Vancouver, BC (PRWEB) May 29, 2012
Canada-based graphite exploration company Lomiko Metals (TSX:LMR) is charging ahead in its effort to develop and expand its graphite resource base in Quebec. - (Financial Press)
In the last few weeks the company has surged past multiple major milestones on its way to capitalizing on the ongoing and resilient graphite boom. The company was encouraged with the detailed information on its Quatre Milles Property and has purchased the 2,180 Ha Quatre Milles West Property which covers similar geology.
Lomiko revealed in a May 22nd press release Graphite and Zinc Outlook is Favourable Through 2013 that Simon Moores of Industrial Minerals reported China, the dominant global supplier of graphite, had cut exports in January and February 2012. The total graphite export reductions were by 55.3% and 60.1% respectively from 2011 level exports from Hunan Province.
While China was cutting supplies to the world, Lomiko continues to advance towards stated objective of mounting “an aggressive exploration campaign on the Quatre Milles Graphite Property with a complete compilation of historic geologic work followed by surface mapping, prospecting and follow-up diamond drilling.”
The company’s development from this point will be centered on the exploration and development of its Quatre Milles graphite property in Quebec’s graphite belt.
The program will cover the most highly prospective graphite-bearing areas on the nearly 1,600 hectare property which covers 28 contiguous claims.
The program will include all of the elements of the “Phase I drilling” program advised by Consul-Teck Exploration in the in the Quatre Milles NI 43-101 report.
The details from the report state:
During Phase I, exploration work will be destined to validate and delineate the mineralize intersection drilled in 1991. This core will be used to evaluate the possibility of:
1) Determining the continuity of the mineral composition of the graphite intersection to a vertical depth of 75 metres
2) Carrying out chemical analysis and metallurgical testing of the whole length of the mineralize core for graphite.
The drilling program will encompass a total of 1500 meters as recommended in the study of the project. Each drill hole is expected to go to a depth of 100 meters. They will be spaced approximately 50 meters apart.
The holes will be drilled along the electromagnetic (EM) signature Lomiko has identified on the project which, when combined with surface geological work and historical results, signifies a significant likelihood of in-demand and highly valued large flake graphite.
Past analysis of the Quatre Milles property demonstrated the EM signature stretched for approximately 1.8 kilometers. The Phase I drill program and consist of between 15 and 20 holes when completed in order to cover the entire area.
The assay results of the program will likely start being made available within a few months.
Finally, Lomiko has added to its team of experienced mining and mining sector-specific professionals.
The company has recently announced Kumara Rachamalla to the board of advisors. Rachamalla is a former director of Holmer Gold Mines before it was acquired by Lake Shore Gold. He worked directly for the government of Ontario, was an advisor to institutional investors in Canada, U.S., Europe and the Far East on resource investments, and is an MBA, M.End, and P.Eng.
Lomiko has delivered on everything it has set out to do so far. The drilling results will guide the company’s future development. But at this point, it’s still one of the few companies in the graphite sector which has successfully advanced to the drilling stage of exploration.
Lomiko Metals trades on the TSX Venture Exchange under the symbol “LMR.” It’s also listed in the United States under the symbol “LMRMF.”
The company currently has a market capitalization of just over $5 million.
Learn more about Lomiko Metals at http://www.lomiko.com.