Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Lomiko Metals Inc. (LMR) is planning to develop the La Loutre Graphite Project in southern Quebec
  • The company wishes to take advantage of the high-grade flake graphite assets on the property
  • High-grade flake graphite is currently used in the production of lithium-ion batteries and has become higher in demand over the last few years.
  • Grades as high as 16% have been intersected on the property
  • Last year the company’s stock fell by more than 37%
  • Lomiko Metals (LMR) remained steady, with shares currently trading at C$0.05

Lomiko Metals Inc. has outlined its plans this year to move forward on its La Loutre Property in southern Quebec.

Last year the company announced the discovery of flake graphite on the property.

La Loutre is the only operating graphite mine in the north Americas.

The property has an estimated 18.4 million tonnes of 3.19 percent of flake graphite.

Amongst this resource is 4.1 million tonnes of 6.5 per cent indicated and 6.2 million tonnes at 6.1% flake graphite inferred.

This higher-grade graphite is of particular note to the company because it falls within the “graphene battery zone”. This grade means the graphite is suitable for use in lithium-ion batteries. 

In 2016 the company announced grades as high as 16.53 per cent of graphite had been intersected on the property.

Based on these results and the growing demand for high-grade graphite for modern-battery production, Lomiko has shifted its aims and now wishes to fully-own and develop the La Loutre Property.

Today it announced its three goals over the coming year. Firstly, the company wishes to own a 100% interest in the property. It currently owns around 80%.

The company would also like to complete the characterisation of the graphite on-site in order to gain a better picture of the resource’s extent on the property. 

Following on from that, a preliminary economic assessment will be performed to see if a full-scale operation would be viable.

2019 saw the Canadian exploration company’s share price fall 37 per cent. The company also agreed to sell its subsidiary Lomiko Technologies (LT) for C$1.2 million as it was unable to fund LT moving forward and wished instead to focus on developing La Loutre.

Lomiko Metals (LMR) remained steady, with shares currently trading at C$0.05

More From The Market Herald

" Mining investors rejoice! VRIC 2023 fast approaches

Less than one week from today, the Vancouver Resource Investment Conference (VRIC) will showcase over 300 of the most prominent companies in the
Trulieve Cannabis Corp. - CEO, Kim Rivers.

" Trulieve Cannabis (CSE:TRUL) launching brands in West Virginia

Multi-state cannabis company, Trulieve Cannabis Corp. (TRUL), has begun launching two of its proprietary brands in West Virginia, U.S.

" Gold Lion (CSE:GL) acquires option to MIA LI-3 Lithium Project in the James Bay region

Gold Lion Resources (GL) has acquired the rights to a property option agreement.
The Market Herald Video

" Silver Bullet Mines (TSXV:SBMI) discovers new sulphide vein structures at its Buckeye Silver Mine

Silver Bullet Mines Corp. (SBMI) reported results from its Buckeye Silver Mine in Arizona.