QMC Quantum Minerals Corp. Data Interpretation and 3-D modeling
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, March 07, 2017 (GLOBE NEWSWIRE) -- QMC Quantum
Minerals Corp., (TSX.v:QMC) (FSE:3LQ) (OTC PINK:QMCQF) ("QMC" or "the Company"),
has contracted the services of North Face Software along with Inukshuk
Geological Consulting to analyze and interpret the historical drill data for the
Irgon Mine as logged by Lithium Corporation of Canada Ltd. These data will be
used to render a 3D model of the historical resource on the Company's property.
The property covers the former Irgon Mine and several known pegmatite dikes of
which currently the largest and best exposed is the spodumene-bearing Irgon
Dike. This dike is well exposed on a glaciated surface and strikes N80°W with a
dip of 87°S. It currently has a total exposed strike length of 442 meters and
displays widths varying between 3 to 18 meters, with an average width of
approximately 7 meters. Near the centre of its widest section, the dike is
composed of large microcline crystals, from 39 to 61 centimeters along their
crystal faces, which lie in a finer-grained groundmass of quartz and spodumene.
The eastern portion of the deposit was sampled over a length of about 229 meters
(circa 1934) with samples sent for analyses at the Department of Mines, Ottawa.
The results, although considered by QMC to be historic, indicated contents of
40-53% spodumene for samples, and 7.44% Li20 contained within the spodumene
mineralization.
Between 1953-1954 the Lithium Corporation of Canada Limited drilled 25 holes
into the Irgon Dike and reported a historical resource estimate of 1.2 million
tons grading 1.51% Li20 over a strike length of 365 meters and to a depth of
213 meters (Northern Miner, Vol. 41, no.19, Aug. 4, 1955, p.3). This historical
resource is documented in a 1956 Assessment Report by Bruce Ballantyne for the
Lithium Corporation of Canada Ltd. (Manitoba Assessment Report No. 94932). This
historical estimate is believed to be based on reasonable assumptions and the
company/QP has no reason to contest the document's relevance and reliability. A
detailed drill program will be required to update this historical resource to
current NI 43-101 standards. Historic metallurgical tests reported an 87%
recovery from which a concentrate averaging 5.9% Li2o was obtained. A complete
mining plant was installed on site designed to process 500 tons of ore per day
and in addition, a three compartment shaft sunk to a depth of 74 meters. On the
61 metre level, lateral development was extended off the shaft for a total of
366 meters 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 point the mine buildings were removed.
Financing Increase
Further to the news release of March 6, 2017, The Company, due to overwhelming
interest, has agreed to increase the private placement to $1.1-million.
The Company has engaged Ascenta Finance Corp. to arrange a private placement of
up to $1.1million (CDN). The financing will consist of issuing up to 11million
units at $0.10 per unit, where each unit will consist of one common share and
one common share purchase warrant exercisable at $0.17 per warrant for a period
of 18 months. In the event that the closing price of the Company's shares as
quoted on the TSXV exceeds $0.28 per share for ten consecutive days, the Company
may accelerate the expiry date of the $0.17 warrants by giving notice to the
holders, within five days of such event, thereof, and in such case, the warrants
will expire on the 30th day after the date on which such notice is given by the
Company.
All securities issued pursuant to this private placement will be subject to a
four-month hold. The private placement is subject to acceptance by the TSX
Venture Exchange.
Finders' fees may be paid by the company in conjunction with the completion of
the private placement in accordance with TSX Venture Exchange policies.
The Company intends to use the net proceeds from the private placement for
working capital, advancing its recently acquired Irgon Mine Lithium project and
general corporate purposes.
QUALIFIED PERSON AND NI 43-101 DISCLOSURE
The technical content of this news release has been reviewed and approved by
Bruce E. Goad, P. Geo. who is a qualified person as defined by National
Instrument 43-101.
About the Company
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 metal and resource properties of merit. The
Company's properties include the Irgon Lithium Mine project, two VMS properties,
the Rocky Lake and Rocky-Namew known collectively as the Namew Lake District
Project, and the Carrot River Gold Property. Currently, all of the company's
properties are located in Manitoba.
On behalf of the Board of Directors of
QMC QUANTUM MINERALS CORP.
"Balraj Mann"
Balraj Mann
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this news release.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: QMC Quantum Minerals Corp. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 07.03.2017 - 21:58 Uhr
Sprache: Deutsch
News-ID 528834
Anzahl Zeichen: 6380
contact information:
Town:
Vancouver
Kategorie:
Business News
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