QMC Reports Historic Assays to 2.3% Li2O Over 7.3 Feet
VANCOUVER, British Columbia, May 9, 2018 /CNW/ --
QMC Quantum Minerals Corp., (TSX.v: QMC) (FSE: 3LQ) (OTC PINK: QMCQF) ("QMC" or "the Company"). QMC is pleased to disseminate the historical assay results reported (Manitoba AR #94932) by the Lithium Corporation of Canada ("LCOC"). These historical assays were obtained during LCOC's 1956 channel sampling of the Irgon Dike where it is exposed underground in crosscuts on the 200-foot level. The Irgon Dike is located at the company's 100% owned Irgon Lithium Mine Project, within the prolific Cat Lake-Winnipeg River Pegmatite Field of S.E. Manitoba which also hosts the nearby TANCO rare-element pegmatite.
The underground workings can be viewed in the 3-D model released by QMC on March 28, 2018, which demonstrates that, to date, exploration and underground development has been only undertaken on the upper and central portions of dike leaving significant potential to quickly increase tonnage as the Irgon Dike is open both along strike and to depth. The 2017 channel sample locations and surface exposure of the dike are also indicated on the model.
As reported in the LCOC Assessment Report, during the period of 1955-1956 underground development was established on the Irgon Dike to confirm both the mineralization at depth and the currently non-NI43-101 compliant ore reserves (1.2M tons @1.51% Li2O) calculated by LCOC from the historic drilling. This drifting was accessed via the vertical 3-compartment production shaft that was sunk to a depth of 241 feet by the Lithium Corporation of Canada. Off the 200-foot level of the shaft, 1,120 feet of drifting parallel to the dike was excavated with seven crosscuts (361 feet) cutting back through the Irgon Dike. During this development, the dike was channel sampled across these seven crosscuts with Li2O assays of the crosscut channel samples performed by the Department of Mines, Ottawa. Results of this sampling program are shown in Table 1 below. The underground workings are currently inaccessible as they are flooded and the shaft was capped by a cement slab in 1956. The LCOC's geologic map of the underground workings and accompanying assay results are posted on the QMC website (https://qmcminerals.com).
Table 1: Historic Results of LCOC's 1956 Underground Channel Sampling of the Irgon Dike on the 200 Foot Level Crosscuts.
CrossCut ID Li2O Grade (%) Width (Feet)
No. 2 West 1.24 4.0
No. 1 West 1.75 6.0
Center 1.32 6.9
No. 1 East 1.30 14.5
No. 2 East 1.80 12.3
No. 3 East 1.16 24.9
No. 4 East 2.30 7.3
These data from the 200-foot level of the Irgon Dike compare favourably not only to the 2017 QMC surface channel samples released in the company's news release of March 05, 2018 but also to assayed historical 1953-1954 drill intersections from various levels within the dike (QMC News Release of April 16, 2018) and documented in the LCOC's assessment report (Manitoba AR #94932).
All historic data and recent surface geologic mapping are presented in the 3-dimensional model of the deposit which permits the viewer to easily visualize the pegmatite, the underground workings and the 25 drill holes. This 3-D model will be expanded as results from ongoing and future exploration programs on the property are received by the company.
The 3-D model can be also viewed by following the link to the company's website (https://qmcminerals.com).
The upcoming drilling program is expected to confirm extensions to the strike length of the Irgon Dike and test mineralization to depth below the current level of historical drilling within the dike, both of which are expected to rapidly increase the resource tonnage above the currently reported historical tonnage of 1.2 million tons. Data received from the proposed drill program will be used in preparation of a NI-43-101 report.
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 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 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 and 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.
Contact:
Tel: (604) 601-2018
email: info@qmcminerals.com
web: www.qmcminerals.com
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SOURCE QMC Quantum Minerals Corp.
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