Vancouver, British Columbia –
Newsfile Corp. – February 22, 2023 –
QMC Quantum Minerals Corp., (TSXV: QMC) (FSE: 3LQ) (OTC Pink: QMCQF) (“QMC” or “the Company”) has received a work permit from the Government of Manitoba for the Company’s Irgon Lithium Mine Property. The Irgon Lithium Mine has a historical resource estimate of 1.2 million tons grading 1.51% Li2O over a strike length of 365 metres, to a depth of 213 metres. Currently, on surface, the strike length has been extended to approximately 800 metres and remains open along strike and to depth. A complete mining plant and 40-man camp were installed on site during 1956/57. The adjacent Highway 314, which transects the property, was specifically built for access to the historic Irgon mining operation. The mining plant was designed to process 500 tons of ore per day. The project has excellent infrastructure, being close to grid power, highway access to a processing facility 20km to the south and a major central railway system located in Winnipeg, Manitoba.
The initial focus of the proposed work program will be to carry out a field mapping and sampling program in order to extend the Irgon Dike beyond the known 800m strike length. The Company will then execute a channel sampling program across newly exposed mineralized outcrop sections of the Irgon Dike.
Historic Resource: Between 1953 and 1954, the Lithium Corporation of Canada Limited (“LCOC”) reported a historical resource estimate on the Irgon Dike of 1.2 million tons grading 1.51% Li20 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 LCOC (Manitoba Assessment Report No. 94932). This historical resource estimate is believed to be based on reasonable assumptions and both the Company and QP has no reason to contest the document’s relevance and reliability.
Existing Underground Development: During 1956/1957 a complete mining plant was installed, and since removed, on site 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 metres of drifting from which six crosscuts transected the dike.
Excellent Historic Recoveries: Historic metallurgical tests reported an 87% recovery from which a concentrate averaging 5.9% Li2O was obtained.
Excellent Local Infrastructure: The Irgon Property is transected by Manitoba Highway 314 with access to hydro, water, nearby rail head and is located only 20 kilometres north of the Sinomine Rare Metal Resources Group’s TANCO Mine which is currently mining spodumene and producing a lithium concentrate on site.
Pending NI 43-101 Report: A NI 43-101 technical report is nearing completion which will update the historical lithium resource to current NI 43-101 standards.
The mineral reserve cited above is presented as a historical estimate and uses historical terminology which does not conform to current NI43-101 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 Daniel Leroux, P. Geo. who is a qualified person as defined by National Instrument 43-101.
On behalf of the Board of Directors of
QMC QUANTUM MINERALS CORP.
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.
The issuer is solely responsible for the content of this announcement.