Lomiko Metals shares take off on new drill results

La Loutre graphite property. Credit: Lomiko Metals.

Lomiko Metals Inc. (TSXV:LMR) today released drill results from the remaining 16 holes at the Refractory zone of the La Loutre graphite project in Québec. La Loutre is 80% owned by Lomiko, while Québec Precious Metals Corp. (TSXV:CJC) owns the rest of the project.

Lomiko’s shares shot up by 12.5% on the news Tuesday. The company’s market cap currently stands at approximately C$3.4 million.

The new drill results include multiple intercepts over 100 metres and exceeding 10% Cg (carbon flake graphite), highlighted by 18.85% Cg over 7.5 m, 9.89% Cg over 103.5 m, 4.93% Cg over 111.0 m and 12.38% Cg over 16.3 m.

Based on a technical report released in March 2016, La Loutre contains an estimated mineral resource of 18.4 million tonnes at 3.19% Cg in the indicated category and 16.7 million tonnes at 3.75% Cg in the inferred category. The project is located about 53 km away from Imerys Graphite & Carbon’s mine in Lac-des-Îles — the only operating graphite mine in North America.

Lomiko plans to follow up on the results by completing a new resource estimate for the entire project, including the 36 new holes completed since the 2016 report.

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