- Non-disclosure contract will identify economic prospects of Irgon Pegmatite Dike
- Company identifies additional “lithium soil anomaly” of interest on Cat Lake-Winnipeg River site
- Lithium continues to garner interest amid environmentally conscious drive to transform auto industry
A recently signed NDA contract through which spodumene mineralization at QMC’s Irgon Project located in Manitoba’s bountiful Cat Lake-Winnipeg River Pegmatite Field serves as evidence that QMC Quantum Minerals Corp. (OTC: QMCQF) (TSX.V: QMC) (FSE: 3LQ) continues to advance toward the eventual reboot of a lithium mine that was shuttered some six decades ago. This news release announcing the agreement states that an Asia-based manufacturing company will test Irgon lithium (spodumene) mineralization identified during recent channel sampling at the site to ascertain if it “meets end-use requirements of the manufacturer’s customers.”
QMC announced the NDA agreement, by which the company is bound to a contractual non-disclosure of details, following recent news which documented impressive channel sampling results and the completion of 3-D modeling of the historical development. “Recent assay results received from the 2017 channel sampling program were very positive, supporting the original development work on the dike … with very encouraging individual sample grades of up to 4.31%, 4.0% and 3.05% Li2O over one-metre sample intervals.” These data indicate the potential to define additional untapped tonnage along the eastern and western strike extensions of the Irgon Dike, outside the area where historical (1950s) exploration was carried out by The Lithium Corporation of Canada Ltd. (“LCOC”) (http://ibn.fm/usr1M).
The company’s news release also notes that its reevaluation of historical assessment reports produced by the nearby Tantalum Mining Corporation of Canada (“TANCO”) led it to identify an additional exploration target encompassing “a large, untested lithium soil anomaly” more than 3,600 feet long and up to 1,150 feet wide across the southern part of the property. QMC will focus in on this lithium soil anomaly, identified but never tested by TANCO when it held title to the property in the 1970s. Several lithium-bearing pegmatite dikes have been identified along the eastern and western peripheries of this anomaly located south of the Irgon Dike. This suggests the potential for discovery of additional lithium resources that may be the source of this lithium soil anomaly.
QMC has hired SGS Canada (“SGS”) to provide technical support and consulting services for the company’s field exploration and drilling program this year, and SGS will prepare a technical report compliant with current NI 43-101 standards that is expected to confirm and potentially increase the historical resource.
Lithium has become the subject of a precious metals race as world governments seek ways to limit the environmental harm from fossil fuel pollutants emitted thanks to the pervasive and insatiable need for rapid transit around the globe. Electric vehicles are gaining new gravitas through Renault in France and Britain’s plans to end the sale of petroleum-consuming vehicles by 2040 (http://ibn.fm/aEdUi), as well as through strong EV-promoting regulations in China and California, for example. Lithium is a key to current EV battery technology, thanks to its ability to efficiently process a large amount of energy with a low amount of counterproductive heat.
The historical assays of QMC’s site conducted by LCOC in 1955 show underground channel sampling results of up to 2.3 percent lithium oxide over 7.3 feet, with overall reported historical resource of 1.2 million tons grading 1.51 percent lithium oxide over a strike length of 1,198 feet and to a depth of 700 feet (http://ibn.fm/wZJbP). However, the results were not reported in a manner that meets the criteria of modern regulations for identifying the potential economic feasibility of a mining venture that may appeal for public investment, hence the need to investigate the current state of the property and produce a report consistent with Canada’s NI 43-101 standards.
“This historical estimate is believed to be based on reasonable assumptions, and neither the company nor the QP has any reason to contest the document’s relevance and reliability,” the company’s news release stated this month. “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. Consequently, the issuer is not treating the historical estimate as current mineral resources or mineral reserves.”
Eventual determination of whether the lithium surveys qualify as mineral resources or mineral reserves would indicate their readiness to be extracted in an economically feasible manner.
In addition to its rare-metal (Li, Cs, Ta, Nb, Rb, Be) Irgon Mine Property, QMC Quantum Minerals holds title to two base metal resource properties that may prove to be economically profitable (http://ibn.fm/RJCnT). The two properties, collectively known as the Namew Lake District Project, encompass about 23,000 hectares (57,000 acres) and are located in the prolific, metal-rich Flin Flon/Snow Lake Volcanic Massive Sulphide (“VMS”) mining district of Northwestern Manitoba.
For more information, visit the company’s website at www.QMCMinerals.com
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