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QMC Quantum Minerals Corp
Symbol C : QMC
Shares Issued 62,997,825
Close 2019-02-26 C$ 0.325
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QMC Quantum completes phase 1 drilling at Irgon

2019-02-27 10:19 ET - News Release

Mr. Balraj Mann reports


QMC Quantum Minerals Corp., with diamond drill and support crew on-site, has completed the first phase of holes at its 100-per-cent-owned Irgon lithium mine project, located within the prolific Cat Lake-Winnipeg River rare-element pegmatite field of southeast Manitoba, which also hosts Cabot Corp.'s nearby Tantalum Mining Corp. of Canada rare-element pegmatite.

Visual spodumene was reported by QMC on-site staff and the core has been moved to a secure, off-site location for logging, cutting and sampling.

QMC is currently in the process of completing phase 1 of a two-phase drill program designed to confirm and subsequently expand the historic resource published for the Irgon property (1.2 million tonnes grading 1.51 per cent lithium oxide as previously calculated for Lithium Corp. of Canada Ltd.). Phase 1 of the QMC program comprises 1,500 metres of NQ drilling in 12 holes. The first eight holes will confirm grades and widths documented by the historic 1953/1954 drill results. These data, obtained in the 1950s, were derived from sampling of pegmatite intersections in the core from 25 historic drill holes and from underground channel samples that were taken across the dike from within the currently inaccessible, water-filled workings. The remaining four proposed holes will chase the Irgon dike westward from the area hosting the original resource to test the spodumene-bearing pegmatites identified as the western extension of the Irgon dike, thus confirming the westward continuity of the Irgon dike.

With the results of the phase 1 drilling in hand, QMC has instructed its consultant, SGS Canada, to produce an updated National Instrument 43-101-compliant inferred resource for the central, previously developed, section of the Irgon dike. In addition, both QMC and SGS expect the drill testing of the newly identified, westward extension of the Irgon dike to add additional inferred tonnage to the historic resource published by Lithium Corp. of Canada for the property.

As with the previous Irgon channel sampling program, QMC will request analysis for 56 elements using a sodium peroxide fusion, followed by inductively coupled plasma atomic emission spectroscopy (ICP-AES/ICP-MS).

The phase 2 program, designed to test additional targets on the property, will follow.

Historical resource

Between 1953 to 1954, Lithium Corp. of Canada drilled 25 holes into the Irgon dike and subsequently reported a historical resource estimate of 1.2 million tonnes grading 1.51 per cent lithium oxide over a strike length of 365 metres and to a depth of 213 metres. This historical resource is documented in a 1956 assessment report by B. B. Bannatyne for Lithium Corp. of Canada. 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 lithium oxide was obtained.

During this historical 1950s-era work program, a complete mining plant was installed on-site, designed to process 500 tonnes 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 metres 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 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 NI 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, professional geoscientist, who is a qualified person as defined by NI 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, 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.

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