QMC RESPONDS
TO
ANNOUNCMENT OF CANADIAN ELECTRIC VEHICLE PRODUCTION
October
20,
2020
Vancouver,
British Columbia -- InvestorsHub NewsWire -- 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
-
Critic
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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