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QMC Quantum Minerals Corp. (OTC: QMCQF) (TSX.V: QMC) (FSE: 3LQ) Calls for Updated Resource Report on Irgon Lithium Mine Project

  • QMC recently initiated a diamond drilling project as part of its exploration program
  • Results will be used to confirm and expand the Irgon Dike’s historic resource estimate
  • SGS Canada to prepare an NI 43-101-compliant report

QMC Quantum Minerals Corp.’s (OTC: QMCQF) (TSX.V: QMC) (FSE: 3LQ) onsite geologists have reported visual confirmation of considerable spodumene mineralization within the core samples obtained from the first phase of drilling. The core is currently being logged and sampled. Once the assay results have been received from sampling of the phase one core, the company expects to greatly expand the historical published resource (1.2 million tons grading 1.51 percent Li2O) that was calculated decades ago by Lithium Corporation of Canada, a previous owner of the southern Manitoba lithium mining project.

With phase one of the drill program initiated and primarily targeting the central section of the Irgon Dike, QMC has instructed its consultant, SGS Canada, to produce, using all current and historical data, an updated resource in compliance with current NI 43-101 standards.

At least eight of the phase one drill holes have been designed to confirm the grades and widths as documented by the historic drill results. This central area of the Irgon Dike is where the historic resource of more than a million tons of lithium oxide was calculated. This historical resource was calculated over a strike length of 365 meters (1,197.5 feet) and to a depth of only 213 meters (698.8 feet), according to a news release issued on February 27 (http://ibn.fm/GX6Kt). The four remaining holes will explore the area west of the central portion of the Irgon Dike in a section coined the ‘western extension’. Drill results from these holes are expected to complement previous surface sampling and confirm the continuity of the spodumene mineralization in this direction.

As QMC has done with previous sampling programs, the company will ask for an assay analysis that reports on 56 elements. As drill holes are completed, the cores are being removed daily to a secure, off-site location for logging, cutting and sampling.

The Irgon Lithium Mine Project exploration efforts are focused on the well mineralized Irgon Pegmatite Dike, which formerly hosted a developed mine site. The project is located in southern Manitoba within a well-known pegmatite region that hosts a significant number of rare-element-bearing pegmatite dikes, including the nearby Cabot Corporation Tantalum Mining Corporation of Canada (“TANCO”) rare-element pegmatite deposit. Pegmatite is a late-stage, igneous rock that may contain significant rare-element mineralization. This is the case with respect to the Irgon Dike; spodumene, a lithium-bearing mineral which is regarded as being the preferred source of lithium, has been identified in significant quantities.

Lithium remains an important lightweight metal that plays a key role in the lithium-ion batteries that power the modern generation of computerized electronics — from small, wearable devices to larger electric vehicle batteries and still larger electrical grid temporary energy storage units. Analysis by ResearchAndMarkets.com foresees a 16.2 percent CAGR propelling the lithium-ion battery market alone to $92.2 billion in capitalization by 2024.

As SGS Canada works on bringing the Irgon Dike resource estimate up to current NI 43-101 regulatory standards, QMC is preparing for the upcoming summer field season, which will define additional diamond drill exploration to test further targets known to exist on the property.

The company announced three months ago that industry standard mobile metal ion (“MMI”) geochemical soil surveying techniques employed by SGS Canada led to the identification of new, potentially mineralized locations at the Irgon Property. MMI geochemical soil anomalies defined by the SGS survey on the northern and southern sides of the Irgon Dike could indicate buried, parallel, lithium-bearing pegmatite occurrences that don’t have surface rock outcroppings or visible ground level spodumene mineralization, according to the company (http://ibn.fm/f4oad).

QMC is also negotiating with SGS to evaluate a large pegmatite sample derived from the Irgon Dike in order to determine the best lithium recovery strategy.

For more information, visit the company’s website at www.QMCMinerals.com

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