QMC Identifies 1,000 PPM Li In Significant Soil Anomaly

Rhea-AI Summary

QMC Quantum Minerals Corp. has announced favorable results from a litho-geochemical soil survey, which will be included in their upcoming NI 43-101 report by SGS Canada. The survey indicates a 1,100m long lithium geochemical anomaly, with concentrations exceeding 1,000 ppm Li in several areas. Chip samples returned up to 4.16% Li2O. The lithium market is projected to face a deficit by 2022, pushing prices for lithium hydroxide to potentially exceed $16,000 per tonne. The company aims to explore these new targets with additional drilling, asserting significant mineralization potential.

Positive

• Discovery of a 1,100m long lithium soil geochemical anomaly.
• Chip samples returned up to 4.16% Li2O, demonstrating high lithium concentration.
• Market analysis suggests the lithium market will face a deficit, increasing demand.
• Potential for additional tonnage indicated by the soil survey results.

Negative

• None.

VANCOUVER, B.C., May 4, 2021 /PRNewswire/ -- QMC Quantum Minerals Corp., (TSX.V: QMC) (FSE: 3LQ) (OTC PINK: QMCQF) ("QMC" or "the Company) will be incorporating the results of a litho-geochemical soil survey in the upcoming NI 43-101 report, being prepared by SGS Canada.

Highlights

• Strong lithium soil geochemical anomaly 1,100m long by 100m on the east widening to 350m at the west.
• Potential for additional tonnage.
• Several areas reported over 1,000 ppm Li.
• Chip samples in the area are 2.47% Li₂O at Mapetre and 4.16% Li₂O at Central.
• Magnitude of lithium anomaly cannot be accounted for by the known pegmatites in the area.
• Lithium market moving into deficit with material shortages emerging.

Balraj Mann, CEO, commented, "Macquarie Group recently stated the lithium market is moving to a deficit in 2022 with material shortages emerging in 2025.  Lithium hydroxide prices are expected to top $16,000 per tonne.  Moreover, as the amount of cobalt in batteries is reduced, the lithium component within must be increased." 

The historic assessment report (Manitoba Mines Branch: #92681) documents a litho-geochemical soil survey that was conducted by TANCO for the purpose of delineating buried, undiscovered tantalum-bearing pegmatite structures that may occur south of Cat Lake between the known Central Pegmatite on the west and the Mapetre Pegmatite to the east. Two survey grids were laid out. The larger grid (Grid "A" below), established on a 150 x 500-foot grid pattern, confirmed that a very intense, widespread lithium geochemical soil anomaly is situated between the Central and Mapetre Dikes covering an east/west distance of approximately 1100 metres with a width of 100 metres at the east end, widening to approximately 350 metres at the west end.  TANCO reports lithium results within this anomaly to be up to 630 ppm Li. 

The second grid (Grid "B") established a tighter, 150 x 150-foot grid pattern over the western portion of the Grid "A" anomaly.  The purpose of Grid "B" was to again identify additional pegmatite mineralization in extensions of, or parallel structures to the Central Dike. Results of the lithium soil geochemistry were highly anomalous as several areas reported over 1,000 ppm lithium concentrations with a widespread lithium anomaly showing > 300ppm Li and remaining open ended to the east.

The location of both these grids and the data TANCO produced are reproduced in the figure below. 

In the assessment report, TANCO geologists state that the "breath and length of this lithium anomaly is such that it cannot be accounted for by the known pegmatites in the area."  TANCO geologists strongly recommended that the company explore both these target areas with additional drill programs; however, at the time, tantalum was TANCO's metal of choice and the company had no interest in producing lithium.  The assessment report was prepared by D.L. Trueman, P. Eng. for the Tantalum Mining Corporation of Canada Limited ("TANCO") and was dated 1979.

QMC's exploration work programs have confirmed the presence of significant mineralization within the Mapetre and Central pegmatite dikes.  QMC crews identified large crystals of spodumene mineralization on the Mapetre where a 1.5-metre-long chip sample assayed 2.47% Li₂O.  Chip samples from the Central assay returns were from 1.42% to 4.16% Li₂O.  QMC also had TANCO drill core assayed for lithium.  The best Mapetre Dike intersection was 0.32% Li₂O over 16.61 metres, including 0.52% Li₂O over 8.69 metres.  The best intersection from the Central Dike was 1.28% over 3.81 metres, including 2.97% Li₂O over 1.22 metres.  Two additional sample intervals from drill holes on the Central Dike re-assayed 1.50% Li₂O over 1.52 metres and 1.04% Li₂O over 1.52 metres. 

The Company has entered into a month-to-month marketing and consulting contract with Toronto-based marketing firm, North Equities Corp.  North Equities specializes in various social media platforms and will be able to facilitate greater awareness and widespread dissemination of the Company's news.  The Company will pay North Equities $3,500 per month. North Equities currently owns 200,000 shares of the Company along with 200,000 warrants exercisable at $0.16 per share.

Qualified Person

The technical content of this news release has been reviewed and approved by Bruce E. Goad, P. Geo., a qualified person as defined by National Instrument 43-101.

About the Company

QMC is a British Columbia based company engaged in the acquisition, exploration and development of resource properties. Its objective is to acquire, locate and develop economic deposits within the company's precious, base, rare metal resource properties of merit. The Company's current properties include the Irgon Lithium Mine Project and two VMS properties, the Rocky Lake and Rocky-Namew, known collectively as the Namew Lake District Project. Currently, all of the Company's properties are located in Manitoba.

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.

On behalf of the Board of Directors of

QMC QUANTUM MINERALS CORP.

Balraj Mann
President and Chief Executive Officer
+1 604-601-2018

View original content to download multimedia:http://www.prnewswire.com/news-releases/qmc-identifies-1-000-ppm-li-in-significant-soil-anomaly-301282817.html

SOURCE QMC Quantum Minerals Corp.

FAQ

What are the results of QMC Quantum Minerals Corp.'s recent soil survey?

The survey identified a significant 1,100m long lithium geochemical anomaly, with several areas reporting over 1,000 ppm Li.

Where are the lithium mineralization findings located?

The findings are located between the Central Pegmatite and the Mapetre Pegmatite near Cat Lake, Manitoba.

What is the significance of the lithium market according to QMC?

QMC noted that the lithium market is moving into a deficit starting in 2022, with potential material shortages emerging by 2025.

What are the upcoming plans for QMC following the soil survey?

QMC plans to conduct further exploration and drilling in the areas identified with significant lithium mineralization.

How much is QMC paying for its marketing contract?

QMC has entered a marketing contract with North Equities Corp. for $3,500 per month.