QMC Quantum Minerals Corp. Data Interpretation and 3-D modeling
VANCOUVER, British Columbia, March07, 2017(GLOBE NEWSWIRE) -- QMC Quantum Minerals Corp., (TSX.v:QMC) (FSE:3LQ) (OTC PINK:QMCQF) ("QMC" or "the Company"), has contracted the services of North Face Software along with Inukshuk Geological Consulting to analyze and interpret the historical drill data for the Irgon Mine as logged by Lithium Corporation of Canada Ltd.These data will be used to render a 3D model of the historical resource on the Company's property.
The property covers the former Irgon Mine and several known pegmatite dikes of which currently the largest and best exposed is the spodumene-bearing Irgon Dike.This dike is well exposed on a glaciated surface and strikes N80 ?W with a dip of 87 ?S. It currently has a total exposed strike length of 442 meters and displays widths varying between 3 to 18 meters, with an average width of approximately 7 meters. Near the centre of its widest section, the dike is composed of large microcline crystals, from 39 to 61 centimeters along their crystal faces, which lie in a finer-grained groundmass of quartz and spodumene. The eastern portion of the deposit was sampled over a length of about 229 meters (circa 1934) with samples sent for analyses at the Department of Mines, Ottawa. The results, although considered by QMC to be historic, indicated contents of 40-53% spodumene for samples, and 7.44% Li20 contained within the spodumene mineralization.
Between 1953-1954 the Lithium Corporation of Canada Limited drilled 25 holes into the Irgon Dike and 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 Bruce Ballantyne for the Lithium Corporation of Canada Ltd. (Manitoba Assessment Report No. 94932). This historical estimate is believed to be based on reasonable assumptions and the company/QP has no reason to contest the document's relevance and reliability. A detailed 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. A complete mining plant was installed on site designed to process 500 tons of ore per day and in addition, a three compartment shaft 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 point the mine buildings were removed.
Financing Increase
Further to the news release of March 6, 2017, The Company, due to overwhelming interest, has agreed to increase the private placement to $1.1-million.
The Company has engaged Ascenta Finance Corp. to arrange a private placement of up to $1.1million (CDN). The financing will consist of issuing up to 11million units at $0.10 per unit, where each unit will consist of one common share and one common share purchase warrant exercisable at $0.17 per warrant for a period of 18 months. In the event that the closing price of the Company's shares as quoted on the TSXV exceeds $0.28 per share for ten consecutive days, the Company may accelerate the expiry date of the $0.17 warrants by giving notice to the holders, within five days of such event, thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the Company.
All securities issued pursuant to this private placement will be subject to a four-month hold. The private placement is subject to acceptance by the TSX Venture Exchange.
Finders' fees may be paid by the company in conjunction with the completion of the private placement in accordance with TSX Venture Exchange policies.
The Company intends to use the net proceeds from the private placement for working capital, advancing its recently acquired Irgon Mine Lithium project and general corporate purposes.
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 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, and the Carrot River Gold Property. 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.