VANCOUVER, British Columbia, Oct. 30, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- QMC Quantum Minerals Corp. (TSX.V: QMC) (FSE: 3LQ) (OTC PINK: QMCQF) (“QMC” or "the Company") is pleased to provide an update on the company’s 100% owned Irgon Mine Project located within the prolific Cat Lake-Winnipeg River rare-element pegmatite field of S.E. Manitoba, which also hosts Cabot Corporation’s nearby Tantalum Mining Corporation of Canada (“TANCO”) rare-element pegmatite.
During the recent SGS Canada Irgon Property site visit, company personnel identified significant spodumene mineralization in pegmatite dikes that outcrop north of Cat Lake, immediately west of the Irgon Dike. Spodumene mineralization was identified in numerous localized pegmatite exposures, directly on strike with and as far as 400 meters west of the Irgon Shaft.
This observation of pegmatite outcrops containing significant visual spodumene mineralization and the fact that it occurs on the same dike trend as the Irgon Dike, suggests to QMC geologists that the Irgon mineralization continues westward. This indicates a potential for the original historic resource estimate (1.2MT at 1.51% Li2O) published for the Irgon Lithium Mine to be rapidly increased through ongoing exploration.
QMC plans to initiate an exploration program in this area, during which this western dike zone will be stripped and washed leading into a program of channel sampling and drilling. This will allow the company to determine whether this zone is the western extension of the Irgon Dike or if it is an entirely new mineralized pegmatite system. Either way, as this new mineralized zone is being evaluated, it could quickly add potential resource expansion within the Irgon Project.
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 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 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.
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.
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