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Lomiko Metals Inc. (TSXV:LMR,OTCQX:LMRMF,FSE:DH8B) announced they have released a resource for the La Loutre flake graphite property of 18.4 million tonnes of 3.19 per cent indicated and 16.7 million tonnes at 3.75 per cent flake graphite inferred with a cut-off of 1.5 per cent.
Lomiko Metals Inc. (TSXV:LMR,OTCQX:LMRMF,FSE:DH8B) announced they have released a resource for the La Loutre flake graphite property of 18.4 million tonnes of 3.19 per cent indicated and 16.7 million tonnes at 3.75 per cent flake graphite inferred with a cut-off of 1.5 per cent.
As quoted in the press release:
The La Loutre property consists of contiguous claim blocks totalling approximately 2,867.29 hectares (28.67 km2) situated approximately 53 km east of Imerys Carbon and Graphite, formerly known as the Timcal Graphite Mine, North America’s only operating graphite mine, and 117 km northwest of the International Port of Montreal, key to shipping to North America and Europe. Lomiko is currently completing an option to acquire 80% of the property which requires $665,000 more in work and issuing of 1.5 Million shares to be issue February 15th, 2016.
The La Loutre Resource is constrained within a drilled area of approximately 900 m along the N150° striking trend of the graphitic paragneiss, 250 m across the strike and 225 m below surface. Geological interpretation and estimation were based on 62 NQ drill holes (totaling 8,193.3 m) drilled by Lomiko and Canada Strategic Metals in 2014 and 2015.
Lomiko Metals CEO, A. Paul Gill, stated:
he La Loutre Property is located close to the Imerys Carbon and Graphite Mine and benefits from similar infrastructure advantages and similar flake graphite grade, deposit size and near surface mineralization amenable to low cost, small footprint extraction. All of these elements make this an excellent candidate for a positive PEA, Lomiko is proceeding with the PEA immediately.