Mr. A. Paul Gill of Lomiko Metals reports
LOMIKO OPTIONS 40% OF THE LA LOUTRE CRYSTALLINE FLAKE GRAPHITE PROPERTY FROM CANADA STRATEGIC METALS
Lomiko Metals Inc. has optioned a 40-per-cent interest in the La Loutre crystalline flake graphite property located in Quebec from Canada Strategic Metals Inc. Of particular interest to Lomiko was an area of the property which reported grab samples up to 22.04 per cent carbon flake graphite and carbon purity test results reporting up to 100.00-per-cent carbon purity in the large and extra large flake graphite.
Lomiko will acquire a 40-per-cent interest in the La Loutre property by issuing an aggregate of 1.25 million common shares, at a deemed price of seven cents per share, by paying $12,500 cash and by incurring $500,000 in exploration expenditures, as follows:
-
Paying to the optionor $12,500 cash on signing this agreement (non-refundable);
- Issuing to the optionor 1.25 million common shares within 10 business
days following the date of Toronto Stock Exchange approval:
- Incurring exploration expenditures totalling not less than $500,000 on
an exploration program by not later than the first anniversary of the
effective date.
The agreement is subject to approval from the TSX.
The La Loutre property consists of one large contiguous block of 42 mineral claims totalling 2,508.97 hectares (25.09 square kilometres) located approximately 53 kilometres east of Timcal's Lac des Iles graphite mine, 117 kilometres northwest of Montreal.
The La Loutre property was originally explored for base and precious metals by Soquem in 1989. Based on the results of a helicopter-borne electromagnetic survey, prospecting and reconnaissance geological mapping, its work identified several zones of parallel conductors each measuring as much as two kilometres long. Ground exploration followed in 1990, and according to historical reports by Levesque and Marchand, graphite is present in different lithologies on the property. The geology is consistent with the central metasedimentary belt of the Grenville province and includes quartzofeldspathic rocks, quartzite, biotite gneiss, marble and locally pegmatitic quartzofeldspathic rocks. Graphite is locally present in quartzite and biotite gneiss and in shear zones where the graphite content usually ranges from 1 to 10 per cent graphite on surface, including visible flakes, with the showings indicating an apparent strike length of approximately five kilometres, giving a large prospective area to explore for a graphite resource.
Graphite grab sample assay results derived from the company's recent sampling and mapping program on the La Loutre property. The sampling program has confirmed a graphite-bearing structure covering an area approximately seven kilometres by one kilometre with results of up to 22.04 per cent graphite in multiple parallel zones of 30 to 50 metres wide. Another area has also been identified covering approximately two kilometres by one kilometre in multiple parallel zones of 20 to 50 metres wide which includes results up to 18 per cent graphite.
LA LOUTRE GRAPHITE PURITY RESULTS
U.S. mesh Sample No. 1 Grade, %
sieve size 3.46% Cg Size class carbon
-200 14.26% Fine 100.00%
200-100 mesh 22.12% Small 100.00%
100-80 mesh 7.90% Medium 100.00%
80-50 mesh 19.06% Large 96.00%
greater than 50 mesh 36.66% Extra large 87.72%
Total (200) 85.74% Average grade 94.74%
U.S. mesh Sample No. 2 Grade, %
sieve size 5.62% Cg Size class carbon
-200 13.00% Fine 100.00%
200-100 mesh 21.26% Small 98.15%
100-80 mesh 10.46% Medium 97.56%
80-50 mesh 19.62% Large 97.30%
greater than 50 mesh 35.67% Extra large 96.15%
Total (200) 87.00% Average grade 97.45%
U.S. mesh Sample No. 3 Grade, %
sieve size 6.64% Cg Size class carbon
-200 14.58% Fine 99.02%
200-100 mesh 23.68% Small 100.00%
100-80 mesh 9.87% Medium 100.00%
80-50 mesh 24.38% Large 100.00%
greater than 50 mesh 27.47% Extra large 100.00%
Total (200) 85.42% Average grade 99.86%
GRAPHITE RESULTS (SAMPLE NUMBER AND GRAPHITE PERCENTAGE)
No. % No. % No. % No. % No. %
98557 22.04 98581 4.89 98567 2.97 98563 1.72 98660 1.04
98577 18.08 98670 4.49 98593 2.76 98628 1.69 98619 1.02
98667 18.04 98655 4.35 98552 2.63 98629 1.65 98631 1.00
98597 16.52 98560 4.29 98595 2.60 98592 1.64 98603 0.98
98578 15.52 98574 4.28 98626 2.60 98651 1.61 98602 0.97
98653 10.19 98579 4.25 98652 2.58 98669 1.58 98661 0.94
98622 8.20 98671 4.21 98654 2.48 98556 1.49 98564 0.94
98663 7.34 98668 3.96 98586 2.43 98585 1.47 98598 0.92
98615 6.85 98610 3.89 98627 2.27 98575 1.46 98606 0.87
98662 6.60 98617 3.80 98562 2.27 98571 1.46 98596 0.86
98657 6.53 98558 3.77 98591 2.21 98599 1.44 98565 0.85
98656 6.45 98561 3.72 98582 2.11 98621 1.41 98601 0.82
98607 6.28 98559 3.67 98630 1.99 98551 1.36 98612 0.80
98568 6.25 98580 3.59 98620 1.98 98625 1.25 98666 0.78
98576 6.25 98665 3.55 98658 1.96 98589 1.19 98613 0.77
98566 6.05 98673 3.40 98609 1.96 98623 1.16 98600 0.73
98618 5.48 98588 3.24 98572 1.96 98570 1.15 98611 0.72
98569 5.46 98583 3.21 98659 1.92 98604 1.14 98553 0.65
98664 5.36 98584 3.16 98614 1.87 98674 1.11 98555 0.46
98672 5.06 98587 3.01 98608 1.82 98590 1.10 98554 0.30
98616 5.00 98594 3.01 98605 1.73 98624 1.10 98573 0.16
(i) Grab samples are selective by nature and are unlikely to represent
the average grade of a deposit.
Jean-Sebastien Lavallee, OGQ No. 773, geologist, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.
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