VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) — via NetworkWire: QMC Quantum Minerals Corp., (TSX.V:QMC) (FSE:3LQ) (OTC PINK:QMCQF) (“QMC” or “the Company”) is pleased to disseminate the historical drilling results reported (Manitoba AR #94932) by the Lithium Corporation of Canada (“LCOC”). These historical assays were obtained during LCOC’s 1953/54 drilling program on the Irgon Dike. 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.
LCOC collared 25 historic drill holes on the Irgon Dike. The drill hole projections can be viewed in the 3-D model released by QMC on March 28, 2018, which illustrates clearly that, to date, exploration and underground development have been only undertaken on the upper and central portions of the 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.
These data from the historic drill intersections of the Irgon Dike compare favourably to the 2017 QMC surface channel samples released in the company’s news release of March 05, 2018. These results are documented in the LCOC’s assessment report (Manitoba AR #94932) and these historical data are reproduced below as Table 1.
Table 1: Historic Li2O Assay Results of LCOC’s Sampling of Pegmatite Intersections Cut During Their 1953/54 Diamond Drill Program on the Irgon Dike.
|2A||12.1||10.1||1.84||Lost 0.6 feet of pegmatite core||7A||5.0||3.4||1.16|
|3A||12.7||11.6||1.54||Lost 0.7 feet of pegmatite core||8D||1.9||1.4||1.18|
|4A||10.9||9.5||2.21||Lost 0.4 feet of pegmatite core||9A||5.6||4.5||0.88||Lost 4.8 feet of pegmatite core|
|5B||5.2||4.9||1.64||11A||6.2||4.9||1.29||Lost 0.8 feet of pegmatite core|
|5C||3.2||3.0||1.42||Visible spodumene over 1.4 feet not included in assay interval||11B||0.0||0.0||0.00||Missing core data|
The 3-D model will be expanded as results from ongoing and future exploration programs on the property are received by the Company. This 3-D model can be 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.
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 onsite, designed to process 500 tons of ore per day; 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 the mine buildings were removed and the shaft sealed in 1963.
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.
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.