Lomiko to Complete 43-101 Report on Previous Drilling at the Quatre Milles Graphite Property, Quebec
(via Thenewswire.ca)
Lomiko Metals Inc. (TSX-V: LMR; OTC: LMRMF; FSE: DH8B, Europe: ISIN:
CA54163Q1028, WKN: A0Q9W7) (the "Company" or
"Lomiko") has engaged Consul-Teck Mineral Exploration
Consultants Inc. ("Consul-Teck") to explore the Quatre
Milles Graphite Property located in southwestern Quebec. Consul-Teck
will be amalgamating and reporting on all historical information
related to the Quatre Milles Property including previous drilling.
Jean-Sebastien Lavallee, P.Geo and Qualified Person for the project
will complete the report.
Historical Highlights
-Graphicor completed reconnaissance mapping and prospecting as well as
ground geophysics and a 26 hole diamond drill program totaling 1,625
metres.
-The work identified several conductive trends in the central portion
of the property and at least three, relatively flat lying graphitic
beds.
-Three surface samples were collected and analyzed returning results
of 14.16% Cgf, 18.06% Cgf and 20.35% Cgf.
-23 of the initial 26 drill holes intersected graphite concentrations
with graphite concentration in range of 4.69% in hole Q90-1 to a
highlight of 8.07% Cgf over 28.60 metres in hole Q90-7.
-The highest individual assay was reported in hole Q90-10 reporting
15.48% Cgf over 0.50 metres.
The Company cautions that it has not had the chance to verify the
quality and accuracy of the historic sampling and drilling results
reported in this news release which predate the introduction of NI
43-101 and cautions readers not to rely upon them. The historic
figures were generated from sources believed to be reliable, however,
they have not been confirmed. Although the sampling and drilling
results are relevant, they have not been verified.
Quatre Milles Graphite Property
The Quatre Milles Property is road accessible and is located
approximately 175 km northwest of Montreal and 17 km due north of the
village of Sainte-Veronique, Quebec. The property consists of 28
contiguous claims totaling approximately 1,600 hectares.
The property was originally staked and explored by Graphicor Resources
Inc. ("Graphicor") in the summer of 1989 based on the
results of a regional helicopter-borne EM survey. The underlying
geology consists of intercalated biotite gneiss, biotite feldspar
gneiss, marble, quartzite and calc-silicate lithologies of the Central
Metasedimentary Belt of the Grenville Province.
Graphicor geologists commented that the results of the initial drill
program were extremely encouraging and recommended additional detailed
drilling to properly understand and evaluate the potential of the
property.
Graphite Market
-The price for flake graphite is $ 2000-$3000 per tonne depending on
flake size and grade.
-Graphite prices have been increasing in recent months and over the
last couple of years prices for large flake, high purity graphite (+80
mesh, 94-97%C) have more than doubled.
-Graphite prices have almost tripled since 2005 due to the ongoing
industrialization of China, India and other emerging economies and
resultant strong demand from traditional steel and automotive markets.
-Demand for graphite is expected to rise as electric vehicles and
lithium battery technology are adopted.
-China, which produces about 70 per cent of the world's graphite, is
seeing production and export growth leveling, and export taxes and a
licensing system have been instituted.
-Europe and the USA have both indicated graphite is of economic
importance and has a supply risk (Critical Raw Materials for the EU,
July 2010).
Graphite Facts
-Natural graphite comes in several forms: flake, amorphous and lump.
-Southwestern Quebec is host to some of the most favorable geological
terrain for graphite exploration in Canada and is known to host
graphite resources, including the nearby Lac Des Iles mine operated by
Timcal.
-Graphite has many important new applications such as lithium-ion
batteries, fuel cells, and nuclear and solar power that have the
potential to create significant incremental demand growth.
-There is roughly 20-30 times more graphite by weight need to produce
a lithium-ion battery than there is lithium.
-Of the 1.2 million tonnes of graphite produced annually,
approximately 40 per cent is of the most desirable flake type.
-High-growth, high-value graphite applications require large-flake and
high-purity graphite which is the prime exploration and development
target at the Quatre Milles Property.
Near-Term Strategy
Lomiko plans to mount an aggressive exploration campaign on the Quatre
Milles Graphite Property commencing with a complete compilation of
historic geologic work followed by surface mapping, prospecting and
follow-up diamond drilling.
Jean-Sebastien Lavallee (OGQ #773), geologist, a Qualified Person as
defined by National Instrument 43-101, has reviewed and approved the
technical content of this release.
For more information, review the website at www.lomiko.com, or contact
A. Paul Gill at 604-729-5312 or by email at: info@lomiko.com.
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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