MONTREAL, QUEBEC and VANCOUVER, BRITISH-COLUMBIA–(Marketwired – Feb. 9, 2016) – Canada Strategic Metals Inc. (“Canada Strategic Metals” or “the Company”) (TSX VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) and Lomiko Metals Inc. (TSX VENTURE:LMR)(OTC:LMRMF)(FRANKFURT:DH8B) are pleased to announce a Resource for the La Loutre Flake Graphite Property of 18.4 M Tonnes of 3.19% Indicated and 16.7 M Tonnes at 3.75% Flake Graphite Inferred with a cut-off of 1.5%. The sensitivity table also features 4.1 M Tonnes of 6.5% Indicated and 6.2 M Tonnes at 6.1% Flake Graphite Inferred with a cut-off of 3%. The Resource is calculated on the Graphene-Battery Zone only and does not include recent high grade intercepts of 28.5 metres of 16.53% Cg and 21.5 metres of 11.53% Cg reported January 6, 2016 and 9% over 90.75 metres reported September 24th, 2015 from the Refractory Zone.
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 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”, stated A. Paul Gill, CEO, Lomiko Metals Inc., “Lomiko is proceeding with the PEA immediately.”
“We are very pleased with the results from the first resource estimate performed on the La Loutre property. The results from this resource estimate clearly demonstrate the strong potential for future development on the property, particularly with all the infrastructure around the project and the proximity with the Imerys Carbon mine. With 20% carry interest in the project, we hope to be able to leverage our interest to develop our others assets”, stated Jean-Sébastien Lavallée, President &CEO, Canada Strategic Metals. “We are very excited by the decision to move the project forward to PEA level in the coming months.”
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.
InnovExplo performed the geological interpretation and correlated the mineralized zones on vertical sections spaced 50 metres apart. The mineralized-zone model was constructed to outline zones of continuous mineralization along an average trend of N150° and an average dip of 45°. A minimum width of 4.0 meters (true width) was respected for the interpretation model. InnovExplo constructed a mineralized-zone wireframe model delimiting the geologically defined extent of all mineralized zones. The 2016 Mineral resource Estimate includes 18 graphite-bearing zones grouping elevated graphite mineralization (assays > 4% Cg), 4 graphite-bearing zones containing low graphite grade (assays < 4 % Cg), 5 graphite-bearing quartzite (assays < 4% Cg), and a remaining external envelope hosting isolated low graphite grade.
The mineral resource was estimated using 3-D block modeling (block size = 5 m x 5 m x 5 m), with the grades of the blocks calculated using the inverse distance squared (ID2) interpolation method for a 1000-metre strike length corridor of the La Loutre deposit, down to a vertical depth of 180 metres below surface.
The resources are constrained in a Pit shell of 1,100 m by 350 m by 100 m maximal depth.
2016 Pit constrained Mineral Resource Estimate (Indicated and Inferred resources) at different cut-off grades – La Loutre Property
|All Zones||> 3.0||4,137,300||6.50||268,800|
|All Zones||> 3.0||6,181,000||6.11||377,600|
Jean-Sébastien Lavallée (OGQ #773), P. Geo, shareholder of both companies, President & CEO of Canada Strategic Metals and is Qualified Person as defined by National Instrument 43-101. Mr. Lavallée drafted, reviewed and approved the technical and scientific content of this press release, except for the content relating to the resource estimate.
This press release has been reviewed and approved by Bruno Turcotte, P. Geo, Guilhem Servelle, P. Geo., and Vincent Jourdain, Eng., who are qualified persons within the meaning of the National Instrument 43-101 guidelines.
The resource estimate was prepared under the supervision of Vincent Jourdain, an InnovExplo geoscientist and consulting engineer. Mr. Jourdain, an independent qualified person within the meaning of National Instrument 43-101, has reviewed and approved the technical content of this press release as it relates to the resource estimate.
About Canada Strategic Metals
Canada Strategic Metals is an emerging company focused on the exploration and development of a number of projects covering over 20,000 hectares in Quebec. With broad management experience in green technology and junior resource exploration and development, Canada Strategic Metals is well positioned to aggressively advance this promising property portfolio for its shareholders.
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 release.