These claims cover 678 hectares (6,780 Sq km). The agreement was signed on
The Property is located 40 km west of
Carmin Property and historical works
All work including the mineral resource and mineral reserve estimates are considered to be historic. The Property consists of the Carmin deposit which consists of three previously identified mineral occurrences identified as site A, B and C; where the main mineral occurrence is identified as Site A. The historical estimate was completed by
The historic mineral resource estimate is based on Site A and the 91 boreholes drilled for a total of 5,688 metres, with the average hole depth of 62.5 m. The historic mineral resource estimate for Site B is based on 27 holes for a total of 2,937m metres and average hole depth of 108.8m.
The original historical estimate contemplated certain assumptions where the mineral resources are stated as Proven and Probable resources for Sites A and B. This historic pre-feasibility study wasn't completed in compliance with current CIM guidelines and NI-43-101 reporting requirements.
Site A: total in place 1.55 Mt at 10.0% Cg
Proven: 1.47 Mt at 10.29% Cg (holes drilled at 25meters spacing) - likely measured
Probable: 0.073 Mt at 4.10% Cg
In-situ graphite content:155,000t
Site B: in place
Proven 123,000t at 13.1% Cg
Probable: 39,000t at 13.1% Cg
Site C: undetermined mineral resources
Lomiko has not done sufficient work to classify the historical estimate as a current resource, however the Company believes the original results can be relied upon to determine a subsequent exploration drill program, with the objective of updating the historical estimate using NI 43-101 guidelines. The Company is not treating the historical estimate as a current resource ('Historical estimate' - a non-verified estimate prepared prior to issuer's interest in the property).
A historic Pre-feasibility study was completed in
Exploitable reserves: 1,013,000 tonnes at 8.75% Cg, diluted using 15% dilution at 1% Cg
Cut-off content: 3% Cg
Strip ratio waste: ore: 2:1
Plant production of 87,200t or 15,000 tons of concentrate per year, mine life of 6 years
Definitive Agreement terms
Lomiko to acquire
Lomiko to acquire private owner's interest in the mineral rights forming part of the Property in consideration of (i) the issuance to the private owner of 1,250,000 Shares and (ii) the granting to the private owner of a 0.75% royalty on the NSRs on the Property. However, Lomiko retains the exclusive and irrevocable right and option to redeem one-third of the royalty, thereby reducing the royalty to 0.50% NSR, for a total amount of
The transaction is subject to customary closing conditions including the approval of the
About
The Company holds mineral interests in its La Loutre graphite development in southern
The Property is underlain by rocks belonging to the
In addition to La Loutre, Lomiko is working with
Contact:
Tel: 647-391-7344
Email: info@lomiko.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains 'forward-looking information' within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company and any other information herein that is not a historical fact may be 'forward-looking information' ('FLI'). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include words such as 'anticipates', 'plans', 'continues', 'estimates', 'expects', 'may', 'will', 'projects', 'predicts', 'proposes', 'potential', 'target', 'implement', 'scheduled', 'intends', 'could', 'might', 'should', 'believe' and similar words or expressions. FLI in this new release includes, but is not limited to: expected timing of completion of the closing conditions in connection with the acquisition and closing of the acquisition, expected costs of exploration and timing to achieve certain milestones, timing for completion of exploration programs; the Company's ability to successfully fund, or remain fully funded for the implementation of its business strategy and for exploration of any of its projects (including from the capital markets); any anticipated impacts of COVID-19 on the Company's business objectives or projects and the Company's financial position or operations. FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. This FLI reflects the Company's current views about future events, and while considered reasonable by the Company at this time, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: the ability of the Company to meet the closing conditions of the acquisition, including regulatory approval, and complete the transaction within the anticipated timing; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; uncertainties related to receiving and maintaining exploration, environmental and other permits or approvals in
The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the 'Forward-Looking Statements' section contained in the Company's most recent management's discussion and analysis (MD&A), which is available on SEDAR at www.sedar.com, and on the investor presentation on its website. All FLI in this news release are made as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.
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