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Lomiko Metals Inc (2)
Symbol LMR
Shares Issued 238,101,546
Close 2022-05-18 C$ 0.055
Market Cap C$ 13,095,585
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Lomiko Metals begins drill program at La Loutre

2022-05-19 10:25 ET - News Release

Ms. Belinda Labatte reports

LOMIKO ANNOUNCES COMMENCEMENT OF EXPLORATION DRILLING FOR ITS LA LOUTRE GRAPHITE PROJECT

Lomiko Metals Inc. has started an infill and extension drill program at its wholly owned La Loutre graphite project, located approximately 180 kilometres northwest of Montreal in the Laurentian region of Quebec. The program anticipates approximately 18,000 metres in 120 holes to be drilled at the Electric Vehicle or EV and the Battery zones.

Lomiko Metals has commissioned Breakaway Exploration Management 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. The company anticipates that the drilling program will take approximately four to five months to complete, depending on site conditions. Lomiko has retained InnovExplo, a Quebec-based independent consulting firm in geology, mining engineering and sustainable development, to prepare an updated National Instrument 43-101 resource estimate for the La Loutre project following the completion of the drilling and assay results. The goal of the program is to build on the results of the positive preliminary economic assessment for the La Loutre property announced in the company's July 29, 2021, press release. Also, as announced in a press release issued on March 22, 2022, Lomiko has obtained UL ECOLOGO certification for mineral exploration, which is now being implemented in the field.

Belinda Labatte, chief executive officer and director of Lomiko, stated: "Initiating the infill and extension drill program at the La Loutre graphite project is an important step in the project development as we look to increase confidence in our mineral resources. 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."

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 it 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 it will grow the critical minerals work force, become a valued partner and neighbour with the communities in which it 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 km). 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 graphite concentrate at 95 per cent Cg or a total of 1.5 million tons of graphite concentrate. This report was prepared as 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 southeast 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 km), in Canada's lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

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.

Mark Fekete, of Breakaway Exploration Management, is a registered professional geologist in the province of Quebec as 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.

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