VANCOUVER, British Columbia, May 21, 2019 (GLOBE NEWSWIRE) -- via NetworkWire: QMC Quantum Minerals Corp. (TSX.V: QMC) (FSE: 3LQ) (OTC PINK: QMCQF) (“QMC” or "the Company") is pleased to announce that it has now received the assay results of the 1978 core derived from the Tantalum Mining Corporation of Canada’s (“TANCO”) drill program on the Mapetre and Central Dikes. During this 1978 program, the BQ core had been split and subsequently analyzed by TANCO to determine the tantalum and tin concentrations only; 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 securely stored in the TANCO core facilities at the mine site. TANCO is now a wholly owned subsidiary of Cabot Corporation.
The best Mapetre Dike intersection that QMC received from the re-assay of the TANCO core was 0.32% Li2O over 16.61 metres, including 0.52% Li2O over 8.69 metres. The best intersection from the Central Dike was 1.28% over 3.81 metres, including 2.97% Li2O over 1.22 metres. Two additional sample intervals from drill holes on the Central Dike re-assayed 1.50% over 1.52 metres and 1.04% over 1.52 metres. This strongly supports the fact that both the Mapetre and the Central Dikes remain excellent targets to add to the total tonnage available on the Irgon Property.
The Company is very pleased with the overall results as they confirm continuation to depth of the spodumene mineralization previously identified by QMC’s surface sampling. These results demonstrate that there is significant exploration potential for the Irgon Property to host other large, spodumene-bearing pegmatite dikes, in addition to the Irgon Dike, as the Central and Mapetre Dikes are located on opposite ends of a 1,100-metre (3,600-foot) long, 100-metre (328-foot) to 350-metre (1,148-foot) wide target.
The Company plans to continue exploration of these and other dikes identified on the property. During the 2019 field season, the overburden will be removed to expose the strike length and width of the Mapetre and Central Dikes plus several other spodumene-bearing dikes currently identified on the property. These dikes will subsequently be mapped and channel sampled.
HISTORICAL ESTIMATES
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.
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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