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Lomiko Metals Inc
Symbol LMR
Shares Issued 155,463,267
Close 2016-02-09 C$ 0.035
Market Cap C$ 5,441,214
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Lomiko, Cda Strategic release 43-101 La Loutre resource

2016-02-09 06:32 ET - News Release

Also News Release (C-CJC) Canada Strategic Metals Inc

Mr. Paul Gill of Lomiko reports

LOMIKO METALS INC. AND CANADA STRATEGIC REPORT 18.4 M TONNES OF 3.19% INDICATED AND 16.7 M TONNES OF 3.75% INFERRED FLAKE GRAPHITE RESOURCE WITH 1.5% CUT-OFF

Lomiko Metals Inc. and Canada Strategic Metals Inc. have released a resource for the La Loutre flake graphite property of 18.4 million tonnes of 3.19 per cent indicated and 16.7 million tonnes at 3.75 per cent flake graphite inferred with a cut-off of 1.5 per cent.

A sensitivity table also features 4.1 million tonnes of 6.5 per cent indicated and 6.2 million tonnes at 6.1 per cent flake graphite inferred with a cut-off of 3 per cent. The resource is calculated on the Graphene-Battery zone only and does not include recent high-grade intercepts of 28.5 metres of 16.53 per cent graphite and 21.5 metres of 11.53 per cent Cg reported Jan. 6, 2016, and 9 per cent over 90.75 metres reported Sept. 24, 2015, from the Refractory zone.

The La Loutre property consists of contiguous claim blocks totalling approximately 2,867.29 hectares (28.67 square kilometres) situated approximately 53 km east of the Imerys carbon and graphite mine, formerly known as the Timcal graphite mine, North America's only operating graphite mine, and 117 km northwest of the international port of Montreal, key to shipping to North America and Europe. Lomiko is currently completing an option to acquire 80 per cent of the property which requires $665,000 more in work and issuing of 1.5 million shares to be issue Feb. 15, 2016.

"The La Loutre property is located close to the Imerys carbon and graphite mine and benefits from similar infrastructure advantages, and similar flake graphite grade, deposit size and near-surface mineralization amenable to low-cost, small-footprint extraction. All of these elements make this an excellent candidate for a positive preliminary economic assessment," stated A. Paul Gill, chief executive officer, Lomiko Metals. "Lomiko is proceeding with the PEA immediately."

"We are very pleased with the results from the first resource estimate performed on the La Loutre property. The results from this resource estimate clearly demonstrate the strong potential for future development on the property, particularly with all the infrastructure around the project and the proximity with the Imerys carbon mine. With 20-per-cent carry interest in the project, we hope to be able to leverage our interest to develop our others assets," stated Jean-Sebastien Lavallee, president and chief executive officer, Canada Strategic Metals. "We are very excited by the decision to move the project forward to PEA level in the coming months."

The La Loutre resource is constrained within a drilled area of approximately 900 metres along the north 150-degree-striking trend of the graphitic paragneiss, 250 m across the strike and 225 m below surface. Geological interpretation and estimation were based on 62 NQ drill holes (totalling 8,193.3 m) drilled by Lomiko and Canada Strategic Metals in 2014 and 2015.

InnovExplo performed the geological interpretation and correlated the mineralized zones on vertical sections spaced 50 metres apart. The mineralized zone model was constructed to outline zones of continuous mineralization along an average trend of north 150 degrees and an average dip of 45 degrees. A minimum width of four metres (true width) was respected for the interpretation model. InnovExplo constructed a mineralized zone wireframe model delimiting the geologically defined extent of all mineralized zones. The 2016 mineral resource estimate includes 18 graphite-bearing zones grouping elevated graphite mineralization (assays greater than 4 per cent Cg), four graphite-bearing zones containing low graphite grade (assays less than 4 per cent Cg), five graphite-bearing quartzite (assays less than 4 per cent Cg) and a remaining external envelope hosting isolated low graphite grade.

The mineral resource was estimated using 3-D block modelling (block size equals five m by five m by five m), with the grades of the blocks calculated using the inverse distance squared (ID2) interpolation method for a 1,000-metre strike length corridor of the La Loutre deposit, down to a vertical depth of 180 metres below surface.

The resources are constrained in a pit shell of 1,100 m by 350 m by 100 m maximal depth.

The independent and qualified persons for the mineral resource estimate, as defined by National Instrument 43-101, are Bruno Turcotte, MSc, PGeo, and Guilhem Servelle, MSc, PGeo, both of InnovExplo, under the supervision of Dr. Vincent Jourdain, PhD, Eng, technical director of InnovExplo.

The effective date of the estimate is Jan. 15, 2016.

Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Pit-constrained results are presented undiluted within a Whittle-optimized pit shell, designed with a 30 m buffer around lakes.

The estimate includes 18 graphite-bearing zones grouping elevated carbon graphite grade (assays greater than 4 per cent Cg), four graphite-bearing zones containing low carbon graphite grade (assays less than 4 per cent Cg), five graphite-bearing quartzite (assays less than 4 per cent Cg) and a remaining external envelope hosting isolated low carbon graphite grade.

Pit-constrained resources were compiled at cut-off grades of 0.5, 0.6, 0.8, 1.0, 1.5, 2.0, 2.5 and 3.0 per cent Cg. The official pit-constrained resource is reported at a cut-off grade of 1.5 per cent Cg.

Cut-off grades must be re-evaluated in light of prevailing market conditions (graphite price, exchange rate and mining cost).

Density data used are on a per-zone basis varying from 2.70 to 2.85 g/cubic centimetre.

A minimum true thickness of four m was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed.

Based on a study of the effect of high-grade values on the mean and standard deviations, as well as on log-normal histograms and probability plots, no raw assay was capped within the mineralized zones.

Compositing was done on drill hole sections falling within the mineralized zones (composite equals 1.5 metres).

Resources were estimated using Geovia GEMS 6.7 software from surface drill holes, using inverse distance squared (ID2) interpolation method in a block model (block size equals five m by five m by five m).

By default, interpolated blocks were assigned to the inferred category.

The reclassification to an indicated category is defined in areas of spatial continuity in terms of information density visually observed and supported by the maximum distance to drill hole composites less than 30 m.

The number of metric tonnes was rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.

InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the mineral resource estimate.

Whittle parameters used: reference mining cost equals $3.75; milling cost equals $9.40/tonne; general and administrative equals $2.11/t; graphite price equals $1,910/t; milling recovery equals 95 per cent; wall slopes of 45 degrees in rock and 18 degrees in overburden.

Qualified person

Jean-Sebastien Lavallee (OGQ No. 773), PGeo, shareholder of both companies, president and chief executive officer of Canada Strategic Metals, is qualified person as defined by National Instrument 43-101. Mr. Lavallee drafted, reviewed and approved the technical and scientific content of this press release, except for the content relating to the resource estimate.

This press release has been reviewed and approved by Bruno Turcotte, PGeo, Guilhem Servelle, PGeo, and Dr. Vincent Jourdain, Eng, who are qualified persons within the meaning of the National Instrument 43-101 guidelines.

The resource estimate was prepared under the supervision of Dr. Jourdain, an InnovExplo geoscientist and consulting engineer. Dr. Jourdain, an independent qualified person within the meaning of National Instrument 43-101, has reviewed and approved the technical content of this press release as it relates to the resource estimate.

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