Lomiko Metals Inc. (TSX: V.LMR, Stock Forum) said results of graphite characterization testing based on composites of seven graphite drill samples from the Quatre Milles East property show significant potential for a near surface, open pit mining project in Quebec.
Quatre Milles, located approximately 175 kilometres northwest of Montreal, consists of 28 contiguous claims totaling 1,600 hectares.
According to the Lomiko Metals press release, 85.3% of test results were higher than the 94% carbon purity considered high carbon content, with the median test result being 98.35%.
The highlight of testing was the nine sieve samples which captured flakes of varying sizes which tested 100% carbon.
Both fine and flake material may be amenable to graphene conversion by Lomiko’s partner Graphene Laboratories.
The composites provide a non-representative yet wide-ranging sample of the property's graphite distribution by mesh size, industry classification and carbon purity.
Lomiko is a junior focused on the exploration and development of minerals.
On Friday, Lomiko was up 27% and was trading at $0.07 a share. The company had a market cap of $4.7 million, based on 66.9 million shares outstanding. The 52-week high and low was $0.18 and $0.035 respectively.