QMC Initiates 1500 Metre Drilling Program at Irgon Lithium Mine Project
VANCOUVER, British Columbia, Feb. 21, 2019 (GLOBE NEWSWIRE) -- via NetworkWire - QMC Quantum Minerals Corp. (TSX.V: QMC) (FSE: 3LQ) (OTC PINK: QMCQF) (“QMC” or "the Company") is pleased announce that drilling has commenced on its Irgon Lithium Mine Project located within the prolific Cat Lake-Winnipeg River rare-element pegmatite field of S.E. Manitoba, which also hosts the nearby Tantalum Mining Corporation of Canada (“TANCO”) rare-element pegmatite.
QMC’s technical team and the drill contractor’s equipment and crew are now onsite at the Irgon Lithium Mine Project and the first hole of the Phase One program has been collared with drilling currently in progress. Approximately 1500 metres of NQ drilling, in 12 holes, is planned for the Phase One program.
The drilling program has been designed by the company’s consultant, SGS Canada, to confirm and expand pegmatite intersections and lithium grades received during the historic 1953/54 drilling program and those derived from channel sampling during the historic underground development on the Irgon Dike. SGS will utilize all available data for the property including assay results from the current drilling, results derived from QMC’s recent surface channel sampling program, results from the historic Lithium Corporation of Canada (“LCOC”) drill program and the LCOC historic results from the underground channel samples obtained from the 74 metre level crosscuts, to calculate a NI43-101 compliant inferred resource for the property.
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 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 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. During 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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