Lomiko Metals Inc. [TSXV-LMR] reports that in connection with its previously announced amended option agreement with Critical Elements Lithium Corp. [TSXV-CRE; OTCQX-CRECF; FSE-F12] on the Bourier project, northern Quebec, it has successfully earned its 49% interest in the project. The final exploration results are pending as Critical Elements Lithium, the project operator, is still receiving the assay results from the 2023 field program. 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 km2).
To earn its 49% interest in the Bourier project (the first option), Lomiko Metals needed to incur or finance exploration expenditures aggregating not less than $1.3-million on the project.
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 km northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totalling 4,528 hectares (45.3 km2).
Lomiko Metals published its April 13, 2023, updated mineral resource estimate (MRE), which estimated 64.7 million tonnes of indicated mineral resources averaging 4.59 per cent Cg (graphitic carbon) per tonne for three 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 resulting in the addition of 17.5 million tonnes of inferred mineral resources averaging 3.51% Cg per tonne for 650,000 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 graphite price of US$1,098.07 per tonne and a cut-off grade of 1.50% Cg.
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