- QMC Quantum Minerals expects to substantially increased resource estimate
- The 1950s-era historic exploration and development program undertaken by Lithium Corp. of Canada (“LCOC”) identified 1.2 million tons of lithium grading 1.51 percent over a strike length of 365 meters to a depth of 213 meters
- Expectations of a big boost from electric vehicle manufacturers continue to drive forecasts for lithium battery market jump
QMC Quantum Minerals Corp.’s (OTC: QMCQF) (TSX.V: QMC) (FSE: 3LQ) Irgon Lithium Mine project in southern Manitoba has the potential to spur market prospects to new heights. Coined the “white petroleum,” lithium continues to be sought for its critical importance in the manufacturing of lithium batteries that power most of today’s electronics.
Lithium production has been guided by a few large mining operations, including recent maneuvers by China to control the market. As well, Australian miners are desperate to meet the expected demand. Induced by rising interest in environment-friendly electric vehicles and by foreign explorers aiming to tap the resources in South America’s famed “Lithium Triangle,” the Australians have created a developing landscape with the uncertainty about where the market will end up.
Lithium has seen demand soar in recent years along with other commodities such as cobalt, which are critical metals that play a crucial role in the makeup of lithium-ion batteries’ energy-transfer elements. The batteries have long been preferred for their efficiency and power in portable computerized devices, particularly the smartphones that have become so commonplace on an international scale. The shift away from cars powered by fossil fuels and toward electric vehicles is gaining momentum as scientists around the world monitor the changes to the earth’s climate attributed to manufactured product emissions. This is driving expectations that the automotive industry could account for a seven-fold increase in the batteries’ demand by 2025 (http://nnw.fm/BeEW6).
Market speculators anticipate that battery makers alone will spur a 650 percent jump in demand for the raw commodity by 2027, while overall demand from lithium’s variety of uses may to rise more than three times the current level during the coming decade, according to a Mining.com report (http://nnw.fm/n1CBN).
QMC is two years into the development of its Irgon Lithium Mine Project and is anticipating three to five years to reach full production. Encouraging results from the ongoing exploration program have extended the strike length of the Irgon pegmatite dike and identified large spodumene-bearing dikes within the property. The company is working on preparations to commence mining at the Irgon Dike once the updated report is filed (http://nnw.fm/iTc5o).
QMC’s Irgon Project includes 22 claims covering 11,325 acres. LCOC’s exploration and development on the Irgon Dike over 60 years ago established the aforementioned historic resource estimate of 1.2 million tons of lithium oxide, which reported a grade of 1.51 percent over a strike length of 365 meters and to a depth of 213 meters. However, QMC’s exploration work during the past year has indicated a doubling of the strike length of the Irgon Dike, which would produce a current resource estimate for the property that would be significantly higher than the original one published by LCOC.
For more information, visit the company’s website at www.QMCMinerals.com
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