Lomiko Options 40% of the La Loutre Crystalline Flake Graphite Property From Canada Strategic Metals
September 23, 2014 (Source: Marketwired) — LOMIKO METALS INC. (TSX VENTURE:LMR)(PINKSHEETS:LMRMF)(FRANKFURT:DH8B) (the “Company”) is pleased to announce that it has optioned a 40% interest in the La Loutre Crystalline Flake Graphite Property located in Quebec. Of particular interest to Lomiko was an area of the property which reported grab samples up to 22.04% Carbon Flake Graphite (CFG) and Carbon Purity Test results reporting up to 100.00% Carbon Purity in the Large and Extra Large Flake Graphite.
Lomiko will acquire a 40% interest in the La Loutre Property by issuing an aggregate of 1,250,000 common shares, at a deemed price of $0.07 Cdn. 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 1,250,000 common shares within ten (10) business days following the date of TSX approval (Effective Date); and
- incurring Exploration Expenditures aggregating 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 Toronto Stock Exchange.
The La Loutre Property consists of 1 large contiguous block of 42 mineral claims totaling 2,508.97 hectares (25.09 km2) located approximately 53 km east of Timcal’s Lac des Iles graphite mine, 117 km northwest of Montréal in southern Québec.
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 (EM) survey, prospecting and reconnaissance geological mapping, their work identified several zones of parallel conductors each measuring as much as 2 kilometers 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 1-10% graphite on surface, including visible flakes, with the showings indicating an apparent strike length of approximately 5 kilometers, 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 7 kilometers by 1 kilometer with results of up to 22.04% graphite in multiple parallel zones of 30-50 meters wide. Another area has also been identified covering approximately 2 kilometers by 1 kilometer in multiple parallel zones of 20-50 meters wide which includes results up to 18% graphite.
|La Loutre graphite purity results|
|US Mesh Sieve Size||Sample #1
|Size class||Grade, %
|200 – 100 mesh||22.12%||Small||100.00%|
|>50 mesh||36.66%||Extra Large||87.72%|
|Total ( 200)||85.74%||Average Grade||94.74%|
|US Mesh Sieve Size||Sample #2
|Size class||Grade, %
|200 – 100 mesh||21.26%||Small||98.15%|
|>50 mesh||35.67%||Extra Large||96.15%|
|Total ( 200)||87.00%||Average Grade||97.45%|
|US Mesh Sieve Size||Sample #3
|Size class||Grade, %
|200 – 100 mesh||23.68%||Small||100.00%|
|>50 mesh||27.47%||Extra Large||100.00%|
|Total ( 200)||85.42%||Average Grade||99.86%|
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|Graphite Results (Sample Number & Graphite Percentage)|
|* Grab samples are selective by nature and are unlikely to represent the average grade of a deposit.|
Jean-Sebastien Lavallée (OGQ #773), geologist, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.
On Behalf of the Board
“A. Paul Gill”, Chief Executive Officer
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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