QMC Quantum Minerals Corp. (OTC Pink: QMCQF) operates within the acquisition, exploration, extraction, and distribution of lithium and natural resources. Shares of the natural resources mining company are rallying 10.65%, through afternoon trading on Monday, December 4, 2017. Over the past month, QMC Quantum Minerals Corp. has seen average daily volume of 1.03 million shares. However, volume of 966,791 shares or dollar volume of $1.15 million, has already exchanged hands on the day.
Shares of QMC Quantum Minerals Corp. are gaining today, after the company announced that it is sending 104 sawn channel samples to SGS Labs in Lakefield, Ontario for lithium analysis. The lithium comes from the company’s Irgon Lithium Mine and the latest samples bring the company’s total to 90.1 meters of channel sampling from six sawn channels. Here is the full press release detailing of the sample analysis:
VANCOUVER, British Columbia, Dec. 04, 2017 (GLOBE NEWSWIRE) — QMC Quantum Minerals Corp., (TSX.v:QMC) (FSE:3LQ) (OTC PINK:QMCQF) (“QMC” or “the Company”). With the ongoing work program at the company’s Irgon Lithium Mine property progressing, QMC is pleased to report that the company has now submitted to SGS Labs in Lakefield, Ontario 104 sawn channel samples for analysis. To date, a total length of 90.1 meters (296 feet) of channel sampling has been completed from six sawn channels cut across the width of the Irgon Dike.
In conjunction with this exploration program on the company’s Irgon Lithium Mine Project, located within the world class Winnipeg River Pegmatite Field of South-Eastern Manitoba, QMC field crews continue to remove the overburden that has concealed the pegmatite exposure along the strike of the spodumene-bearing Irgon Dike. In addition, the program of channel sampling along the newly exposed strike of the Irgon Dike continues.
As the exposure along the Irgon Dike is increased by this overburden stripping program, geologic mapping of the dike also continues.
Requested geochemical analysis of the 104 channel samples currently delivered to, and received by SGS Labs in Lakefield, Ontario consists of ICP-AES and ICP MS scans for 56 elements including Li, Ta, Nb, Cs, Rb and Be; all elements which may potentially be found within the Winnipeg River area rare element-bearing pegmatites. All geochemical results remain pending.
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% Li2O 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 have any reason to contest the document’s relevance and reliability. The ongoing 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 on site designed to process 500 tons of ore per day and in addition, a three-compartment shaft was sunk to a depth of 74 meters. On the 61 meter level, lateral development was extended off the shaft for a total of 366 meters of drifting from which six 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 NI 43-101 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 Quantum Minerals Corp. 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, two VMS properties, the Rocky Lake and Rocky-Namew known collectively as the Namew Lake District Project, and the Carrot River Gold Property. Currently, all the company’s properties are located in Manitoba.
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.