VANCOUVER, BC, Oct. 20, 2020 /CNW/ -- QMC Quantum Minerals
Corp., (TSX.V: QMC) (FSE: 3LQ) (OTC PINK:
QMCQF) ("QMC" or "the Company") is extremely
pleased with the recent $3.3B CDN
funding announcement to build Electric Vehicles ("EV") and
batteries within Canada as the
company is ideally positioned to source the required metals.
HIGHLIGHTS:
- $1.8 Billion Federal and
Provincial Funding for Oakville EV plant
- $1.5 Billion Fiat Chrysler
investment in Windsor EV plant
- Critical elements: lithium, copper, zinc, nickel
- Historical resource of 1.2M
tons of 1.51% lithium oxide
- Extensive potential of copper, nickel, gold, and zinc with
41 deposit potential targets
QMC is in an extremely favourable position to gain significantly
through the announcement on October
8th by the Federal Government of Canada and the Province of Ontario that they would provide a total
investment commitment of $590 million
CDN into the $1.8-billion CDN
retooling of Ford Motor's Oakville
Ontario assembly plant making it the hub of EV production in
Canada. This investment and retooling will make Ford Motor's
Canadian production facility the largest electric vehicle assembly
plant in North America. This project will build five new
electric vehicle models and the batteries that will power these
vehicles.
Fiat Chrysler followed up a week later announcing a $1.5-billion investment in their Windsor assembly plant. The investment
would outfit the factory with the state-of-the-art equipment that
will enable the assembly of plug-in hybrids and battery-powered
vehicles with at least one new model in 2025. The plant will
add up to 2,000 jobs to the Windsor plant.
To produce these vehicles specialized raw materials will be
required. In addition to typical commodities required to
manufacture vehicles, EVs require four additional critical
elements: lithium, copper, zinc, and nickel which QMC is moving
towards becoming a producer of ALL of these commodities
(plus potentially gaining platinum, palladium, silver and gold
credits) through the ongoing development of its Irgon Lithium
(Spodumene) Mine Project and Namew Lake District (Volcanic Massive
Sulphide ("VMS") Projects.
Namew Lake District Project
Situated in the renowned Flin
Flon and Snow Lake
districts of Manitoba known for
its world-class VMS deposits, the company land package covers
55,000 acres. The project is contiguous to the western side of
Hudbay Minerals' (HBM-TSX) Namew Lake Mine which has produced 2.57
million tons of nickel, copper, palladium, and platinum. The
Namew Lake Project is also in the vicinity of the currently
producing 777 and Lalor mines, in addition to being proximal to the
past-producing Reed Lake Mine. In
addition to being in close proximity to these other deposits, the
company's district sized Namew Lake Project displays similar
underlying geology to the aforementioned mines. The project
hosts 41 deposit sized targets outlined in a versatile time domain
electromagnetic (VTEM) system survey.
The Irgon Lithium Mine Project
Between 1953-1954, the Lithium Corporation of Canada Limited
drilled 25 holes into the Irgon Dike and subsequently reported a
historical resource estimate of 1.2 million tons grading
1.51% Li20 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 B. B. Bannatyne for the
Lithium Corporation of Canada Ltd. (Manitoba Assessment Report No.
94932). This historical estimate is believed to be based on
reasonable assumptions, and neither the company nor the QP has any
reason to contest the document's relevance and reliability. The
detailed channel sampling and a subsequent 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 onsite, designed to process 500 tons of ore per
day, and a three-compartment shaft was sunk to a depth of 74
meters. On the 61-metre level, lateral development was extended off
the shaft for a total of 366 meters of drifting, from which seven
crosscuts transected the dike.
The Company has had recent discussions with Sinomine Group, Co.,
Ltd. ("Sinomine") to process spodumene material from the Irgon
Lithium Mine Property at their TANCO plant. The TANCO plant is
easily accessible, located approximately 20km directly south of the
Irgon Lithium Mine Property via Highway 314. The TANCO management
have provided the Company with an estimate to prepare samples
(crushing and grinding), floatation testing, assaying and analysis
for preliminary metallurgical evaluation. The testing will provide
the Company with a lithium concentrate, in the past the TANCO
circuitry was able to achieve lithium concentrate levels up 7.25%
Li2O to Dow Corning. The Company expects to achieve
at least 6% Li2O in this round of testing.
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
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 business of acquisition, exploration and
development of resource properties. Its objective is to locate and
develop economic precious, base, rare metal resource properties of
merit. The Company's 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.
On behalf of the Board of Directors of
QMC QUANTUM MINERALS CORP.
"Balraj Mann"
Balraj Mann
President and Chief Executive Officer
604-601-2018
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SOURCE QMC Quantum Minerals Corp.