Exploration Recommended
Lomiko receives Vines report, exploration recommended
2009-05-05 13:03 ET - News Release
Mr. A. Paul Gill reports
TECHNICAL REPORT FILED ON LOMIKO'S 100% OWNED VINES LAKE PROPERTY
Lomiko Metals Inc. hascompleted an NI 43-101 technical report, completed by Garth Kirkham, PGeo. The report provides anindependent geophysical and geological evaluation, an updated review of recent work (2008) conductedon the property, and detail recommendations to further investigate the potential for the property to host aneconomic mineral resource.
Lomiko Metals Inc. holds the rights to three contiguous mineral tenures, totaling 1,169 Ha (2,888 Acres)located in the south western corner of the Cassiar Gold District or `Cassiar Gold Camp'. The Vines Lakeproperty northern boundary crosses Hwy 37N seven kilometers south of the unincorporated settlement ofJade City. Highway 37 N bisects the property north to south. The property is located approximately tenkilometres southeast of the town of Cassiar, B.C., Canada. The claims cover rocks of the Sylvester group,which are known to contain productive zones of gold mineralization in the area. The claim group islocated approximately two kilometres southwest of the former Erickson gold mine.
The results of this evaluation reveal that potential exists on the 100% owned Vines Lake property fordiscovering new high-grade gold vein systems, and other intrusion related mineralization simply due tothe proximity to the proven mining history in the Sylvester Allocthon, the presence of the CassiarBatholith and its contact with the autochthonous Cassiar Terrane rocks, over which Lomiko's Vines Lakeproperty claims are located.
An exploration program is recommended for the property by the author. This program is targeted at bothhigh-grade gold vein systems and intrusion related mineralization. Phase I consists of geologicalmapping, geochemical sampling and ground geophysical surveying which should begin as soon asweather and snow conditions permit. Contingent on Phase I result, Phase II will explore follow-up targetsresulting from Phase I exploration activities. A total budget for the exploration program is $971,500,being $391,500 for Phase I and $580,000 for Phase II. .
Mr. Garth Kirkham has not specifically visited the property himself due to deep snow cover and the factthat the property is in its early stage of exploration. Mr. Kirkham will plan a visit once the snow coverhas diminished to a level that would make a site visit meaningful. However, Mr. Kirkham has visited theadjacent property, recently acquired by Hawthorne Gold Corp. several times in 2005 through 2006 as adirector and Qualified Person for the former owners Cusac Gold Mines Ltd., and remains the QualifiedPerson for Table Mountain for Hawthorne Gold Corp. Mr. Kirkham is the author of the most recent"Update of Technical Report" on the adjacent Table Mountain property and is therefore familiar to theproperty's exploration potential, and the overall physical status of the property with regard to road access,reclamation, and state of local infrastructure facilities in addition to resources potential on the property.Mr. Garth Kirkham, P.Geo, is the Qualified Person for the Vines Lake Property, has read and approvedthe contents of this press release and is responsible for its technical content.
The Company has filed the report on SEDAR for viewing at www.sedar.com.
We seek Safe Harbor.