Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or
“Lomiko”) and Critical Elements Lithium Corporation (TSX-V:
CRE) (US OTCQX: CRECF) (FSE: F12) (“Critical Elements” or
“CELC”) are pleased to announce the following amendment to
the Bourier Lithium Option Agreement. The Bourier lithium project
consists of 203 claims for a total ground position of 10,252.20
hectares (102.52 km2) in a region of Quebec that boasts other
lithium deposits and known lithium mineralization.
Lomiko’s CEO and Director Belinda Labatte stated: “We are
pleased to work with Critical Elements Lithium Corporation team on
an amendment of the Option Agreement so we can move forward in 2022
with a thoughtful and focused exploration campaign in a highly
prospective lithium district. We are now reviewing the findings
from the 2021 exploration program conducted with GoldSpot AI and
CELC as we plan our next steps for the spring exploration field
program. Preliminary Summer 2021 field exploration results have
revealed the discovery of five new sectors of pegmatites,
highlighting the potential of the Bourier project. GoldSpot’s AI
analysis revealed considerable lithium potential on the property.
During this program, a total of 15 high to moderate prospective
lithium targets were identified.”
Amendment to the Bourier Option Agreement with CELC
Lomiko and CELC entered into a property option agreement dated
April 24, 2021, pursuant to which Lomiko was granted an option to
acquire a 70% undivided interest in the Bourier Property. CELC
grants to Lomiko the exclusive right and option to acquire, on or
before December 31, 2022, an initial 49% earned interest (the
“First Option”) in the Bourier Property by issuing to CELC an
aggregate of 5,000,000 common shares of Lomiko, by making a cash
payment to CELC totaling $50,000, and by incurring or funding
exploration expenditures for a total amount of $1,300,000, of which
$550,000 must be incurred or funded by no later than December 31,
2021. As of that date, Lomiko had incurred or funded claims fees,
management fees and exploration expenditures in the amount of
$298,228, an amount which CELC hereby recognizes as forming part of
Lomiko’s exploration commitment under the First Option. The Parties
have agreed that the exploration shortfall of $251,772 shall be
carried forward and added to the exploration expenditures that
Lomiko is required to incur or fund under the First Option by no
later than December 31, 2022. The parties have also agreed that
Lomiko shall advance the exploration expenditures on receipt by
Lomiko of an approved exploration campaign program from CELC within
a delay of 60 days from the date of such approval.
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in new energy.
Lomiko represents a company with purpose: a people-first company
where we can manifest a world of abundant renewable energy with
Canadian and Quebec critical minerals for a solution in North
America. Our goal is to create a new energy future in Canada where
we will grow the critical minerals workforce, become a valued
partner and neighbour with the communities in which we operate, and
provide a secure and responsibly sourced supply of critical
minerals.
The Company holds a 100% interest in its La Loutre graphite
development in southern Quebec. The La Loutre project site is
located within the Kitigan Zibi Anishinabeg (KZA) First Nations
territory. The KZA First Nations are part of the Algonquin Nation
and the KZA territory is situated within the Outaouais and
Laurentides regions. Located 180 kilometres northwest of Montreal,
the property consists of 1 large, continuous block with 48 minerals
claims totaling 2,867 hectares (28.7km2). Lomiko Metals published a
Preliminary Economic Assessment (“PEA”) on September 10, 2021 which
indicated the project had a 15 year mine life producing per year
100,000 tonnes of the graphite concentrate at 95%Cg or a total of
1.5Mt of the graphite concentrate. This report was prepared as
National Instrument 43-101 Technical Report for Lomiko Metals Inc.
by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose
Mountain Technical Services, and Metpro Management Inc.,
collectively the Report Authors.
Lomiko is working with Critical Elements Lithium Corporation to
earn its 70% stake in the Bourier lithium project, as per an option
agreement announced April 27, 2021. The Bourier project site is
located near Nemaska Lithium and Critical Elements south-east of
the Eeyou Istchee James Bay territory in Quebec which consists of
203 claims, for a total ground position of 10,252.20 hectares
(102.52 km2), in Canada’s lithium triangle near the James Bay
region of Quebec that has historically housed lithium deposits and
mineralization trends.
About Critical Elements Lithium
Corporation
Critical Elements aspires to become a large, responsible
supplier of lithium to the flourishing electric vehicle and energy
storage system industries. To this end, Critical Elements is
advancing the wholly owned, high purity Rose lithium project in
Quebec. Rose is the Corporation’s first lithium project to be
advanced within a land portfolio of over 700 square kilometers. In
2017, the Corporation completed a feasibility study on Rose for the
production of spodumene concentrate. The internal rate of return
for the Project is estimated at 34.9% after tax, with a net present
value estimated at C$726 million at an 8% discount rate. In the
Corporation’s view, Quebec is strategically well-positioned for US
and EU markets and boasts good infrastructure including a low-cost,
low-carbon power grid featuring 93% hydroelectricity. The project
has received approval from the Federal Minister of Environment and
Climate Change on the recommendation of the Joint Assessment
Committee, comprised of representatives from the Impact Assessment
Agency of Canada and the Cree Nation Government; The Corporation is
working to obtain similar approval under the Quebec environmental
assessment process. The Corporation also has a good, formalized
relationship with the Cree Nation.
Mr. Mike Petrina, Project Manager, a Qualified Person under
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects, has reviewed and approved the technical disclosure in
this news release.
For more information on Lomiko Metals, review the website at
www.lomiko.com, contact Belinda Labatte at 647-402-8379 or email:
info@lomiko.com.
For more information on Critical Elements, review the website at
www.cecorp.ca, contact Patrick Laperrière at 514-817-1119 or email:
plaperriere@cecorp.ca or Jean-Sébastien Lavallée at 819-354-5146 or
email: jslavallee@cecorp.ca.
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: the Company’s objective to become
a responsible supplier of critical minerals, exploration of the
Company’s projects, including expected costs of exploration and
timing to achieve certain milestones, including 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, the
Company's financial position or operations, and the expected timing
of announcements in this regard. 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: current market for critical minerals; current
technological trends; the business relationship between the Company
and its business partners; ability to implement its business
strategy and to fund, explore, advance and develop each of its
projects, including results therefrom and timing thereof; the
ability to operate in a safe and effective manner; uncertainties
related to receiving and maintaining exploration, environmental and
other permits or approvals in Quebec; any unforeseen impacts of
COVID-19; impact of increasing competition in the mineral
exploration business, including the Company’s competitive position
in the industry; general economic conditions, including in relation
to currency controls and interest rate fluctuations.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
On behalf of the Board, Belinda Labatte CEO and Director, Lomiko
Metals Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20220125005827/en/
For investor inquiries, please contact: Kimberly Darlington
Investor Relations, Lomiko Metals Inc. k.darlington@lomiko.com
514-771-3398
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