Lomiko Metals Inc.

Lomiko Metals Inc.

October 05, 2011 09:30 ET

Lomiko Discovers Significant Gold, Silver and Zinc Soil Anomalies at Vines Lake Property; Drill Results Pending

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2011) - LOMIKO METALS INC. (TSX VENTURE:LMR)(PINK SHEETS:LMRMF) (Europe: ISIN: CA54163Q1028, WKN: A0Q9W7) ("Lomiko" or "the Company) is pleased to announce a new discovery of Zinc during the 2011 soil geochemistry survey. The anomalous zone covers a large 108 Hectare area in the southwestern corner of Lomiko's 2011 claim block in the Cassiar District or 'Cassiar Camp'. Rock samples and drill results are pending.

A geochemical soil survey and geological mapping survey was completed over the initial Lomiko Metals' claim block covering a total area of 1,209 Ha. The Vines Lake Property has since been increased to 5,403 Ha. The survey grid covered 75 line kilometers. Soil samples were taken at 50 meter intervals on north-south orientated lines spaced 200 meters apart. Claim boundaries were also sampled.

A total of 1,366 B-horizon soil samples and 74 rock samples were collected and sent in for multi-element ICP analysis to the Stewart Group - Eco Tech Laboratory in Kamloops BC which is now owned by the ALS Minerals based out of Vancouver, BC.

Soil analyses results have outlined numerous anomalous gold values up to 0.279 g/t mostly on the eastern side of the property adjacent to China Minerals Mining's Table Mountain Gold property. Silver anomalies, also seen on the eastern portion of the property and not always coincident with gold anomalies included results up to 19.50 g/t.

Numerous Barium and Bismuth anomalies are outlined, with results returning values up to 1413 ppm and 3.48 ppm respectively.

Zinc values in soil, on the western side of Vines Lake were by far the most anomalous on the property with values reported up to 2,429 ppm. One anomalous zone on the west side of the property measures 108 Ha with an average Zn value of 430 ppm.

The company focused efforts on a large data collection program that would identify new high-grade gold vein systems and other intrusion related mineralization in proximity to the Cassiar Batholith and its associated boundary contacts, over which Lomiko's Vines Lake property claims are located.

Cassiar Area Highlights:

  • A new company with Chinese investors known as China Minerals Mining Corporation is located adjacent to the property.
  • A fully permitted 270 tonne per day, gravity and flotation mill, power plant, assay laboratory and tailings impoundment facility is owned by China Minerals.
  • Approximately 316,000 ounces of gold have been produced at the adjacent Table Mountain Mine from 1979-2007 under various companies.
  • Current Resource Estimates for the Table Mountain Mine are 21,471 tonnes grading 18.02 g/t indicated and 65,757 tonnes grading 24.3 g/t inferred were reported at the adjacent property in the May, 2010 NI43-101 Technical Report on the Table Mountain Property by C. Pearson and F.J. Bakker.

Vines Lake Highlights:

  • The Vines Lake Property is located approximately two kilometres southwest of the former Erickson gold mine.
  • Two significant anomalies have been identified by geophysical surveys.
  • The claims cover formations of the Sylvester group, which are known to contain productive zones of gold mineralization in the area.
  • The Eastern side of the sample area hosts gold and silver soil anomalies
  • The Western side of the sample area hosts zinc, barium and bismuth anomalies.
  • Highway 37 N bisects the property north to south providing excellent year-round access.

Mr. Garth Kirkham, P.Geo is a Director of Lomiko Metals Inc. in addition to being the Qualified Person for the Vines Lake Project and has reviewed the technical data in this news release.

On behalf of Lomiko Metals Inc,

A. Paul Gill, President & CEO

We seek safe harbor.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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