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Lomiko Metals Inc (2)
Symbol LMR
Shares Issued 238,101,546
Close 2022-04-21 C$ 0.06
Market Cap C$ 14,286,093
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Lomiko receives MFFP OK for La Loutre drill program

2022-04-22 10:27 ET - News Release

Ms. Belinda Labatte reports

LOMIKO ANNOUNCES RECEIPT OF EXPLORATION DRILLING PERMITS FOR ITS LA LOUTRE GRAPHITE PROJECT AND APPOINTMENT OF ANNE CHABOT AS STRATEGIC ADVISOR

Lomiko Metals Inc. has received approvals from Quebec's Ministere des Forets, de la Faune et des Parcs (MFFP) to start with its infill and stepout exploration drilling program at its wholly owned La Loutre graphite project, located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory within the Outaouais and Laurentides regions, 180 kilometres northwest of Montreal.

At this stage, Lomiko intends to keep building on the results of the positive preliminary economic assessment (PEA) for the La Loutre property, issued on July 29, 2021, and to do so with a focus on stakeholder engagement processes. As the company's vision is to develop its projects into production, it is taking early steps toward an eventual prefeasibility study. Lomiko intends to derisk the La Loutre project and increase confidence in its mineral resource estimates as it further defines the quantity and quality of the resource via the exploration program which will also serve to test the extremities of the deposits.

The company is also pleased to have added Anne L. Chabot as strategic adviser to manage the company's work with first nations engagement, supported by Lee Arden Lewis as independent director of the board. Ms. Chabot possesses over 25 years of experience working with Indigenous and non-Indigenous governments, agencies and community groups, including a number of prominent political organizations like the Assembly of First Nations and the Chiefs of Ontario. Importantly, she works directly with a number of first nations communities advocating for their rights on land and resource development. She has developed a reputation for being trustworthy and reliable and for her ability to bring solutions to diverse perspectives. She is guided by the vision of her father, John Clarence Chabot, to bring prosperity and self reliance to First Nations, based on principles of mutual respect, trust, kindness and truth.

Lomiko's strategic advisers also include Normand Champigny, chief executive officer and director of Quebec Precious Metals.

Belinda Labatte, chief executive officer and director, stated: "Our team is pleased to have received the requisite permits to start with the infill and extension drill program at the La Loutre graphite project. We also appreciate the ongoing engagement that is required with our communities as we move forward with this exploration program and the future studies of this project and so we are thrilled to work with Anne Chabot. We are eager to work in Quebec with our communities and first nations, and implement our strategy and path forward as a people-first company and an operator of choice in the development of La Loutre and our other future projects."

Ms. Labatte continued: "We are very encouraged by the recent news of major car manufacturers developing battery production capacities in Quebec and North America. We are working as a responsible environmental steward in the region and intend to become a meaningful and vital part of the supply chain, including the promotion of new-economy job prospects in the development of our project to be used in battery production for Quebec, Canadian and North American solutions. The exploration program is funded entirely with Canadian flow-through financing."

About the La Loutre exploration program

The planned comprehensive drill program will feature approximately 130 holes or 18,000 metres in the Electric Vehicles (EV) zone and Battery zone. The PEA confirmed that the EV and Battery zones are sources of mineral material that, when processed, would yield concentrated graphite of high purity over 95 per cent graphitic carbon (Cg). For the full results please refer to the preliminary economic analysis available on the company's website.

Lomiko has commissioned Breakaway Consulting of Quebec to design and operate the 2022 exploration drilling program at the La Loutre project and the drilling is being performed by Fusion Drilling. Lomiko expects to mobilize to the site and start drilling as soon as possible subject to weather conditions and anticipates that the drilling program will take four to five months to complete. The company will continue the work of listening to and meeting with local communities both in person and in virtual meetings prior to, during and after the drilling is completed.

Mike Petrina, project manager, a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure in this news release.

About Lomiko Metals Inc.

Lomiko Metals has a new vision and a new strategy in new energy. Lomiko represents a company with purpose: a people-first company where the company can manifest a world of abundant renewable energy with Canadian and Quebec critical minerals for a solution in North America. The company's goal is to create a new energy future in Canada where the company will grow the critical minerals work force, become a valued partner and neighbour with the communities in which the company operates, and provide a secure and responsibly sourced supply of critical minerals.

The company holds a 100-per-cent interest in its La Loutre graphite development in southern Quebec. The La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The KZA First Nations are part of the Algonquin Nation and the KZA territory is situated within the Outaouais and Laurentides regions. Located 180 kilometres northwest of Montreal, the property consists of one large, continuous block with 48 minerals claims totalling 2,867 hectares (28.7 square kilometres). Lomiko Metals published a July 29, 2021, preliminary economic estimate which indicated the project had a 15-year mine life producing per year 100,000 tonnes of the graphite concentrate at 95 per cent Cg, a total of 1.5 million tonnes (Mt) of the graphite concentrate. This report was prepared as a National Instrument 43-101 technical report for Lomiko Metals by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services and Metpro Management Inc., collectively, the report authors.

Lomiko is working with Critical Elements Lithium Corp. toward earning its 70-per-cent stake in the Bourier project as per the options agreement announced on April 27, 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 square kilometres), in Canada's lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

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