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Lomiko Metals Inc (2)
Symbol LMR
Shares Issued 346,573,313
Close 2023-02-06 C$ 0.03
Market Cap C$ 10,397,199
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Lomiko completes PFS flotation program at La Loutre

2023-02-06 16:37 ET - News Release

Ms. Belinda Labatte reports

LOMIKO METALS' LA LOUTRE GRAPHITE PRE-FEASIBILITY LEVEL FLOTATION OPTIMIZATION STUDIES PRODUCE CONSISTENT HIGH-GRADE FLOTATION CONCENTRATES GRADING UP TO 99.7% C(T)

Lomiko Metals Inc. has provided an update on the optimization studies of the concentrator flowsheet design and the development of graphite value-add processes, as detailed herein.

Lomiko Metals completed a prefeasibility (PFS) level flotation flowsheet optimization program that culminated in a flowsheet for the company's PFS for its La Loutre property. The samples submitted for metallurgical testing were selected by InnovExplo in Val d'Or, Que. Three different types of composites were generated: mine plan, domain and grade composites. The mine plan composites represented the first several years of expected mine operations and were blended in the appropriate ratio into a master composite containing material from the EV zone. This master composite was used in the flowsheet optimization program and produced consistent high-grade flotation concentrates. The total weight of the samples was approximately 640 kilograms.

The flowsheet optimization program was carried out by SGS Lakefield Inc. (SGS) using the above samples and the final report was completed by Metpro Management Inc.

At the end of the optimization program, this master composite containing only material from the EV zone was subjected to a locked-cycle flotation test (LCT). The LCT simulates the metallurgical performance of a continuous plant operation. The LCT produced a combined concentrate grade of 98.6 per cent C(g) at a closed-circuit graphite recovery of 94.7 per cent. Please refer to the first attached table for details.

The robustness of the flowsheet was verified in open-circuit tests with 12 variability composites, which represented different phases in the mine plan, domains and head grades. The average concentrate grade of the 15 variability flotation tests, which included three repeat tests, was 97.9 per cent C(t) with a low relative standard variation of 1.08 per cent. Taking into account the standard deviation, the lowest value of 95.2 per cent C(t) is considered an outlier. All other tests produced consistently high grades between 96.4 per cent C(t) and 99.7 per cent C(t) as shown in the second attached table.

Belinda Labatte, chief executive officer and director, stated: "We are very pleased to achieve a high purity of La Loutre's graphite flotation concentrate in the LCT testing which is indicative of the grades to be produced in the operational setting. It is very encouraging to see that the PFS level of metallurgical testing shows that Lomiko can achieve a purity of 98.6 per cent C(g) while recovering 94.7 per cent C(g) of the graphite using a master composite that represents the first several years of operations. The consistently high-flotation concentrate grades that were achieved from head grades ranging from as low as 1.39 per cent C(g) to as high as 9.86 per cent C(g) demonstrate a high level of robustness of the proposed flow sheet."

Open circuit tests

A summary of pertinent results of the variability flotation program is presented in the second attached table including a basic statistical analysis.

The open circuit graphite recovery displayed more variance with graphite recoveries between 78.0 per cent and 92.6 per cent with an average value of 87.2 per cent. Open circuit tests treat intermediate tailings streams as final tailings and, therefore, overstate losses that would be incurred during closed circuit operation. In a commercial plant the circuit is closed and the intermediate tailings are cycled back to the previous flotation stage. This allows any graphite particles lost to the intermediate tailings to be recovered into the flotation concentrate. Hence overall graphite recoveries are expected to increase noticeably during closed circuit operation as demonstrated by the LCT.

The robustness of the proposed flowsheet and conditions is further underlined by the fact that these very consistent metallurgical results were achieved for head grades ranging from as low as 1.39 per cent C(g) to as high as 10.3 per cent C(g). This range of head grade variation frequently requires significant adjustments to the process conditions, which was not required for the La Loutre mineralization since all tests employed identical flotation conditions.

Repeat tests conducted on three composites displayed very low test-to-test variance with regard to final concentrate grade and open circuit recovery.

LCT size fraction analysis

In the LCT test, the final concentrates of the EV master composite LCT were submitted for a size fraction analysis and the weighted combined concentrate grade and size distribution are presented in the third attached table. A total of 24 per cent of the concentrate mass reported to the plus 80 mesh size fractions at a grade of 98.6 per cent C(t). Approximately 12.7 per cent of the mass reported to the negative 325 mesh product at a very high grade of 99.0 per cent C(t).

The EV zone is scheduled to be mined first and accounts for two-thirds of the graphite production as outlined in the July, 2021, preliminary economic assessment (PEA).

The high flotation concentrate grades facilitate different marketing or process options. The study indicates it may be possible to sell the high-grade concentrates into specialty markets that require a 98 to 99 per cent C(t) concentrate grade.

The reconciled combined concentrate grade of 99.1 per cent C(t) is slightly higher than the direct concentrate grade of 98.6 per cent C(t) for the LCT. The reasons for the small discrepancies are sampling and analytical measurement uncertainties, which are inherent with any assay method.

Next steps

A 10.5 kg bulk flotation concentrate was generated during the PFS metallurgical program and has been dispatched to ProGraphite in Germany for micronization, spheroidization and purification testing to produce spheroidized and purified graphite (SPG). Results of this value-add program are expected late Q1 or early Q2 2023.

Parallel purification work will be conducted by Corem in Quebec City, where Corem will further upgrade the SPG material by carbon coating into coated, spheroidized and purified graphite (CSPG), which will then be evaluated in battery trials by Polaris Battery Labs. Complete test results are expected in late Q2 or early Q3 2023. The company continues to actively work with partners in Quebec for battery trials as a next step.

The company's updated investor presentation and website can be found on the Lomiko wesbite.

Qualified person

Oliver Peters, a principal metallurgist with Metpro Management Inc., is a qualified person within the meaning of National Instrument 43-101. Mr. Peters is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.

About Lomiko Metals Inc.

The company holds mineral interests in its La Loutre graphite development in Southern Quebec. The La Loutre project site is located 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 kilometres northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totalling 4,528 hectares (45.3 square kilometres).

The property is underlain by rocks belonging to the Grenville province of the Precambrian Canadian Shield. The Grenville was formed under conditions that were very favourable for the development of coarse-grained, flake-type graphite mineralization from organic-rich material during high-temperature metamorphism.

Lomiko Metals published a July 29, 2021, preliminary economic estimate (PEA) 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 tonnes 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, collectively the report authors.

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