QMC Quantum Mineral’s flagship Irgon Lithium Mine Project is just 20km (12.5 miles) from the most productive lithium mine in North America to date—and QMC’s exploration of the area has located multiple sources of ore, Irgon is anticipated to be QMC’s first mine to reach production.
Irgon Lithium Mine Project
Project highlights:
- High-grade lithium
- Near term production potential
- Huge anomaly identified south of the Irgon Dike having a length of 1,100 meters with a width of 100 meters on eastern edge (Mapetre Dike) extending to 350 meters on the western edge (Central Dike).
- 4.16% Li2O chip sample at Central Dike; visually large crystals of spodumene mineralization at Mapetre and Central dikes.
- Low CAPEX: developed infrastructure (Highway 314 transects the property; rail, water and electricity, TANCO Mine to the south is able to process ore)
- Drill core on 22 holes obtained from Tanco.
- Central and Mapetre drill core analysis confirmed additional tonnage (core provided by Tanco/Cabot).
- Additional dikes along, north and south of the Irgon Dike increase historical tonnage.
- Additional minerals such as Tantalum and Caesium available in the same ore.
- Potential for 5M+ tons ($2B+ of lithium concentrate)
The Company holds an undivided 100% right, title and interest on 22 mineral claims covering 11,325 acres comprising the Irgon Lithium Project which hosts several rare-element granitic pegmatite occurrences, one of which hosts and is locally known as the former Irgon Mine. Access to the project is excellent as Provincial Highway 314 in southeast Manitoba transects the claims, approximately 150km northeast of Winnipeg.
Provincial Highway 314 was specifically commissioned for the project which lies within the east-trending Mayville-Cat-Eculid Greenstone Belt (“MCEGB”) located along the northern contact of the Maskwa Lake Batholith. This northern greenstone belt has a similar structural geological setting as the Bird River Greenstone Belt (“BRGB”) which is located along the southern contact of the same batholith and is parallel to and approximately18km to the south of the MCEGB. The project is located 20km north of the Tanco Mine Property. The BRGB hosts the world-class Tanco rare element-bearing pegmatite dike. The Tanco Mine went into production in 1969 and produced tantalum, cesium and lithium concentrate. It was previously North America’s largest and sole producer of spodumene (Li), tantalite (Ta) and pollucite (Cs).
The Company’s Irgon Lithium Mine Project covers the former Irgon Mine and several other known spodumene-bearing pegmatite dikes of which currently the largest and best exposed is the spodumene-bearing Irgon Dike. This dike is well exposed on a glaciated surface and strikes N80°W with a dip of 87°S.
It currently has a total intermittently exposed strike length of 800 meters and displays widths varying between 3 and 18 meters, with an average width of approximately 7 meters. Near the centre of its widest section, the dike is composed of large microcline crystals, from 39 to 61 centimeters along their crystal faces, which lie in a finer-grained groundmass of quartz and spodumene. The eastern portion of the deposit was sampled over a length of about 229 meters (circa 1934) with samples sent for analyses at the Department of Mines, Ottawa.
The results, although considered by QMC to be historic, indicated contents of 40-53% spodumene for samples, and 7.44% Li20 contained within the spodumene mineralization.
History
Between 1953-1954, the Lithium Corporation of Canada Limited (“LCOC”) drilled 25 holes into the Irgon Dike and 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. 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 both the company and 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. At that time, a complete mining plant was installed on site designed to process 500 tons of ore per day and in addition, a three-compartment shaft 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 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 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.