Lomiko Outlines 2012 Goals for High Purity, Large Flake
Crystalline Graphite Exploration
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2012) -
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LOMIKO METALS INC. (TSX VENTURE:LMR)(PINKSHEETS:LMRMF)(FRANKFURT:
DH8B) (the "Company") has established its 2012 goals regarding its
Quatre Milles Graphite Property. Lomiko outlined its strategy to
focus on electric minerals and gold for 2012 at the beginning of
the year and is pleased to report significant progress in the first
quarter of 2012.
On January 5, 2012, Lomiko announced it will earn 100% interest in
the 1,660 Ha Quatre Milles Flake Graphite Property located in
southwestern Quebec 175 km north-west of Montreal, by issuing 4
million common shares of Lomiko Metals Inc., paying $ 50,000 and
expending $ 200,000 over the next 3 years, subject to a 2% NSR. $
25,000 has been paid, 1,000,000 shares have been issued. All
payments are up to date.
Lomiko optioned the Quatre Milles Graphite Property in Quebec to
search for large flake, crystalline graphite which is sought after
for use in electric cars, fuel cells, pebble-bed nuclear reactors.
Graphene, a newly discovered, chicken-wire shaped formation of
carbon which is one-atom thick has also re-kindled interest in
large flake graphite properties. Graphene has incredible properties
that can make it 200 times stronger than steel, a superconductor
and heat-resistant. Research scientists world-wide are
experimenting with new technology that use graphene and many new
patents have been filed since the Nobel Prize was awarded for its
discovery in 2010.
On January 31, 2012, Lomiko appointed Consul-Teck Exploration
Services of Val d'Or, Quebec as the consulting geologists for the
property. Lomiko then closed a non-brokered private placement of $
903,320 by issuing 9,033,200 shares for exploration and working
capital on March 2, 2012.
On March 27, 2012, a 43-101 compliant report by Consul-Teck
Exploration Services regarding the Quatre Milles was accepted by
the TSX-Venture Exchange and was filed on Sedar (Canadian
Securities Administrator Website).
Consul-Teck has proposed a budget of $307, 028 for Phase I and a
contingent $724,041 for Phase II for work for the property in the
technical report. Lomiko is now proceeding with commencement of
exploration program requirements.
Lomiko's drilling will focus on verifying the areas of historical
high-grade graphite intersected previously by Graphicor on the
property. The historical results are detailed below. It is Lomiko's
goal to complete both Phase I & II and establish a flake
graphite resource at the Quatre Milles Property by December
Lomiko's 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 completed reconnaissance mapping and prospecting as well
as ground geophysics and a 26 hole diamond drill program totaling
The work identified several conductive trends in the central
portion of the property and at least three, relatively flat lying
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. A table of results from the
HOLE NO. FROM (M) TO (M) WIDTH (M) GRADE (% CGP)
Q90-1 8.94 10.46 1.52 7.33
Q90-2 28.68 30.13 1.45 10.38
Q90-3 16.23 17.84 1.61 4.09
Q90-4 9.4 14.1 4.7 3.95
Q90-5 2 3.90 1.90 2.07
Q90-5 22.13 23.25 1.12 10.52
Q90-6 32.54 41.19 8.65 8.07
Q90-6 43.47 44.05 0.98 3.87
Q90-7 3.94 32.54 28.60 8.07
Q90-8 1.54 2.16 0.62 14.89
Q90-8 5.23 8.05 2.82 7.45
Q90-9 2.05 3.10 1.05 8.47
Q90-9 5.76 6.8 1.04 10.86
Q90-10 2.14 5.54 3.40 8.02
Q90-10 7.03 7.61 0.58 10.59
Q90-10 8.53 9.03 0.50 15.48
Q90-10 9.27 11.24 1.97 12.37
Q90-10 14.16 15.46 1.30 4.26
Q90-11 26.82 34.02 7.20 4.63
Q90-12 0.94 8.53 7.59 8.60
Q90-12 38.16 43.61 5.45 3.79
Q90-13 0.69 10.28 9.59 4.64
Q90-13 40.95 43.14 2.19 3.82
Q90-14 5.56 7.22 1.66 8.12
Q90-15 2.21 5.59 3.38 9.76
Q90-17 15.48 18.63 3.15 8.11
Q90-17 21.43 23.67 2.24 13.29
Q90-17 36.77 47.97 11.20 5.88
Q90-17 57.15 58.21 1.06 9.53
Q90-17 59.54 69.82 10.28 5.99
Q90-18 10.68 12.90 2.22 8.12
Q90-19 47.80 49.25 1.45 9.16
Q90-19 50.42 58.49 8.07 5.72
Q90-20 13.51 16.98 3.47 5.81
Q90-21 2.80 4.98 2.18 5.56
Q90-22 17.37 20.04 2.67 2.58
Q90-24 1.78 4.14 2.36 3.77
Q90-24 12.32 13.09 0.77 4.20
Q90-24 16.86 18.66 1.80 4.96
Q90-25 19.69 21.24 1.55 3.67
Q90-25 25.27 26.65 1.38 9.66
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.
- The price for flake graphite is $ 2000-$4000 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
- Demand for graphite is expected to rise as electric vehicles and
lithium battery technology are adopted, nuclear reactors are built
in China, and if fuel cells and graphene patents become
- 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).
- Natural graphite comes in several forms: flake, vein, amorphous
- 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 needed 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.
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 Lavallée (OGQ #773), geologist, a Qualified Person
as defined by National Instrument 43-101, has reviewed and approved
the technical content of this release.