TSX-V:LMR
Past News Releases
October 26, 2007
Lomiko Bites Into Big Nak to Graduation to Tier 2
September 4, 2007
Lomiko Resources FT- And NFT-Share Private Placement
August 31, 2007
Lomiko Amends Property Option Agreement with Copper Ridge
July 13, 2007
News Release
May 11, 2007
LMR Financing News Release
May 1, 2007
Lomiko Options Neighboring Property from Imperial Metals
February 13, 2007
Property Agreement and AGM Results
October 16, 2006
Lomiko Signs Property Option with Copper Ridge
August 25, 2006
Lomiko Closes Private Financing
August 11, 2006
Private Placement Financing
Lomiko Signs Property Option Agreement with Copper Ridge
October 16, 2006
TSX NEX: LMR.H
Vancouver, BC - Lomiko Resources Inc. (the “Company”) is pleased to announce that it has entered into a property option agreement with Copper Ridge Explorations Inc. (TSX: KRX) to acquire up to a 60% interest in and to the Joss’alun copper property (the “Joss’alun Property”), Atlin Mining Division, British Columbia. A 51% interest in the Joss’alun Property may be acquired by the Company issuing an aggregate of 440,000 common shares, at a deemed price of $0.50 per share, paying $10,000 cash and incurring $2,500,000 in exploration expenditures over a four year period. At its discretion, the Company may acquire an additional 9% interest in the Joss’alun Property (for a total of 60%) by issuing an additional 200,000 common shares, at a deemed price of $0.50 per share, and by incurring an additional $1,500,000 in exploration expenditures over the fifth and sixth year period. The Joss’alun Property is also subject to a 1% NSR.
The Joss’alun Property is a recent, high-grade copper massive sulphide discovery, with assays up to 10.15% copper made by the BC Geological Survey, BC Ministry of Energy and Mines (“BCMEM”) and acquired by Copper Ridge in 2002.
A BCMEM field mapping crew, under the direction of Mitch Mihalynuk, P.Geo, made the discovery. Samples collected within the discovery area included 7.33% copper over 35 cm, 3.35% copper over 90 cm and grab samples of 7.34% copper, 10.15% copper and 7.55% copper. This discovery may be indicative of a significant massive sulfide occurrence on the property. Refer to the press release issued by Copper Ridge on December 16, 2002.
The mineralization at the Joss’alun Property consists of a series of lenses of semi-massive chalcopyrite with pyrite within oceanic basalt volcanic rocks, in a geological environment that appears to be favorable for Besshi-style volcanogenic massive sulphide mineralization, the most famous British Columbia example being Windy Craggy (143 Million tones of 1.7% copper).
Imperial Metals (TSX: III) drilled nine holes in September 2003. Holes NAK-03-03 through NAK-03-07 intersected widespread copper mineralization on the Joss’alun Property. Copper occurs as stringers, disseminations and pods of mainly chalcopyrite. Highlights include hole NAK-03-05 with 17.75 and 6.92 metres of 0.94% and 1.15% copper respectively, hole NAK-03-07 with 53.45 and 33.62 metres of 0.34% and 0.41% per cent copper respectively and NAK-03-09 with 3.15 metres of 1.06% copper. These results confirm that the volcanic stratigraphy at Nak hosts considerable copper mineralization over a large area and is open along strike in both directions and to depth.
J. Greg Dawson Msc. P. Geo, of Copper Ridge Exploration Inc. has completed a report on the 2004 IP survey on the Joss’alun Property, in accordance with National Instrument 43-101, which provides recommendations and a budget for future exploration. Such report will be available on the internet at the SEDAR website in due course (www.sedar.com).
