Vancouver, September 24, 2019 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to announce lithium-tantalum assay results from its recently completed 2019 summer field program at its Corvette-FCI Property (the “Property”). Surface exploration identified several new areas of spodumene pegmatite outcrop, in addition to previously announced gold-silver-copper discoveries (see news releases dated September 10th and 17th, 2019). Key highlights of the new spodumene pegmatite outcrop discoveries (CV#) are noted below, with further details presented in the accompanying figures and text:
- Numerous lithium bearing pegmatites occur within a corridor exceeding 25 km length
- Southwest of CV1-2, newly discovered CV5 and CV6 pegmatites include a large, well-mineralized exposure of ~220 m x 20-40 m (CV5), with eight (8) samples averaging 3.00% Li2O and 154 ppm Ta2O5, including a peak assay of 4.06% Li2O and 564 ppm Ta2O5
- CV7 – discovery to the northwest of CV1 with assay of 4.44% Li2O and 195 ppm Ta2O5
- CV8 – large area of outcrop exposure with assay of 4.44% Li2O and 205 ppm Ta2O5
- CV9 and CV10 – located in northwest area of FCI West with mineralized outcrops present over at least a 300 m strike length and multiple assays >2.00% Li2O to a peak of 4.72% Li2O
- CV11 – high-grade tantalum pegmatite with assay of 0.66% Li2O and 386 ppm Ta2O5
Collectively, the new 2019 discoveries of the CV5 through CV11 pegmatites expand the lithium potential of the Property considerably and highlight strong potential for lateral continuity. Further, these discoveries have significantly expanded the previously identified lithium exploration corridor across the entirety of the Corvette-FCI Property – in excess of 25 km of prospective trend (Figure 1). This lithium exploration trend is interpreted to reside, with some overlap, between the northern gold exploration trend, and the southern copper-gold-silver exploration trend (the “Maven Trend”), potentially indicating a large zone of structural weakness within the greenstone belt, which favours spodumene pegmatite emplacement.
Company President & CEO Adrian Lamoureux comments: “We are delighted with the discovery of the high-grade spodumene pegmatites at Corvette-FCI. Although the focus of the program was base and precious metals, we would be remiss if we did not also evaluate the same areas of the Property for other commodities that may be valuable and of interest, now or in the near-term. As such, these discoveries are very well-received and outline a considerable expansion to the lithium exploration corridor previously identified, and thus also to the lithium potential of the Property as a whole.”
Lithium Pegmatites – CV5-6-7, 11 (FCI East)
The CV5-6 pegmatite outcrops are located approximately 1 km southwest and along trend of the previously discovered CV1-2 pegmatites (see news release dated September 11th, 2018) (Figure 2). The CV5 spodumene pegmatite is the largest discovered to date on the Property, with approximate dimensions of 220 m long x 20-40 m wide (Photo 1). A total of eight (8) samples were collected averaging 3.00% Li2O and 154 ppm Ta2O5, including a peak assay of 4.06% Li2O and 564 ppm Ta2O5. In addition, approximately 400 m further along trend to the southwest, are two closely spaced pegmatite outcrops (CV6) with an assay of 1.39% Li2O and 259 Ta2O5, to a peak of 3.85% Li2O. Both CV5 and CV6 also host a strong tantalum component.
The CV5 and CV6 spodumene pegmatites span a strike length of more than 750 m and are situated approximately 1 km along trend to the southwest of CV1-2. Collectively, the occurrences outline a prospective core trend of at least 2 km with the pegmatites interpreted to potentially interconnect beneath the shallow overburden.
Another well-mineralized spodumene pegmatite outcrop (CV7) was discovered approximately 110 m to the northeast of CV1, with a sample assay of 4.44% Li2O and 195 ppm Ta2O5 (Figure 2). The CV11 pegmatite outcrops are also situated in the general area with a sample assay of 0.66% Li2O and 386 ppm Ta2O5 and more enriched in tantalum, relative to lithium, compared to the other CV occurrences on the Property. Both CV7 and CV11 are situated immediately along strike of CV2 and may indicate an interconnection subsurface.
In addition to the mineralised pegmatite outcrop occurrences on FCI East and Corvette, numerous mineralized boulders were also discovered in the area. Several of these boulders are located in the down-ice direction of the well-mineralized CV5-6 pegmatites and are likely sourced from there; however, several are located further to the south and east, including one assaying 2.72% Li2O. This is a strong indication that additional sub-parallel trending spodumene pegmatites remain to be discovered in the immediate area (Figure 2).
Collectively, the high number of well-mineralized pegmatites in the area, highlighted by the large CV1 and CV5 exposures, indicate a strong potential that a series of relatively closely spaced/stacked, sub-parallel, and sizable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, may be present.
Photo 1: CV5 spodumene pegmatite exposure
Lithium Pegmatite – CV8 (FCI West)
The CV8 Pegmatite was discovered proximal to the historical Lac Long Nord Gold-Molybdenum Showing (2.95 g/t Au, 3.75% Mo), and highlights how past exploration did not document the presence of lithium pegmatite. Two samples were collected with assays of 2.03% Li2O and 117 ppm Ta2O5, and 4.44% Li2O and 205 ppm Ta2O5 respectively (Photo 2). The pegmatite is exposed discontinuously with overall dimensions of approximately 80 m long by 10 m wide. The significance of this discovery is further highlighted by its location, being situated approximately 8 km along strike to the west-southwest of CV5-6, and 7.5 km to east-southeast of CV9, thereby emphasizing the potential size of the lithium mineralizing system at Corvette-FCI. No follow-up work was completed, and the discovery area has not been explored along trend or adjacent to it.
Photo 2: Spodumene mineralization at CV8 Pegmatite (4.44% Li2O, 205 ppm Ta2O5)
Lithium Pegmatites – CV9-10 (FCI West)
The CV9 and CV10 pegmatite outcrops are within the northwest portion of the FCI West claim block (Figure 3). The primary occurrence is CV9 where five (5) samples returned assays >2.0% Li2O to peak of 4.72% Li2O. The mineralization occurs over a series of outcrop exposures spanning a strike length of approximately 300 m. The CV10 pegmatite is located approximately 1.7 km west of CV9 with a sample assay of 1.33% Li2O and 255 ppm Ta2O5.
The CV9-10 spodumene pegmatite discoveries were unexpected and outline an entirely new area of lithium mineralization. No additional lithium exploration was completed during the 2019 program; however, the area is a high-priority lithium target for follow-up with high-potential for expansion.
The lithium potential at Corvette-FCI has expanded significantly as a result of the 2019 surface exploration program and is even more so poignant of a statement given it was explored for as a secondary objective to the base and precious metals focus. A total of eleven (11) well-mineralized lithium pegmatite occurrences have now been identified on the Property along a prospective exploration trend of at least 25 km, which remains largely unevaluated for lithium pegmatite. The Company intends to continue to evaluate the lithium occurrences on the Property and advance towards a drill ready status in a practical and reasoned approach, based on market dynamics and available capital, while at the same time not detracting from its focus on the Maven Copper-Gold-Silver Trend and its high-grade Lorraine and Elsass Prospects, as well as the gold potential at Golden Gap and Lac Bruno.
Quality Assurance / Quality Control
The 2019-summer exploration program was completed by a crew of four (4) persons over 23 field days, with a total of 680 rock samples collected across the three contiguous claim blocks that comprise the Property – FCI West, FCI East, and Corvette. A summary of the base and precious metal results for the program are presented in news releases dated September 10th, and 17th, 2019, while the lithium-tantalum results are presented herein.
All rock samples collected, as well as quartz blanks and certified reference materials, were shipped to ALS Canada Ltd. in Val-d’Or for multi-element analysis, including lithium, by four-acid digestion with ICP-MS finish (package ME-ICP61) and Au analysis by fire assay with ICP-AES finish (package Au-ICP21). Over limits for Li were determined by the applicable ore-grade – four acid package (Li-OG63). Pegmatite samples were also analyzed for Ta by lithium borate fusion with ICP-MS finish (package ME-MS85).
Management cautions that prospecting surface rock sample assays, as presented herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.
Of the 23-field day program, approximately three-quarters were focused over FCI (East and West) and the remaining quarter over the Company’s 100% owned Corvette claim block. The 2019 exploration of the Property is being carried out by Dahrouge Geological Consulting Ltd. and managed out of Quebec.
Figure 1: Prospective exploration trends and locations of lithium pegmatite outcrop exposures (CV)
Figure 2: New 2019 lithium pegmatite discoveries (FCI East)
Figure 3: New 2019 lithium pegmatite discoveries (FCI West)
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Vice President of Exploration for the Company, a Permit holder with the Ordre des Géologues du Québec and 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 junior mineral exploration company focused on acquiring and advancing strategic and prospective properties that position it strongly for the worlds continuing shift to high tech and green technologies including base and precious metals, and lithium.
The Company’s primary assets are the wholly owned Corvette Property and the FCI Property (held under Option from O3 Mining, a recent spin-out from Osisko Mining, for a 75% interest) located in the James Bay Region of Quebec. The properties are contiguous and host significant gold-copper-silver-lithium potential highlighted by the Golden Gap Prospect with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, the Elsass and Lorraine prospects with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in surface sample, and the CV1 Pegmatite Prospect with 2.28% Li2O over 6 m in channel.
In addition, the Company holds the Pontax Lithium-Gold Property, QC, the Golden Frac Sand Property, BC, and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
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.