Lomiko Metals Inc. is pleased to announce that, in connection with its previously announced amended option agreement with Critical Elements Lithium Corporation (“CELC”) on the Bourier project (see news release dated January 25, 2022 for more details), the Company has successfully earned its 49% interest in the project. The final exploration results are pending as CELC, the project operator, is still receiving the assay results from the 2023 field program.
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).
To earn its 49% interest in the Bourier project (the “First Option”), Lomiko Metals needed to incur or fund exploration expenditures aggregating not less than $1,300,000 on the project.
The Company holds mineral interests in its La Loutre graphite development in southern Quebec. The La Loutre project site is within the Kitigan Zibi Anishinabeg (KZA) First Nation’s territory. The KZA First Nation is part of the Algonquin Nation, and the KZA traditional territory is situated within the Outaouais and Laurentides regions. Located 180 kilometers northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totaling 4,528 hectares (45.3 km2).