VANCOUVER, June 13, 2018 /CNW/ - QMC Quantum Minerals
Corp., (TSX.V: QMC) (OTC: QMCQF) (FSE: 3LQ) ("QMC" or "the
Company") announces it has signed a non-disclosure agreement
("NDA") with an Asian-based manufacturing company which will allow
them to test the Company's lithium mineralization identified by
recent channel sampling of the Irgon Pegmatite Dike to see if it
meets end-use requirements of the manufacturer's customers.
Indicative of the NDA, the test results, proprietary
specifications, and supplier's identity will be withheld in order
protect both parties' commercial interests. The Irgon Dike is
located at the company's 100% owned Irgon Lithium Mine Project,
within the prolific Cat Lake-Winnipeg River Pegmatite Field of S.E.
Manitoba that hosts the nearby
Tantalum Mining Corporation of Canada ("TANCO") rare-element
pegmatite.
QMC is in the process of updating the Irgon Lithium Mine's
historic lithium resource through a detailed channel sampling and
subsequent drill program. This historic resource was reported in
1955 to be 1.2 million tons grading 1.51% lithiumoxide over a
strike length of 1,198 feet and to a depth of 700 feet. Recent
assay results received from the 2017 channel sampling program were
very positive, supporting the original development work on the
dike, highlighted by QMC reporting results of 1.43% Li2O over 18
metres including 1.73% Li2O over 14 metres with very encouraging
individual sample grades of up to 4.31%, 4.0% and 3.05% Li2O over
one-metre sample intervals. Following a complete reevaluation of
historic TANCO assessment reports by QMC, an additional target
encompassing a large, untested lithium soil anomaly, which strikes
east-west across the southern part of the property, has been
identified. Its strike length as currently documented is over
3,600 feet with an estimated width of up to 1,150 feet at the
western end. The Company has recently hired SGS Canada ("SGS") to
provide technical support and consulting services for the QMC's
2018 field exploration and drilling program. SGS will also compile
a NI 43-101 technical report expected to confirm and potentially
increase the currently non-NI 43-101 compliant historical
resource.
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
mineralized material per day, and a three-compartment shaft was
sunk to a depth of 74 meters. On the 61metre 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.
SOURCE QMC Quantum Minerals Corp.
