QMC Confirms Significant Spodumene Mineralization in Historical Drill Core
Vancouver, British Columbia--(Newsfile Corp. - May 14, 2019) - QMC Quantum Minerals Corp. (TSXV: QMC) (FSE: 3LQ) (OTC Pink: QMCQF) ("QMC" or "the Company") is pleased to announce during the recent Irgon drill program, Cabot Corp., the owners of the TANCO Mine, provided QMC the opportunity to evaluate and re-sample the stored drill core derived from the 1978 TANCO drill program. This historical drilling was undertaken on the Central and Mapetre pegmatite dikes which are located within the Irgon Property. During this 1978 drill program, the BQ core was split (using a core splitter) and subsequently analyzed by TANCO to determine the tantalum and tin concentrations. The lithium content had been ignored, as TANCO at that time had no interest in this metal. During this historical program, two short holes were drilled through the Mapetre Dike and 20 short holes were collared on the Central Dike. In the interim, the core has been stored in the TANCO core facilities at the mine site.
Visual spodumene was reported in the 1978 logs. On re-sampling, QMC confirmed that pegmatite was intersected in all drill holes for which the core was available. The available drill core was not complete, as several holes had sections that had been completely removed and three of the holes were missing from the TANCO storage facility.
QMC sawed the half core remaining in the core box, leaving a quarter of the original core in the TANCO inventory. The ¼ section of the core removed was analyzed by SGS Labs in Lakefield, Ontario, for 56 elements, including lithium, tantalum, niobium, rubidium and cesium using a sodium peroxide fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES / ICP-MS). Analytical results are pending.
Between 1953-1954, the Lithium Corporation of Canada Limited drilled 25 holes into the Irgon Dike and subsequently reported a historical mineral estimate of 1.2 million tons grading 1.51% Li20 over a strike length of 365 metres and to a depth of 213 metres (Northern Miner, Vol. 41, no.19, Aug. 4, 1955, p.3). This historical estimate 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 estimate 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 1950s era work program, a complete mining plant was installed onsite, designed to process 500 tons of ore per day, and a three-compartment shaft was sunk to a depth of 74 metres. On the 61-metre level, lateral development was extended off the shaft for a total of 366 metres of drifting, from which seven crosscuts transected the dike. The work was suspended in 1957 awaiting a more favourable market for lithium oxides. During this time, the mine buildings were removed.
The mineral estimate 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.
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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44666