QMC Nearly Quadruples Its Lithium Property
VANCOUVER, British Columbia, Jan. 11, 2018 (GLOBE NEWSWIRE) -- QMC Quantum Minerals Corp., (TSX.V:QMC) (FRANKFURT:3LQ) (OTC PINK:QMCQF) (“QMC” or "the Company"). QMC is pleased to provide the following update on exploration activities at its 100% owned Irgon Lithium Mine Project, S.E. Manitoba.
NEW CLAIMS ACQUIRED
The company has acquired, through staking, an additional 9 contiguous mineral claims which increases the number of claims comprising the property to 13 and the area extent of the Irgon Lithium Mine Property to encompass 6,538 acres (2,647 hectares) from 1,729 acres (700 hectares) an increase of 378%.
REGIONAL EXPLORATION
Numerous pegmatite dikes, in addition to the main Irgon Dike, are known to exist on the Irgon Lithium Mine Property. Two major dikes, located south of Cat Lake that have undergone exploration in the past are the Mapetre Dike and the Central Dike. Both were explored in the late 1970’s by the Tantalum Mining Corporation of Canada (“TANCO”) which focused solely on their tantalum-bearing potential. At the time, TANCO appears to have had no interest in the lithium potential of these dikes. The Central Dike is also reported (Cerny et al, 1981, pg. 97) to host cesium-bearing biotite mineralization (to 0.57% Cs2O) along the pegmatite contact with the host rock. The Mapetre and Central Dikes will be evaluated by QMC during the upcoming field season.
Three additional dikes on the property that have been recently sampled by QMC as part of its regional re-sampling program, targeting pegmatite dikes that reported lithium assay results during the 2011 exploration program, has now been completed. Twenty-five grab samples were obtained from these dikes and all have been shipped to SGS Lakefield for analysis. To date, assay results have not been received.
Requested assay analysis of all channel and grab samples currently delivered to, and received by SGS Labs in Lakefield, Ontario consists of sodium peroxide fusion, ICP-AES and ICP MS scans for 56 elements including Li, Ta, Nb, Cs, Rb and Be; all elements which may potentially be found within the Winnipeg River area rare element-bearing pegmatites.
HISTORICAL RESOURCE
Between 1953-1954, the Lithium Corporation of Canada Limited drilled 25 holes into the Irgon Dike and subsequently reported a historical resource estimate of 1.2 million tons grading 1.51% Li20 over a strike length of 365 meters and to a depth of 213 meters (Northern Miner, Vol. 41, no.19, Aug. 4, 1955, p.3). This historical resource is documented in a 1956 Assessment Report by B. B. Bannatyne for the Lithium Corporation of Canada Ltd. (Manitoba Assessment Report No. 94932). This historical estimate is believed to be based on reasonable assumptions and neither the company nor the QP have any reason to contest the document’s relevance and reliability. The ongoing detailed channel sampling and a subsequent drill program will be required to update this historical resource to current NI 43-101 standards. Historic metallurgical tests reported an 87% recovery from which a concentrate averaging 5.9% Li2O was obtained. During this historical 1950 era work program, a complete mining plant was installed on site designed to
process 500 tons of ore per day and in addition, a three-compartment shaft was sunk to a depth of 74 meters. On the 61-metre level, lateral development was extended off the shaft for a total of 366 meters of drifting from which six crosscuts transected the dike. The work was suspended in 1957, awaiting a more favourable market for lithium oxides and at this time the mine buildings were removed.
The mineral reserve cited above is presented as a historical estimate and uses historical terminology which does not conform to current NI43-101 standards. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101. These historical estimates do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-101; consequently, the issuer is not treating the historical estimate as current mineral resources or mineral reserves.
Qualified Person and NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Bruce E. Goad, P. Geo. who is a qualified person as defined by National Instrument 43-101.
About the Company
QMC is a British Columbia based company engaged in the business of acquisition, exploration and development of resource properties. Its objective is to locate and develop economic precious, base, rare metal and resource properties of merit. The Company’s properties include the Irgon Lithium Mine project two VMS properties, the Rocky Lake and Rocky-Namew known collectively as the Namew Lake District Project. Currently, all of the company’s properties are located in Manitoba.
On behalf of the Board of Directors of
QMC QUANTUM MINERALS CORP.
“Balraj Mann”
Balraj Mann
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Tel: (604) 601-2018
email: info@qmcminerals.com
web: www.qmcminerals.com