

145.50

166.50

21.0

15.69

LL-19-20

499839

5097766

69.5

-50

34.30

40.50

6.20

4.07

97.50

115.50

18.00

2.18

118.30

124.10

5.80

16.00

LL-19-21

499857

5097726

52.9

-50

96.00

104.60

8.60

2.85

* Results announced in May 6, 2019 press release.

** Results announced in April 24, 2019 press release.

On the basis of the available geophysical and 2016 drilling data, the strike length of the mineralization is estimated at 900 m in the NW-SE direction and is open in both directions. A detailed interpretation of the results will be carried out to better estimate the thickness and strike length of the mineralized zone.

The Project consists of contiguous claim blocks totaling 29 km2 situated approximately 53 km NW of the Lac-des-Îles mine, formerly known as the Timcal mine, North America’s only operating graphite mine. It is accessible by driving NW from Montreal for a distance of approximately 170 kilometres.

The 2019 exploration program is managed by Consul-Teck Exploration Minière Inc. (“Consul- Teck”) of Val-d'Or, Quebec, who designed the drilling campaign, supervised the program and logged and sampled the core.

Quality Assurance/Quality Control

Consul-Teck implemented QA/QC procedures to ensure best practices in sampling and analysis of the core samples. The drill core was logged and then split, with one half sent for assay and the other retained in the core box as a witness sample. Duplicates and blanks were inserted at a regular interval into the sample stream.

The samples in secure tagged bags were delivered directly to the analytical facility for analysis. In this case, the analytical facility was the ALS Minerals laboratory facility in Val-d'Or, Quebec. The samples are weighed and identified prior to sample preparation. The samples are crushed to 70% minus 2 mm, then separated and pulverized to 85% passing 75µm. All samples are analyzed for Cg using the C-IR18 method.

Qualified Person

Jean-Sébastien Lavallée (OGQ #773), Geologist, is a shareholder of both companies, VP Exploration of QPM and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.

For more information on Lomiko Metals, review the website at www.lomiko.com, contact A. Paul Gill at 604-729-5312 or email: info@lomiko.com.

On Behalf of the Board,

“A. Paul Gill”

Chief Executive Officer

We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Attachments

A. Paul Gill
Lomiko Metals Inc. (LMR.V)
6047295312
apaulgill@lomiko.com