92 Resources Corp. Reports Channel Sampling Returns 2.28% Li2O over 6 m and 1.54% Li2O over 8 m, with New Spodumene-Bearing
Pegmatite Discovery Returning 1.61% Li2O, at the Corvette Property, Quebec
Vancouver, BC (FSCwire) - 92 Resources Corp. (the “Company”) (TSX.V:
NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to announce that it has received
assay results from the recently completed 2018 summer field program at the Company’s 100% owned Corvette Property (the
“Property”). The Property is located in the James Bay Region of Quebec, approximately 10 kilometres south of the all-season
Trans-Taiga Road and powerline infrastructure corridor, and forms part of the larger Corvette-FCI Property, which includes the
recently announced 28-claim Option Agreement with Osisko Mining Inc. (see news release dated September 4th, 2018).
In 2017, the Company discovered and sampled the CV1 and CV2 pegmatite’s, which returned grab samples of 3.48% Li2O and 1.22%
Li2O, respectively. As follow-up, the 2018 summer field program was completed, and has further defined the CV1
Pegmatite as well as discovered new lithium-bearing prospects on the Property (see news release dated
August 13th, 2018).
The primary objectives of the ten (10) day program were to obtain preliminary grade over width information for the CV1 and CV2
pegmatites through surface channel sampling, and to prospect both along strike and regionally for additional spodumene-bearing
pegmatite occurrences. Highlights from the recently completed summer work program include:
- A total of 40 channel samples collected from CV1, ranging from 0.02% to 3.85% Li2O, with an average of 1.35% Li2O
- Both CV1 and CV2 pegmatites contain significant concentrations of tantalum, collectively ranging from nil
to 591 ppm Ta2O5, with an average of 109 ppm and 138 ppm Ta2O5, respectively
- Channel CV1-CH01: 1.54% Li2O over 8 m
- Channel CV1-CH02: 1.77% Li2O over 6 m
- Channel CV1-CH03: 2.28% Li2O over 6 m
- Channel CV1-CH05: 1.50% Li2O over 7 m
- Discovery of two new spodumene-bearing pegmatite occurrences:
○ CV3, located approximately 250 metres south of CV1, with a grab sample of 1.61% Li2O
○ CV4, located approximately 3 km northeast and along strike of CV1, with a grab sample of 0.74% Li2O
Both the CV1 and CV2 pegmatites demonstrated strong grades of lithium, with each individual channel from the CV1 Pegmatite
having returned greater than 1% Li2O over its entire cut length, with individual samples greater than 2% Li2O. Collectively, this
is a strong indication of continuity of mineralization over the known strike-length of the pegmatite. The CV2 pegmatite returned
its strongest mineralization to date with 2.04% Li2O over 1 m.
In addition to the strong grades of lithium, unexpectedly high-grades of tantalum were also returned from both the CV1 and CV2
pegmatites. Each channel cut of the program returned anomalous to well mineralized tantalum, with numerous samples assaying
greater than 200 ppm Ta2O5, including an interval of 2.28% Li2O and 471 ppm Ta2O5 over 2 m. Analytical results for each full
channel are presented below in Table 1 as well as at the following links:
https://92resources.com/wp-content/uploads/2018/09/92_ChannelSampling_Page_2.jpg
https://92resources.com/wp-content/uploads/2018/09/92_ChannelSampling_Page2-3.jpg
Advisory Board Member and Qualified Person (QP) Darren L. Smith comments: “the results of the recent program are highly
encouraging with the demonstrated lithium potential of the Property now significantly expanded beyond the CV1-2 area. In
addition, the discovery of strong grades of tantalum associated is an equally positive development and adds further credence to
the economic prospects of the Project. We look forward to further delineating this association as the processing and recovery of
tantalum from spodumene-bearing pegmatites is well-established.”
Table 1: Channel Sample Results (CV1 and CV2 pegmatites)
CV1 Pegmatite
|
Channel
|
Li2O (%)
|
Ta2O5 (ppm)
|
Interval (m)
|
Comment
|
CV1-CH01
|
1.54
|
136
|
8.00
|
Full Channel
|
CV1-CH02
|
1.77
|
54
|
6.00
|
Full Channel
|
CV1-CH03
|
1.36
|
128
|
11.00
|
Full Channel
|
CV1-CH04
|
1.20
|
128
|
4.00
|
Full Channel
|
CV1-CH05
|
1.02
|
95
|
11.00
|
Full Channel
|
CV2 Pegmatite
|
Channel
|
Li2O (%)
|
Ta2O5 (ppm)
|
Interval (m)
|
Comment
|
CV2-CH01
|
0.73
|
140
|
4.00
|
Full Channel
|
CV2-CH02
|
0.55
|
136
|
4.00
|
Full Channel
|
- Intervals are apparent width, as the true width is not known
- Channel samples each 1 m in length
The CV1 and CV2 pegmatites trend sub-parallel (~70°) to one another, separated by approximately 50 m. A majority
of the channel sampling was completed at the larger CV1 Pegmatite with 5 channels for 40 samples collected. A further 2 channels,
for a total of 8 samples, were collected from the CV2 Pegmatite, located to the north of CV1.
The largest channel cuts of the CV1 Pegmatite were limited to 11 m due to the outcrop’s physical characteristics,
including relatively rounded and steep edges making channel sampling impractical in these areas. As such, the widths of the
channel cuts at CV1 do not cover the entire exposed width of the pegmatite body as its width ranges mostly between 12 and 30 m as
exposed. Further, as several channel cuts end in strong mineralization, the mineralization of the CV1 Pegmatite is indicated to
be wider than that sampled.
Of additional note, the surface mapping successfully extended the strike length of the CV1 pegmatite on the Property to at
least 175 m, with the east end truncated by a shallow lake, along with indications that the pegmatite continues beneath the
surface.
92 Resources President & CEO Adrian Lamoureux comments on the successful exploration program at Corvette: “We are very
pleased with these initial results as it further acknowledges our belief of the potential that the Corvette Project has to
unlock. As reported in our last news release, we were able to increase our foothold in this exciting district and plan to be very
active moving forward. Last year we made a conscious decision to direct all of the Company focus on our projects in Quebec for
several reasons. We believe that, not only the high potential these projects could offer but also because of our technical teams’
abilities, long-standing relationships, and valuable work experience in Quebec. Furthermore, the Province of Quebec is one of the
most geo-politically stable and mining friendly jurisdictions globally, is very navigable, cost-effective to explore, and an
overall pro-exploration province. We look forward to continuing to unlock value for our shareholders and stakeholders.”
Regional Prospecting and Sampling Program
As recently announced, the Company’s regional program at Corvette resulted in the discovery of an additional four (4)
spodumene-bearing outcrops on the Property (see news release dated August 13th, 2018). The discoveries outline
two distinct trends/occurrences, termed the “CV3” and “CV4” pegmatites, with the Company now pleased to report grab samples
results of 1.61% Li2O and 0.74% Li2O, respectively. The discoveries are significant and led the Company to expand its
land position, through map designation, as announced August 13th, 2018 as well as executing an Option Agreement with
Osisko Mining Inc. for the adjoining FCI Property, as announced September 4th, 2018.
The CV3 Pegmatite exposure is approximately 20 m in length and 3 m in width and is located approximately 250 m south of the
CV1 Pegmatite. Its presence indicates a new sub-parallel spodumene-bearing dyke is present and further emphasizes the potential
for additional dykes to be present in the area.
The CV4 Pegmatite discovery is characterized by three spodumene-bearing outcrops, spanning a distance of approximately 140 m,
and is situated approximately 3 km along strike to the northeast of the CV1-2-3 pegmatite area. This discovery highlights the
size of the mineralized system at Corvette. Further, the extensive lateral extent between the discovery areas, as well as the
size of the CV1 Pegmatite, suggest a strong potential for lateral continuity and significant depth extent of the pegmatite dykes.
As the CV4 Pegmatite discovery was made on the last day of the program, the area remains to be prospected in detail. Moreover,
when coupled with the newly acquired ground (map designated) on trend to the northeast, more than 6 km of prospective strike
length remains to be evaluated. This is in addition to the FCI Property ground covering the trend to the southwest for a
combined total prospective strike length of approximately 15 km.
Company President and CEO, Adrian Lamoureux, further comments: “We are strongly encouraged with the results of the recent
surface exploration at Corvette. The CV1 Pegmatite appears far larger than first estimated, with the channel sampling
demonstrating a strong continuity of mineralization along it. The numerous samples of greater than 2% Li2O demonstrate grade in
the system, and the new discoveries of CV3 and CV4 indicate considerable “blue-sky” potential”. We are very excited as we
continue to advance and develop the potential at Corvette as well as the newly acquired adjoining FCI Property.”
Permitting is underway for a maiden drill program focused on the CV1 and CV2 pegmatite occurrences. In addition, surface work
is planned as follow-up to the CV3 and CV4 discoveries made during the 2018 summer work program, as well as further regional
work. With respect to the FCI Property option, the Company is currently emplacing the Steering Committee and intends to meet
shortly to outline the near-term exploration plans and objectives, and to further ensure a complete synergy with the Company’s
Corvette Property exploration.
The Corvette and FCI properties are also prospective for gold with numerous anomalous gold samples returned from the recent
field program at Corvette. Although gold is not the primary focus at Corvette-FCI, the Company will continue to diligently
evaluate its potential.
All samples collected were sent to laboratories at SGS Canada Inc. (Lakefield) for lithium analysis by sodium peroxide fusion
with ICP-AES finish (package GE ICP91A), as well as for 37-multi-element analysis, including tantalum, by sodium peroxide fusion
with ICP-MS finish (package GE IC90M). A subset of samples were also analyzed for gold by fire assay (package GE FAA313).
About 92 Resources Corp.
92 Resources Corp is a modern energy solution company, focused on acquiring and advancing strategic and prospective modern
energy related projects. The Company currently holds four principal assets in Canada: the Corvette (plus FCI Option) and Pontax
lithium properties in Quebec, the Golden Frac Sand Property, BC, and the Hidden Lake Lithium Property, NWT, currently under
option to Far Resources Ltd.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P. Geol., of Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument
43-101, supervised the preparation of the technical information in this news release.
For further information, please contact Adrian Lamoureux, President & CEO at Tel: 778-945-2950, E-mail: adrian@92resources.com or visit www.92resources.com.
On Behalf of the Board of Directors,
“ADRIAN LAMOUREUX”
Adrian Lamoureux, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which
are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking
statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar
expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the
Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual
results to differ materially from those indicated in the forward-looking statements.
To view the original release, please click here
Source: 92 Resources Corp. (TSX Venture:NTY, OTCQB:RGDCF, FWB:R9G2)
To follow 92 Resources Corp. on your favorite social media platform or financial websites, please click on the icons
below.
Maximum News Dissemination by FSCwire. https://www.fscwire.com
Copyright © 2018 FSCwire