Tel: (778) 945 2950 Trading Symbol: TSX.v: NTY OTCQB ... · 1.35% Li2O • Both CV1 and CV2...
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Suite 1400 – 1111 W. Georgia St. Vancouver, BC, V6E 4M3 Tel: (778) 945 2950 www.92resources.com Trading Symbol: TSX.v: NTY OTCQB: RGDCF Frankfurt: R9G2 (WKN: A11575) 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 September 11, 2018 – 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 4 th , 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 13 th , 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: o CV3, located approximately 250 metres south of CV1, with a grab sample of 1.61% Li2O
Transcript of Tel: (778) 945 2950 Trading Symbol: TSX.v: NTY OTCQB ... · 1.35% Li2O • Both CV1 and CV2...
Suite1400–1111W.GeorgiaSt.
Vancouver,BC,V6E4M3
Tel:(778)9452950www.92resources.com
TradingSymbol:TSX.v:NTYOTCQB:RGDCF
Frankfurt:R9G2(WKN:A11575)
92RESOURCESCORP.
ReportsChannelSamplingReturns2.28%Li2Oover6mand1.54%Li2Oover8m,withNewSpodumene-BearingPegmatiteDiscoveryReturning1.61%Li2O,attheCorvetteProperty,Quebec
Vancouver September 11, 2018 – 92 Resources Corp. (the “Company”) (TSX.V:NTY) (OTCQB:RGDCF) (FSE:R9G2)ispleasedtoannouncethatithasreceivedassayresultsfromtherecentlycompleted2018summerfieldprogram at the Company’s 100% owned Corvette Property (the “Property”). The Property is located in theJames Bay Region of Quebec, approximately 10 kilometres south of the all-season Trans-Taiga Road andpowerline infrastructure corridor, and forms part of the larger Corvette-FCI Property, which includes therecentlyannounced28-claimOptionAgreementwithOsiskoMiningInc.(seenewsreleasedatedSeptember4th,2018)
In2017,theCompanydiscoveredandsampledtheCV1andCV2pegmatite’s,whichreturnedgrabsamplesof3.48%Li2Oand1.22%Li2O,respectively.Asfollow-up,the2018summerfieldprogramwascompleted,andhasfurtherdefinedtheCV1Pegmatiteaswellasdiscoverednewlithium-bearingprospectsontheProperty(seenewsreleasedatedAugust13th,2018).
Theprimaryobjectivesoftheten(10)dayprogramweretoobtainpreliminarygradeoverwidthinformationfortheCV1andCV2pegmatitesthroughsurfacechannelsampling,andtoprospectbothalongstrikeandregionallyforadditionalspodumene-bearingpegmatiteoccurrences.Highlightsfromtherecentlycompletedsummerworkprograminclude:
• Atotalof40channelsamplescollectedfromCV1,rangingfrom0.02%to3.85%Li2O,withanaverageof1.35%Li2O
• BothCV1andCV2pegmatitescontainsignificantconcentrationsoftantalum,collectivelyrangingfromnilto591ppmTa2O5,withanaverageof109ppmand138ppmTa2O5,respectively
• ChannelCV1-CH01:1.54%Li2Oover8m
• ChannelCV1-CH02:1.77%Li2Oover6m
• ChannelCV1-CH03:2.28%Li2Oover6m
• ChannelCV1-CH05:1.50%Li2Oover7m
• Discoveryoftwonewspodumene-bearingpegmatiteoccurrences:
o CV3,locatedapproximately250metressouthofCV1,withagrabsampleof1.61%Li2O
2 o CV4, located approximately 3 km northeastandalongstrikeofCV1,withagrabsample
of0.74%Li2O
BoththeCV1andCV2pegmatitesdemonstratedstronggradesoflithium,witheachindividualchannelfromtheCV1Pegmatitehavingreturnedgreaterthan1%Li2Ooveritsentirecutlength,withindividualsamplesgreaterthan2%Li2O.Collectively,thisisastrongindicationofcontinuityofmineralizationovertheknownstrike-lengthofthepegmatite.TheCV2pegmatitereturneditsstrongestmineralizationtodatewith2.04%Li2Oover1m.
Inadditiontothestronggradesoflithium,unexpectedlyhigh-gradesoftantalumwerealsoreturnedfromboththe CV1 and CV2 pegmatites. Each channel cut of the program returned anomalous to well mineralizedtantalum,withnumeroussamplesassayinggreaterthan200ppmTa2O5,includinganintervalof2.28%Li2Oand471ppmTa2O5over2m.AnalyticalresultsforeachfullchannelarepresentedbelowinTable1aswellasatthefollowingmaps:
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Advisory Board Member and Qualified Person (QP) Darren L. Smith comments: “the results of the recentprogram are highly encouraging with the demonstrated lithium potential of the Property now significantlyexpandedbeyondtheCV1-2area.Inaddition,thediscoveryofstronggradesoftantalumassociatedisanequallypositivedevelopmentandadds furthercredencetotheeconomicprospectsof theProject.We look forwardtofurther delineating this association as the processing and recovery of tantalum from spodumene-bearingpegmatitesiswell-established.”
Table1:ChannelSampleResults(CV1andCV2pegmatites)
CV1PegmatiteChannel Li2O(%) Ta2O5(ppm) Interval(m) CommentCV1-CH01 1.54 136 8.00 FullChannelCV1-CH02 1.77 54 6.00 FullChannelCV1-CH03 1.36 128 11.00 FullChannelCV1-CH04 1.20 128 4.00 FullChannelCV1-CH05 1.02 95 11.00 FullChannel
CV2Pegmatite
4 Channel Li2O(%) Ta2O5(ppm) Interval(m) CommentCV2-CH01 0.73 140 4.00 FullChannelCV2-CH02 0.55 136 4.00 FullChannel(1) Intervalsareapparentwidth,asthetruewidthisnotknown(2) Channelsampleseach1minlength
The CV1 and CV2 pegmatites trend sub-parallel (~70°) to one another, separated by approximately 50m. Amajorityof the channel samplingwas completedat the largerCV1Pegmatitewith5 channels for40 samplescollected.Afurther2channels,foratotalof8samples,werecollectedfromtheCV2Pegmatite,locatedtothenorthofCV1.
ThelargestchannelcutsoftheCV1Pegmatitewerelimitedto11mduetotheoutcrop’sphysicalcharacteristics,includingrelativelyroundedandsteepedgesmakingchannelsamplingimpractical intheseareas.Assuch,thewidthsof the channel cuts atCV1donot cover theentireexposedwidthof thepegmatitebodyas itswidthrangesmostlybetween12and30masexposed.Further,asseveralchannelcutsendinstrongmineralization,themineralizationoftheCV1Pegmatiteisindicatedtobewiderthanthatsampled.
Of additional note, the surfacemapping successfully extended the strike lengthof theCV1pegmatiteon theProperty to at least 175 m, with the east end truncated by a shallow lake, along with indications that thepegmatitecontinuesbeneaththesurface.
92ResourcesPresident&CEOAdrianLamoureuxcommentsonthesuccessfulexplorationprogramatCorvette:“We are very pleasedwith these initial results as it further acknowledges our belief of the potential that theCorvetteProjecthastounlock.Asreportedinourlastnewsrelease,wewereabletoincreaseourfootholdinthisexcitingdistrictandplantobeveryactivemovingforward.LastyearwemadeaconsciousdecisiontodirectalloftheCompanyfocusonourprojectsinQuebecforseveralreasons.Webelievethat,notonlythehighpotentialthese projects could offer but also because of our technical teams’ abilities, long-standing relationships, andvaluable work experience in Quebec. Furthermore, the Province of Quebec is one of themost geo-politicallystableandminingfriendly jurisdictionsglobally, isverynavigable,cost-effectivetoexplore,andanoverallpro-explorationprovince.Welookforwardtocontinuingtounlockvalueforourshareholdersandstakeholders.”
REGIONALPROSPECTINGANDSAMPLINGPROGRAM
Asrecentlyannounced,theCompany’sregionalprogramatCorvetteresultedinthediscoveryofanadditionalfour (4) spodumene-bearing outcrops on the Property (see news release dated August 13th, 2018). Thediscoveries outline two distinct trends/occurrences, termed the “CV3” and “CV4” pegmatites, with theCompany now pleased to report grab samples results of 1.61% Li2O and 0.74% Li2O, respectively. Thediscoveries are significant and led the Company to expand its land position, through map designation, asannouncedAugust13th,2018aswellasexecutinganOptionAgreementwithOsiskoMiningInc.fortheadjoiningFCIProperty,asannouncedSeptember4th,2018.
TheCV3Pegmatiteexposureisapproximately20minlengthand3minwidthandislocatedapproximately250msouthoftheCV1Pegmatite.Itspresenceindicatesanewsub-parallelspodumene-bearingdykeispresentandfurtheremphasizesthepotentialforadditionaldykestobepresentinthearea.
The CV4 Pegmatite discovery is characterized by three spodumene-bearing outcrops, spanning a distance ofapproximately140m,andissituatedapproximately3kmalongstriketothenortheastoftheCV1-2-3pegmatite
5 area. This discovery highlights the size of the mineralizedsystematCorvette.Further, theextensivelateralextentbetweenthediscoveryareas,aswellasthesizeoftheCV1Pegmatite,suggestastrongpotentialforlateralcontinuityandsignificantdepthextentofthepegmatitedykes.AstheCV4Pegmatitediscoverywasmadeonthelastdayoftheprogram,thearearemainstobeprospectedindetail.Moreover,whencoupledwiththenewlyacquiredground(mapdesignated)ontrendtothenortheast,morethan6kmofprospectivestrikelength remains to be evaluated. This is in addition to the FCI Property ground covering the trend to thesouthwestforacombinedtotalprospectivestrikelengthofapproximately15km.
Company President and CEO, Adrian Lamoureux, further comments: “We are strongly encouraged with theresultsoftherecentsurfaceexplorationatCorvette.TheCV1Pegmatiteappearsfarlargerthanfirstestimated,withthechannelsamplingdemonstratingastrongcontinuityofmineralizationalongit.Thenumeroussamplesof greater than 2% Li2O demonstrate grade in the system, and the new discoveries of CV3 and CV4 indicateconsiderable“blue-sky”potential”.WeareveryexcitedaswecontinuetoadvanceanddevelopthepotentialatCorvetteaswellasthenewlyacquiredadjoiningFCIProperty.”
Permitting is underway for a maiden drill program focused on the CV1 and CV2 pegmatite occurrences. Inaddition,surfacework isplannedas follow-uptotheCV3andCV4discoveriesmadeduringthe2018summerwork program, as well as further regional work. With respect to the FCI Property option, the Company iscurrentlyemplacingtheSteeringCommitteeand intendstomeetshortly tooutlinethenear-termexplorationplans and objectives, and to further ensure a complete synergy with the Company’s Corvette Propertyexploration.
TheCorvetteandFCIpropertiesarealsoprospectiveforgoldwithnumerousanomalousgoldsamplesreturnedfromtherecentfieldprogramatCorvette.AlthoughgoldisnottheprimaryfocusatCorvette-FCI,theCompanywillcontinuetodiligentlyevaluateitspotential.
All samples collectedwere sent to laboratories at SGS Canada Inc. (Lakefield) for lithium analysis by sodiumperoxide fusion with ICP-AES finish (package GE ICP91A), as well as for 37-multi-element analysis, includingtantalum, by sodium peroxide fusionwith ICP-MS finish (packageGE IC90M). A subset of sampleswere alsoanalyzedforgoldbyfireassay(packageGEFAA313).
About92ResourcesCorp.
92 Resources Corp is amodern energy solution company, focused on acquiring and advancing strategic andprospectivemodernenergyrelatedprojects.TheCompanycurrentlyholdsfourprincipalassets inCanada:theCorvette(plusFCIOption)andPontaxlithiumpropertiesinQuebec,theGoldenFracSandProperty,BC,andtheHiddenLakeLithiumProperty,NWT,currentlyunderoptiontoFarResourcesLtd.
NI43-101Disclosure
Darren L. Smith, M.Sc., P. Geol., of Dahrouge Geological Consulting Ltd., a Qualified Person as defined byNationalInstrument43-101,supervisedthepreparationofthetechnicalinformationinthisnewsrelease.
For further information, please contact Adrian Lamoureux, President & CEO at Tel: 778-945-2950, E-mail:[email protected].
OnBehalfoftheBoardofDirectors,
“ADRIANLAMOUREUX”
6 AdrianLamoureux,President&CEO
NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefinedinthepoliciesoftheTSXVentureExchange)acceptsresponsibilityfortheadequacyoraccuracyofthisnewsrelease.
ForwardLookingStatements:
Statements includedinthisannouncement, includingstatementsconcerningourplans, intentionsandexpectations,whicharenothistoricalinnatureareintendedtobe,andareherebyidentifiedas,“forward-lookingstatements”.Forward-lookingstatements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similarexpressions.TheCompanycautionsreadersthatforward-lookingstatements,includingwithoutlimitationthoserelatingtothe Company’s future operations and business prospects, are subject to certain risks and uncertainties that could causeactualresultstodiffermateriallyfromthoseindicatedintheforward-lookingstatements.
