QMC Identifies Huge Lithium Anomaly
VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- QMC Quantum Minerals Corp., (TSX-V:QMC) (FSE:3LQ) (OTC PINK:QMCQF) (“QMC” or "the Company"). Following a thorough assessment of all historical data available in the public record for the Irgon Property, QMC is pleased to provide the following information on its 100% owned Irgon Lithium Mine Project, S.E. Manitoba.
In 1978, the Tantalum Mining Corporation of Canada (“TANCO”) evaluated the pegmatite dikes in the Cat Lake Area for potential sources of tantalum to be utilized as feed for the TANCO mill which is located approximately 20km south of the Irgon Property. During this program TANCO undertook a lithium lithogeochemical survey over the area south of Cat Lake, between the Mapetre and the Central Pegmatite Dikes. The stated purpose of this study was to delineate potentially buried, or new tantalum-bearing pegmatite occurrences on the property. A large, apparently relatively untested lithium anomaly was identified in the TANCO assessment report (Manitoba AR92681). Figure 5 of this report indicates that this lithium anomaly strikes generally east west and is approximately 1100m long. The width of the irregular shaped anomaly is approximately 100m at the east end, widening to approximately 350 metres at the west end. The TANCO assessment report indicates that the “breath and length of this feature is such that it cannot be accounted for by the known pegmatites in the area”. It appears that although recommended to do so, this lithium anomaly was never fully tested by TANCO; at that time TANCO had no interest in producing lithium. TANCO did drill into the anomaly along the very western edge in the area of the Central Dike (20 short DDH) and at the eastern end of the anomaly into the Mapetre Dike (2 short DDH) to test both these dikes for tantalum mineralization; however, the central 800 metre portion of this large lithium anomaly between the Central Dike and the Mapetre Dike, appears to have remained untested. During the 1978 exploration program, all pegmatite core recovered from this TANCO drilling collared both along the western portion of this anomaly in the area of the Central Pegmatite and along the eastern edge of the anomaly at the Mapetre Dike was assayed for only tantalum (Ta) and tin (Sn); NO lithium assays were requested even with spodumene mineralization noted in the drill logs.
QMC will evaluate this entire area during 2018.
HISTORICAL RESOURCE
Between 1953-1954, the Lithium Corp. 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 Corp. 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.
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