- QMC’s exploration program at its Irgon Lithium Mine Project suggests that the lithium resource estimate at the property could be much higher than the published historical resource
- QMC anticipates mine development in 2019
- News of the property’s capacity and the upcoming production decision is timely, given forecast for future shortages and rising supply demand for lithium
In a December 2018 article, QMC Quantum Minerals Corp. (OTC: QMCQF) (TSX.V: QMC) (FSE: 3LQ) stated that it is preparing to rapidly expand exploration and bring the Irgon Lithium Mine Project into production after SGS Canada (qualified engineer) upgrades the historical resource estimate in compliance with current NI 43-101 standards (http://nnw.fm/vY86k).
QMC began exploratory work on the Irgon Lithium Mine Project in southern Manitoba in 2016. The exploration program continued through 2017 and 2018, when assay results returned high grades of lithium oxide supporting the original historical results.
Exploration at the Irgon Dike commenced almost half a century ago. The historical resource was then estimated at over 1.2 million tons of lithium oxide, grading 1.5 percent Li2O over a strike length of 365 meters and to a depth of 213 meters. Mineralization under this depth is open.
In October 2018, QMC Quantum Minerals announced its latest findings at Irgon, which doubled the known strike length by extending it for an additional 400 meters. The company announced plans to drill deeper, below the level of the estimated historical resource. QMC anticipates producing a NI 43-101 compliant resource estimate that could be more significant than the previous historical resource estimate.
These announcements are coming in light of a serious anticipated lithium deficit (http://nnw.fm/pG5Za). Forecasts for a supply deficit stem from the growing importance of lithium-ion batteries. Today, they are the standard power source for electronics, personal gadgets and wearable technology, as well as military technologies and automobiles.
Currently, China is working hard to secure a monopoly in the niche and has an economic strategy aimed at controlling the entire supply chain. It is also attempting to secure a leading production position for cobalt, which is another key element that is needed to produce lithium-ion batteries.
Lithium brines are used for the extraction of the element in both China and Chile – the second big player in the field. The process is slower, and only concentrated brines result in economic lithium extraction. In contrast, QMC Quantum Minerals will mine lithium directly from rock in Manitoba.
The Irgon Mine Project in Manitoba could enable QMC Quantum Minerals and Canada to become major producers in the hard rock lithium extraction field.
In 2019, QMC plans to increase the rate of development and the subsequent production of lithium from pegmatite dikes. The company will benefit from the infrastructure that is already in place, which could ensure rapid development.
The infrastructure existing at the mining site from the past includes a previously excavated 241-foot-deep, three-compartment shaft and 1,120 feet of underground drifting off the 200-foot level. Road and rail access are available, and there’s also nearby power infrastructure that can easily be connected to the property.
QMC Quantum Minerals is a Vancouver-based lithium acquisition, exploration and development company. All of its properties are currently located in Manitoba, and they include the Irgon Lithium Mine Project and two volcanic massive sulphide gold, copper and zinc properties (Rocky Lake and Rocky Namew).
For more information, visit the company’s website at www.QMCMinerals.com
More from NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information, please visit https://www.NetworkNewsWire.com