Lomiko Updates Investors on the Graphene-Battery Zone and Renamed EV Zone at La Loutre Flake Graphite Project

Rhea-AI Summary

Lomiko Metals Inc. is progressing with its Preliminary Economic Assessment (PEA) at the La Loutre Flake Graphite Project. The company has renamed the Refractory Zone to the EV Zone to eliminate confusion regarding the geological terminology. The EV Zone was part of a successful drilling campaign in 2019. An independent technical report conducted in 2016 indicated a mineral resource estimate of 18.4 million tonnes at a grade of 3.19% carbon flake graphite, enhancing the project's prospects.

Positive

• Progress on the Preliminary Economic Assessment (PEA) indicates ongoing development.
• Successful drilling campaign in 2019 at the EV Zone supports resource potential.
• Independent report confirms mineral resource estimate of 18.4 million tonnes at 3.19% carbon flake graphite.

Negative

• None.

Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) (Lomiko or the “Company”) is currently working on the Preliminary Economic Assessment (“PEA”) at the La Loutre Flake Graphite Project. Lomiko has re-named the Refractory Zone to the EV Zone. The name ‘Refractory’ was not a reference to the type of ore found but to an end-product for flake graphite like batteries or graphene, which are the names of the other zones. However, because it is also a geology term, it caused confusion for readers. There is no indication of ‘Refractory’ ore on the property.

La Loutre Access Road (Photo: Business Wire)

Graphene-Battery Zone

The successful 2019 drilling campaign was at the EV Zone (formerly Refractory). Please see the detailed EV Zone drill map for details. The Project was also the subject of an independent technical report in accordance with NI 43-101 - Standards of Disclosure for Mineral Projects, prepared by B. Turcotte and G. Servelle of InnovExplo Inc. from Val-d’Or, Québec, and O. Peters, of AGP Mining Inc., dated March 24, 2016, filed for the Project’s combined Graphene-Battery Zone. The report presented a mineral resource estimate of 18.4 M Tonnes at a grade of 3.19% carbon flake graphite (“

FAQ

What does Lomiko Metals' renaming of the Refractory Zone to the EV Zone signify?

The renaming aims to reduce confusion as the term 'Refractory' is associated with geology rather than the actual ore type.

What was the outcome of the independent technical report for the La Loutre Project?

The report provided a mineral resource estimate of 18.4 million tonnes at a grade of 3.19% carbon flake graphite.

What are the next steps following Lomiko Metals' Preliminary Economic Assessment?

Lomiko Metals is expected to advance its development plans based on the findings from the PEA.

How did the 2019 drilling campaign impact Lomiko Metals' projects?

The successful drilling campaign at the EV Zone supports the project's resource potential and strategic direction.