- Latest Quantum Minerals exploration project will enhance Canada’s lithium production potential
- Additional significant spodumene mineralization identified
- Demand for lithium to outgrow supply
Canada has a viable opportunity to rank among leading lithium producers as local mining companies step up lithium exploration activities. While continuing the ongoing forward momentum to bring the Irgon Dike into production, QMC Quantum Minerals Corp. (OTC: QMCQF) (TSX.V: QMC) (FSE: 3LQ) is also exploring for additional spodumene-bearing pegmatite dikes that occur within the Irgon Lithium Mine Project. As recently as October 30, Canada-based QMC announced the identification of additional spodumene mineralization in pegmatite dikes located north of Cat Lake and immediately west of the Irgon Dike, within its Irgon Lithium Mine Project (http://ibn.fm/XNnyZ).
The first announcement on the project’s potential was released earlier in October, when significant visual spodumene mineralization was confirmed within the Mapetre Pegmatite Dike, a separate spodumene-bearing dike, located south of the Irgon Dike. This discovery will lead to extensive exploration and channel sampling in spring 2019 (http://ibn.fm/aUXFL).
Quantum Minerals’ assets are considered to be of particularly high importance in the process of developing Canada as a leading lithium producer. Currently, China and Chile have almost an exclusive monopoly over this market. China controls nearly 30 percent of the market, and further industrial acquisitions are expected to increase its share.
Quantum Minerals is benefiting from exploration and development previously undertaken at the Canadian Irgon Lithium Mine Site. The Irgon Dike was established as a lithium resource nearly 65 years ago. Drilling and underground development within the dike during that period resulted in an historic in situ resource that exceeded 1.2 million tons of lithium oxide and graded at 1.51 percent over a strike length of 365 meters (1,200 feet).
A 1950s development program at Irgon Lithium Mine saw the dike’s 74-meter deep (241 feet), three-compartment shaft excavated. At the 61-meter (200-feet) level, 341 meters (1,120 feet) of lateral drifting parallel to the dike was extended from the shaft, and seven crosscuts totaling 110 meters (361 feet) were cut. At surface, a 500 ton per day mill was also constructed on site. Work ceased due to the unfavorable economic climate at the time, and, in 1961, the mill was removed. Today, the massive global demand for lithium has contributed to the rediscovery of the mine and the continuation of exploration and development work there.
Global lithium production is currently at a level of 600,000 tons per year. In the coming decade, this demand is expected to grow to anywhere between 600,000 and 800,000 tons. The extensive adoption of lithium-ion batteries is one of the driving forces for this market expansion.
The demand for lithium is predicted to triple by 2025, driven primarily by the growth in popularity of electric vehicles (http://ibn.fm/09QHE). Developing a steady supply of lithium is expected to remain a major concern in the battery production supply chain, which experts indicate will continue to maintain upward pressure on future lithium prices.
According to Benchmark Mineral Intelligence, lithium is now entering a second price run, because demand is continuing to increase faster than supply (http://ibn.fm/HLNzz).
Quantum Minerals Corp. is a Vancouver-based company that’s engaged in the acquisition, exploration and development of lithium resources. All of the company’s properties are located in Manitoba. They include not only the Irgon Lithium Mine Project, but also two very prospective volcanic massive sulphide properties – the Rocky Lake and the Rocky Namew – both of which are located within the prolific Flin Flon greenstone belt of northern Manitoba.
For more information, visit the company’s website at www.QMCMinerals.com
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