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QMC Quantum Minerals Corp
Symbol C : QMC
Shares Issued 60,610,949
Close 2018-06-13 C$ 0.51
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QMC Quantum signs NDA for Li mineralization testing

2018-06-13 11:48 ET - News Release

Mr. Balraj Mann reports

QMC SIGNS NDA FOR LITHIUM MINERALIZATION TESTING

QMC Quantum Minerals Corp. has signed a non-disclosure agreement (NDA) with an Asian-based manufacturing company. The NDA will allow manufacturing company to test QMC Quantum'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-per-cent-owned Irgon lithium mine project, within the prolific Cat Lake-Winnipeg River pegmatite field of southeastern Manitoba that hosts the nearby Tantalum Mining Corp. of Canada (TANCO) rare element pegmatite.

QMC Quantum 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 tonnes grading 1.51 per cent lithium oxide 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 and highlighted by QMC Quantum reporting results of 1.43 per cent Li2O (lithium oxide) over 18 metres, including 1.73 per cent Li2O over 14 metres (with very encouraging individual sample grades of up to 4.31 per cent, 4 per cent and 3.05 per cent Li2O over one-metre sample intervals). Following a complete re-evaluation of historic TANCO assessment reports by QMC Quantum, 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 is currently documented as 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 to provide technical support and consulting services for QMC Quantum's 2018 field exploration and drilling program. SGS will also compile a National Instrument 43-101 technical report, which is expected to confirm and potentially increase the current historical resource (non-compliant with NI 43-101).

Historical resource

Between 1953 and 1954, the Lithium Corporation of Canada Ltd. drilled 25 holes into the Irgon dike and subsequently reported a historical resource estimate of 1.2 million tons grading 1.51 per cent Li2O over a strike length of 365 metres and to a depth of 213 m (Northern Miner, volume 41, No.19, Aug. 4, 1955, page 3). This historical resource is documented in a 1956 Assessment Report by B.B. Bannatyne for the Lithium Corporation of Canada (Manitoba Assessment Report No. 94932). This historical estimate is believed to be based on reasonable assumptions, and neither the company nor the qualified person 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-per-cent recovery, from which a concentrate averaging 5.9 per cent Li2O was obtained. During this historical 1950-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 m 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 Goad, PGeo, who is a qualified person as defined by National Instrument 43-101.

About QMC Quantum Minerals Corp.

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 metal, base metal, rare metal and resource properties of merit. The company's properties include the Irgon lithium mine project and two VMS (volcanogenic massive sulphide) properties -- Rocky Lake and Rocky-Namew -- known collectively as the Namew Lake district project. Currently, all of the company's properties are located in Manitoba.

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