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92 Resources Corp
Symbol NTY
Shares Issued 75,442,456
Close 2018-10-25 C$ 0.04
Market Cap C$ 3,017,698
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92 Resources finds lithium-bearing pegmatite at Pontax

2018-10-25 13:30 ET - News Release

Mr. Adrian Lamoureux reports

92 RESOURCES CORP. DISCOVERS LITHIUM-BEARING PEGMATITE AT THE PONTAX PROPERTY, QUEBEC

92 Resources Corp.'s 2018 surface exploration at the Pontax property has resulted in the discovery of lithium-bearing pegmatite. The Pontax property is wholly owned by the company and is located in the James Bay region of Quebec, proximal to the all-season James Bay road and power line infrastructure. The property is also situated approximately 90 kilometres west of Nemaska Lithium's Whabouchi project, which is currently advancing through the construction phase toward production.

The 2018 surface exploration at the Pontax property consisted of reconnaissance-scale prospecting and rock sampling over an approximate one-week period. The program targeted areas of interest identified through historic work, satellite imagery review and airborne geophysics, with the primary objective to discover lithium-bearing pegmatite occurrences of significance.

The company has reported that the field program was highly successful and has resulted in the discovery of a new lithium-bearing pegmatite occurrence on the property (claim block C). Two grab samples (129364 and 129366) of the pegmatite returned assays of 0.94 per cent lithium oxide and 520 parts per million tantalum pentoxide, and 0.72 per cent Li2O and 87 parts per million Ta2O5, respectively. Spodumene is indicated to be the primary lithium-bearing mineral present, based on other occurrences in the area.

Surface exploration on block C of the property was limited to a single ground traverse, with the mineralized samples separated by approximately 0.6 kilometre. The outcrop where sample 129364 (0.94 per cent Li2O and 520 parts per million Ta2O5) was collected has estimated dimensions of 40 metres by 100 metres. However, satellite imagery suggests several outcrop occurrences are present along trend toward sample 129366 (0.72 per cent Li2O), which may indicate that a larger, more continuous body is present under a thin veil of overburden. Further highlighting the potential of the discovery is another grab sample of outcrop assaying 631 parts per million Ta2O5 with associated anomalous lithium (0.02 per cent Li2O), which was collected a further 1.3 kilometres along strike to the northeast. Due to the limited length of the field program, further constrained by regional forest fires, which prevented access over several areas of the property, no follow-up groundwork has been completed.

Map of discovery area

Adrian Lamoureux, president and chief executive officer, commented: "The Pontax property is a grassroots lithium exploration project in which acquisition was predicated on the potential to host lithium occurrences of interest, and is based on the property's geologic setting as well as the known presence of spodumene-bearing pegmatite along trend. The discovery this summer of lithium-bearing pegmatite with strong associated tantalum, situated wholly on the property, is very exciting and represents a solid target for focused exploration moving forward. We continue to be encouraged by the prospects of the Pontax property and look forward to advancing this discovery."

In addition to the lithium exploration, an initial reconnaissance-scale prospecting of gold targets, generated from the recently completed heliborne high-resolution magnetic survey, was also carried out during the program. Assay results ranged from nil to 141 parts per billion gold, with the peak assay returned from a gossanous wacke rock type. Several areas of the property, as well as geophysical targets, remain to be assessed.

The exploration program was carried out by Dahrouge Geological Consulting Ltd., with field operations managed out of Quebec. All samples collected were sent to laboratories at SGS Canada Inc. (Lakefield) for lithium analysis by sodium peroxide fusion with ICP-AES finish (package GE ICP91A), as well as for 37-multielement analysis, including tantalum, by sodium peroxide fusion with ICP-MS finish (package GE IC90M). All samples were also analyzed for gold by fire assay (package GE FAA313).

About 92 Resources Corp.

92 Resources is a modern energy solution company, focused on acquiring and advancing strategic and prospective modern energy-related projects. The company currently holds four principal assets in Canada: the Corvette and Pontax lithium properties in Quebec, the Golden frack sand property, British Columbia, and the Hidden Lake lithium property, Northwest Territories, currently under option to Far Resources Ltd.

National Instrument 43-101 disclosure

Darren Smith, MSc, PGeol, of Dahrouge Geological Consulting Ltd., a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this news release.

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