Vancouver, March 21, 2017 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (FSE: R9G2) is pleased to provide an exploration and development update for the Company’s wholly owned Hidden Lake Lithium Project (the “Project” or “Property”), Northwest Territories. The Property is situated within the central parts of the Yellowknife Lithium Pegmatite Belt along Highway 4, approximately 40 km east of Yellowknife.
The Company is pleased to report that it has received a Type A Land Use Permit (LUP) from the Makenzie Valley Land and Water Board, authorizing a larger array of mineral exploration activities on the Property to be completed, including camp construction, site access, and drilling activities. The permit is valid for a period of five years and is subject to the standard terms and conditions therein. The LUP is the primary permit required for the Company to advance the exploration and development of the Hidden Lake Project.
A maiden drill program for the Project is targeted for the later half of 2017, with the objective of delineating, at depth and along strike, the LU D12, HL1, HL3, and HL4 spodumene bearing pegmatite bodies. Channel sampling of the four pegmatites, completed in 2016, returned 1.90% Li2O over 9.02 m (LU D12), 1.78% Li2O over 6.93 m (HL3), as well as a peak sample of 3.31% Li2O (HL4). In addition, significant grades of tantalum, typically ranging from 50 to 100 ppm Ta2O5 to a peak of 596 ppm, were reported in association with the lithium mineralization (see news releases dated November 8 and 28, 2016). The overarching objective of the drill campaign is to delineate sufficient tonnage/grade to support an initial mineral resource estimate for the Project.
Immediately ahead of the drill program, further prospecting and detailed mapping will be completed in the vicinity of the HL6 and HL8 spodumene bearing pegmatite occurrences, which were discovered at the end of the 2016 exploration program. A grab sample from HL6, located approximately 1.4 km along trend of the D12 pegmatite, returned 1.86% Li2O. The extent of the HL6 pegmatite is poorly constrained, providing considerable exploration upside given its similar character to D12, significant presence of spodumene, and its location ~1.4 km along trend from D12, inferring both D12 and HL6 may potentially be part of one larger body.
In addition to the field programs, the Company intends in the near-term to initiate a preliminary metallurgical program with the objective of producing spodumene concentrate of potentially marketable quality. The program will include a complete mineralogical characterization of the Hidden Lake pegmatites, as well as various beneficiation test work. The potential for concentration of the tantalum bearing minerals into a secondary concentrate will also be evaluated. Further details on the metallurgical program are anticipated to be announced shortly.
NI 43-101 Disclosure
William Miller P. Geo., 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.
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 three principal assets in Canada: the Hidden Lake Lithium Property, NWT, the Pontax Lithium Property, QC, and the Golden Frac Sand Property, BC.
The Hidden Lake Lithium Property is strategically located within the heart of the Yellowknife Pegmatite District with 2016 exploration results returning 1.90% Li2O over 9 m and grab samples up to 3.3% Li2O. The Property is easily road accessible and its proximity to infrastructure provides for numerous development advantages.
The Pontax Property is located within Quebec’s lithium district, and covers several historic pegmatite occurrences that are adjacent to known spodumene bearing pegmatite(s). The underlying geology includes over 20 km strike length of the Pontax Greenstone Belt, which is also a favourable geological environment for gold occurrences.
The Golden Frac Sand Property covers more than a 4 km length of the Mt. Wilson Formation, which consists of high purity, white, quartz sandstones. It’s strategic location in western Canada and proximity to infrastructure, provides competitive access to the oil and gas markets where high-quality frac sand is an essentially input. The adjacent Moberly Silica Sand Mine, owned and operated by Heemskirk Canada Ltd., produces a number of high-purity products and as of February 2017, became subject to a takeover bid by Northern Silica Corporation valued at $42.3 million AUD.
On Behalf of the Board of Directors,
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.