QMC Signs NDA for Lithium Mineralization Testing
VANCOUVER, British Columbia, June 13, 2018 /PRNewswire/ --
QMC Quantum Minerals Corp., (TSX.V: QMC) (OTC: QMCQF) (FSE: 3LQ) ("QMC" or "the Company") announces it has signed a non-disclosure agreement ("NDA") with an Asian-based manufacturing company which will allow them to test the Company's lithium mineralization identified by recent channel sampling of the Irgon Pegmatite Dike to see if it meets end-use requirements of the manufacturer's customers. Indicative of the NDA, the test results, proprietary specifications, and supplier's identity will be withheld in order protect both parties' commercial interests. 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 that hosts the nearby Tantalum Mining Corporation of Canada ("TANCO") rare-element pegmatite.
QMC is in the process of updating the Irgon Lithium Mine's historic lithium resource through a detailed channel sampling and subsequent drill program. This historic resource was reported in 1955 to be 1.2 million tons grading 1.51% lithiumoxide over a strike length of 1,198 feet and to a depth of 700 feet. Recent assay results received from the 2017 channel sampling program were very positive, supporting the original development work on the dike, highlighted by QMC reporting results of 1.43% Li2O over 18 metres including 1.73% Li2O over 14 metres with very encouraging individual sample grades of up to 4.31%, 4.0% and 3.05% Li2O over one-metre sample intervals. Following a complete reevaluation of historic TANCO assessment reports by QMC, an additional target encompassing a large, untested lithium soil anomaly, which strikes east-west across the southern part of the property, has been identified. Its strike length as currently documented is over 3,600 feet with an estimated width of up to 1,150 feet at the western end. The Company has recently hired SGS Canada ("SGS") to provide technical support and consulting services for the QMC's 2018 field exploration and drilling program. SGS will also compile a NI 43-101 technical report expected to confirm and potentially increase the currently non-NI 43-101 compliant historical resource.
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 has 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 mineralized material per day, and a three-compartment shaft was sunk to a depth of 74 meters. On the 61metre level, lateral development was extended off the shaft for a total of 366 meters of drifting, from which seven 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.