Lomiko Metals Inc TSXV:LMR announced a letter of agreement to acquire a 100% interest in the Quatre Milles West Property in south Quebec. Under the agreement, Lomiko pays three vendors a total of $3,000 and issues 1.8 million shares. The vendors retain a 2% NSR, half of which Lomiko may buy for $1 million.
The 2,180-hectare property covers the western extension of the geology that hosts the graphite-bearing structures shown in historic drilling at the company’s Quatre Milles Property. The combined property now covers two claim blocks, one eight kilometres by seven kilometres, and the other seven kilometres by five kilometres, bringing the expanded Quatre Milles Property from approximately 1,600 hectares to 3,780 hectares.
Lomiko plans an exploration program for the Quatre Milles Property including mapping, prospecting and drilling to test and confirm historic high-grade graphite intersected previously by Graphicor Resources in a 26-hole, 1,625-metre drill program.
Given the price tag—there’s no major cash outlay and the shares over time are very reasonable—we’ve basically doubled our potential here with a similar geological setting—Paul Gill
CEO Paul Gill tells ResourceClips.com, “The geologist we’re working with, Jean-Sébastien Lavallée, identified this property a little while ago and brought it to our attention. He’s part of a group that includes Zimtu Capital TSXV:ZC and the vendor of the original Quatre Milles Property, Michel Robert. Given the price tag—there’s no major cash outlay and the shares over time are very reasonable—we’ve basically doubled our potential here with a similar geological setting. It’s perfect for us. The EM conductor over similar geology at the original Quatre Milles Property has good results, so we anticipate good results from the new property. So, after we issue 1.8 million shares and pay $3,000, we’ll own that property 100%, subject to a 2% NSR.”
Lomiko has a $307,000, 16-hole drill program scheduled for its original Quatre Milles Property.
“We’ll be working the first property, so we’ll have our crew do some initial work on the new property and identify targets there too,” Gill says. “Probably the first thing to do there is an EM survey. The crew will be on the original property very shortly, and drilling could start in June.”
The company also has the 5,407-hectare Vines Lake Property in north BC, adjacent to China Minerals Mining’s TSXV:CMV Table Mountain Project.
“China Minerals is doing $3 million of work on their property,” Gill points out. “We’re going to do some work up there too. We’ve had good results, and I’m about to put a new PowerPoint presentation on our website with the zinc, gold and silver finds at Vines Lake. It’s very interesting that there’s an electromagnetic anomaly in the very far northeast of our property, which is nearest to the Table Mountain Mine. There’s actually a hole that occurs in the rock based on the electromagnetics. That’s the area where we had intensive gold and silver finds, so that’s very good news because it looks like there’s a faulting or some sort of system that pushed up through those rocks. So we want to explore that. We want to look at the large zinc anomaly as well for outcrops.”
Gill concludes, “We’re excited about the upcoming drill program at Quatre Milles, and we’re at the point where we can add a lot of value to the company based on the results.”
A. Paul Gill
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by Greg Klein