Lomiko Metals Provides Update on Exploration Activities on Its Natural Flake Graphite Portfolio, Initiation of R&D in an Environmentally Friendly Graphite Air Classifying Testing Program and Corporate Update
Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce the following updates.
Lomiko will start with the regional exploration programs in mid-September and will continue until the end of the year. The work in the fall of 2024 will consist of prospecting and geophysical surveys using beep mapping. Lomiko will provide further updates on the results of its exploration program and regional strategy for responsible graphite development in Southern Quebec. The regional exploration program will focus on improving knowledge of graphite showings at the most prospective claims and providing a better understanding of the La Loutre deposit.
Regarding recent comments from members of the Quebec government, Lomiko has always maintained that it will follow all government processes regarding macro energy policy, investment opportunities, and permitting. Lomiko believes that the Quebec government must maintain a fair approach and due process for studies and R&D in the province and enable operators to move forward with their grants, and with investment opportunities from IQ, without pre-judging the project's merits ahead of its own formal provincial consultation processes. For the full statement please see here: https://lomiko.com/wp-content/uploads/2024/09/September-17-Lomiko-Media-Statement-EN.pdf
New R&D approach taken by Lomiko in environmentally friendly air classification process
As part of its commitment to R&D and responsible development of the graphite deposits at La Loutre, the Company is pleased to initiate work with a private enterprise having expertise in air classification technology. Graphite air classification involves a four-step process that will separate the waste material from the graphite without the use of water or chemicals to offer a processing alternative that will help reduce water use to minimal amounts and reduce environmental impacts.
This process, which does not rely on traditional floatation processes, can help determine more effective processing of graphite material. This meets the overall corporate strategy and mission to become the most environmentally friendly and competitive developer and producer of anode-grade graphite in North America. This option will be evaluated in relation to other flotation processing methods and studies. The technology preserves the graphite's crystallinity structure and also greatly enhances the material's performance when used in a lithium-ion battery by allowing better intercalation through charge and discharge from the cathode to the anode.
Belinda Labatte, CEO and Interim Chair of the Board, commented: “We are looking forward to initiating the regional exploration program and applying air classification technology, as well as other environmentally friendly solutions throughout our R&D and study phase. Lomiko is a key partner of the Quebec battery and energy transition strategy, and we intend to apply innovative technologies to develop made-in-Quebec, Canada natural flake graphite that is responsibly sourced, competitively priced and provides for the needed graphite in the North American supply chain. With the Government of Canada announcing a 100% surtax on all Chinese-made EVs, effective next month, October 1st, 2024, Lomiko is well positioned to become a valued domestic graphite supplier for North American EV manufacturers.”
Corporate Update
Management will present or participate at the following conferences and continue to lead discussions and community meetings regarding the responsible development of graphite in Quebec, Canada, to meet the long-term demand for this critical mineral in North America.
- Benchmark World Tour 2024, September 24th, 2024, taking place at Fasken, in Montreal, Quebec.
- Energy and Mines Toronto, The Decarbonized Mine, taking place on November 12-13 at the Marriott Downtown, Toronto, Ontario.
- 6th annual Energy Transition and Emission Reduction Conference for the Metals and Mining Industry, January 15-16, 2025, in Toronto, Ontario.
Lomiko also announced that the Company’s virtual Annual and Special Meeting will be held on December 19th, 2024.
About Lomiko Metals Inc.
The Company 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. The KZA First Nation is part of the Algonquin Nation, and the KZA traditional territory is situated within the Outaouais and Laurentides regions. Located 180 kilometers 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 April 13, 2023 Updated Mineral Resource Estimate (MRE) 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 Corporation as per the option agreement announced on April 27th, 2021. 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.
On behalf of the Board,
Belinda Labatte
CEO and Director, Lomiko Metals Inc.
For more information on Lomiko Metals, review the website at www.lomiko.com
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company; and any other information herein that is not a historical fact may be "forward-looking information" (“FLI”). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include words such as "anticipates", "plans", "continues", "estimates", "expects", "may", "will", "projects", "predicts", “proposes”, "potential", "target", "implement", “scheduled”, "intends", "could", "might", "should", "believe" and similar words or expressions. FLI in this new release includes, but is not limited to: the total amount of funds available to the Company; the Company’s ability to successfully fund, or remain fully funded for the implementation of its business strategy and for exploration of any of its projects (including from the capital markets); the Company’s ability to complete the Private Placement and the Consolidation, , and the expected timing of announcements in this regard. FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially.
The FLI in this news release reflects the Company’s current views about future events, and while considered reasonable by the Company at this time, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: the Company’s, ability to implement its overall business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof, the impact of increasing competition in the mineral exploration business, including the Company’s competitive position in the industry, and general economic conditions, including in relation to currency controls and interest rate fluctuations.
The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the “Forward-Looking Statements” section contained in the Company’s most recent management’s discussion and analysis (MD&A), which is available on SEDAR+ at www.sedarplus.ca. All FLI in this news release are made as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such forward-looking information. The Company does not undertake to update or revise any forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.
Neither the 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 news release.
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