Lomiko Metals Identifies New Gold Showing and Extends Multi-Element Anomalies to the South at the Yellow Fox Antimony, Silver, and Gold Property Located in Central Newfoundland
Gordana Slepcev, CEO, President, and Director, stated: “We are very excited about this new gold anomaly discovered with the second phase of the soil sampling, which builds on the great results we have seen with the Phase 1 results. This gold anomaly, now identified to be almost a one-kilometer-long, may extend south, and this is where we will focus with more soil sampling in Phase 3. Also, we are amazed to see anomalous values of Cerium and the magnitude of the Rare Earth anomalies with those soil sampling results spanning over 2.5 km long and individual anomalies up to 400m in width. This is indicated in the older studies, but not actively seen along the Dog
In addition,
Source: https://www.fraserinstitute.org/studies/annual-survey-mining-companies-2024
The Company’s management has previous working experience in
Highlights:
- Extension of high-priority multi-element targets to the south.
- New gold showing with assays up to 1.3 g/t – new western clam block just west of the Yellow Fox Showing.
- Soil sampling program successfully targeted stratigraphy south of Yellow Fox Showing, which yielded 59.413 g/t gold and areas of increased density of interpreted structures.
- 264 additional soil samples were collected in the Phase 2 program on 250m spaced lines trending 110 degrees. A total of 815 (Phase 1@551 and Phase 2 @264) samples were collected.
- Several high-priority targets with a similar trend (015 °) to that of mineralized vein sets at the Yellow Fox showing have been identified.
Please note that the results on an adjacent or nearby property (
Based on the success of the phase I soil sampling program (See news release,
Results from Phase II sampling continue to extend several highly prospective, multi-element (Au, Sb, Ag, Zn, Pb, As, Fe, Mn, Ce) soil anomalies a further 500m to the south. These new anomalies are trending roughly North(N)-Northeast(NE), similar to that of the highly prospective regional structures, which also trend N-NE. Several high-priority multi-element anomalies continue to trend to the south based on phase II results.
A new gold showing has been identified through prospecting, returning an assay of 1.3 grams per tonne (g/t), with this being the only sample taken at this location. This new gold showing is hosted within a zone of carbonatized granite with finely disseminated pyrite and is located in an area where little to no exploration work has been conducted. Further prospecting is planned this fall to further delineate and evaluate the carbonatization alteration halo of this newly discovered gold mineralization.
The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades on the property.
Phase I and II soil sampling have proven highly successful in locating and delineating potential mineralized structures on the Yellow Fox project, especially given the lack of outcrop. The next stages will include line cutting and ground geophysics to better define the orientation and location of high-priority targets, followed by surface trenching and a rare earths testing package within the cerium anomaly.
In July, the Government of
- Planning for the ground geophysics, followed by surface trenching.
- Line cutting, ground geophysics, and surface trenching permits have been received.
- Surface stripping will be followed by channel sampling and geological mapping at the new gold showing.
- Further evaluate and expand knowledge on the new west gold showing.
- Re-run the Rare Earth Elements (“REE”) specific test package for the assays outlining the cerium anomaly to check for other REE elements, including neodymium, praseodymium, scandium, gallium etc.
- Collect soil samples on the additional 3-5 lines south of the new gold anomaly to determine its extent.
- Cerium is used in producing glass, flat-screen TVs, low-energy light bulbs, and floodlights, in industrial catalytic processes to reduce emissions and crack hydrocarbons, and in manufacturing ceramics and steel.
Location Details
The Yellow Fox Property is located approximately 10 km southwest of the
Geologically,
Qualified Person
The technical content presented in this press release was reviewed and approved by Gordana Slepcev,
All samples were dried and then sent to
About
The Company holds mineral interests in its La Loutre graphite development in southern
The Property is underlain by rocks from the
The Company also holds interest in seven early-stage projects in southern
The stage graphite portfolio consists of 328 claims in total on seven early-stage projects covering 18,622 hectares in southern
- Ruisseau–grades up to 27.9 percent carbon graphite (“% Cg”) from four distinct high grade mineralized zones that are over 3km long;
- Meloche –grades up to 13.3% Cg from two distinct mineralized clusters;
- Tremblant –grades up to 11.6% Cg from numerous, widespread spot anomalies; and
-
Dieppe –grades up to 6.82% Cg from numerous, widespread spot anomalies and a distinct mineralized cluster. - Boyd–8 samples grades range from 5.61% Cg to 17.10 %Cg with all samples above 5.00% Cg.
The technical content regarding the exploration results presented was reviewed by
The Yellow Fox Property is located approximately 10 km southwest of the
This property is on the same trend as the past-producing antimony mine
Lomiko QP relied on the information provided by
On behalf of the Board,
Gordana Slepcev
CEO & President and Director,
For more information on
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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.sedarplus.ca. 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 such forward-looking information. The Company does not undertake to update or revise any forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.
Neither the
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