QMC Quantum Minerals Corp. (OTC Pink: QMCQF) is engaged within the exploration, development, and acquisition of mineral resource properties. Shares of the mineral mining company are rallying 34.06%, through early trading on Tuesday, September 19, 2017. Over the past month, QMC Quantum Minerals Corp. has seen average daily volume of 10,497 shares. However, volume of 194,695 shares or dollar volume of $30,956, has already exchanged hands on the day.
Shares of QMC Quantum Minerals Corp. are rallying today, after the company announced that it has received a work permit for its Irgon Lithium Mine from the Government of Manitoba. The company has begun to mobile a new team and equipment to the mine location. Here is the full press release detailing of the work permit:
QMC Quantum Minerals Corp. Press Release:
VANCOUVER, British Columbia, Sept. 19, 2017 (GLOBE NEWSWIRE) — QMC Quantum Minerals Corp., (TSX-V:QMC) (FSE:3LQ) (OTC PINK:QMCQF) (“QMC” or “the Company”), has received the required work permit from the Government of Manitoba for the Company’s Irgon Lithium Mine property. The Company has now mobilized the work crew and equipment to the work site. The initial work program is designed to strip the overburden off the dike thereby exposing it completely along strike. Subsequently, the company will initiate a program of channel sampling across the dike, at intervals along the entire strike length of the dike to extend the known mineralized zone and confirm previous grab sampling, trenching and drilling results.
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% Li2O 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. During this historical 1950 era work program, a complete mining plant was installed on site designed to process 500 tons of ore per day and in addition, a three-compartment shaft was sunk to a depth of 74 meters. On the 61 meter 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.
The mineral reserve cited above is presented as a historical estimate and uses historical terminology which does not conform to current NI 43-101 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 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, rare 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.