Highlights of the
- Estimated 68.2 million tonnes of Indicated Mineral Resources averaging 4.50% Cg per tonne for 3.072 million tonnes of graphite, a tonnage increase of 195%. Indicated Mineral Resources increased 45.01 million tonnes as a result of the 2022 drilling campaign, from 23.2 million tonnes in 2021 MRE;
- Additional Mineral resources reported down-dip and within marble units resulted in the addition of 21.8 million tonnes of Inferred Mineral Resources averaging 3.51% Cg per tonne for 0.765 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
The 2021 MRE can be seen on the Company’s website at: https://lomiko.com/projects/la-loutre/
MINERAL RESOURCE STATEMENT – LA LOUTRE PROJECT,
Deposit | Indicated resource | Inferred resource | |||||
Tonnage (kt) | Graphite (%) | Graphite (kt) | Tonnage (kt) | Graphite (%) | Graphite (kt) | ||
EV | 1.5 | 26,471 | 5.58 | 1,477 | 5,031 | 3.74 | 188 |
Battery | 1.5 | 41,766 | 3.82 | 1,595 | 16,769 | 3.44 | 576 |
TOTAL | 68,238 | 4.50 | 3,072 | 21,800 | 3.51 | 765 |
Notes to accompany the Mineral Resource Estimate:
1. The independent and qualified persons for the mineral resource estimate, as defined by NI 43 101, are
2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The mineral resource estimate follows current CIM Definitions (2014) and CIM MRMR Best Practice Guidelines (2019).
3. The results are presented undiluted and are considered to have reasonable prospects of economic viability.
4. The estimate encompasses two mineralized domains (EV and Battery) using the grade of the adjacent material when assayed or a value of zero when not assayed.
5. No capping was applied on 1.5m composites.
6. The estimate was completed using sub-block model in Leapfrog Edge 2022 with user block size of 5m x 5m x 5m and minimum block size of 2.5m x 2.5m x 2.5m. Grades interpolation was obtained by ID2 using hard boundaries.
7. Bulk density values were applied by lithology (g/cm3): low grade zone = 2.82; high grade zone = 2.82; paragneiss = 2.8; quartzite = 2.73; pegmatite = 2.63, marble = 2.75 and OB = 2.0.
8. The mineral resource estimate is classified as indicated and inferred. The Indicated mineral resource category is defined with a minimum of three (3) drill holes in areas where the drill spacing is less than 55 m, and reasonable geological and grade continuity have been demonstrated. The Inferred category is defined with a minimum of two (2) drill holes in areas where the drill spacing is less than 100m, and reasonable geological and grade continuity have been demonstrated. Clipping boundaries were used for classification based on those criteria.
9. The mineral resource estimate is pit-constrained with a bedrock slope angle of 45° and an overburden slope angle of 30°. It is reported at a graphite cut-off grade of 1.5%. The cut-off grade was calculated using the following parameters: processing cost =
10. The number of metric tons was rounded to the nearest thousand, following the recommendations in NI 43 101 and any discrepancies in the totals are due to rounding effects.
11. The authors of the MRE are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.
The updated MRE for the
The estimate was prepared using a block model approach (5.0 x 5.0 x 5.0 metres block dimensions with sub-blocking down to 2.5 metres) employing inverse distance squared (“ID2”) interpolation constrained by 3D wireframes using hard domain boundaries. A
The final report will be issued in the 45 days following this press release.
Qualified Person for Mineral Resource Estimate at
The MRE was prepared by
About
The Company holds mineral interests in its
The Property is underlain by rocks belonging to the
In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corporation towards earning its 70% stake in the
On behalf of the Board,
CEO and Director,
For more information on
Contact Gordana Slepcev at 647-391-7344 or
or email: info@lomiko.com.
Cautionary Note Regarding Estimates of Resources
Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the
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: expected costs of exploration and timing to achieve certain milestones, timing for completion of exploration programs; 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); any anticipated impacts of COVID-19 on the Company’s business objectives or projects and the Company's financial position or operations. FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. This FLI 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 ability of the Company to meet the closing conditions of the acquisition, including regulatory approval, and complete the transaction within the anticipated timing; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; uncertainties related to receiving and maintaining exploration, environmental and other permits or approvals in
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.sedar.com, and on the investor presentation on its website. 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 forward-looking information. The Company does not undertake to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.
Neither the
Attachment
- Lomiko Drill Core
Source:A. Paul Gill Lomiko Metals Inc. (TSX-V: LMR) 6047295312 a.paulgill@lomiko.com
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