Vancouver, October 25, 2018 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to announce that the 2018 surface exploration at the Pontax Property has resulted in the discovery of lithium-bearing pegmatite. The Pontax Property (the “Property”) is wholly owned by the Company and is located in the James Bay Region of Quebec, proximal to the all-season James Bay Road and powerline infrastructure. The Property is also situated approximately 90 km west of Nemaska Lithium’s Whabouchi Project, which is currently advancing through the construction phase towards production.
The 2018 surface exploration at the Pontax Property consisted of reconnaissance-scale prospecting and rock sampling over an approximate one (1) week period. The program targeted areas of interest identified through historic work, satellite imagery review, and airborne geophysics with the primary objective to discover lithium-bearing pegmatite occurrences of significance.
The Company is now pleased to report that the field program was highly successful and has resulted in the discovery of a new lithium-bearing pegmatite occurrence on the Property (claim Block C). Two grab samples (129364 and 129366) of the pegmatite returned assays of 0.94% Li2O and 520 ppm Ta2O5, and 0.72% Li2O and 87 ppm Ta2O5, respectively. Spodumene is indicated to be the primary lithium-bearing mineral present based on other occurrences in the area.
Surface exploration on Block C of the Property was limited to a single ground traverse with the mineralized samples separated by approximately 0.6 km. The outcrop where sample 129364 (0.94% Li2O and 520 ppm Ta2O5) was collected has estimated dimensions of 40 m x 100 m; however, satellite imagery suggests several outcrop occurrences are present along trend towards sample 129366 (0.72% Li2O), which may indicate a larger, more continuous body is present under a thin veil of overburden. Further highlighting the potential of the discovery is another grab sample of outcrop assaying 631 ppm Ta2O5, with associated anomalous lithium (0.02% Li2O), which was collected a further 1.3 km along strike to the northeast. Due to the limited length of the field program, further constrained by regional forest fires which prevented access over several areas of the Property, no follow-up ground work has been completed. A map outlining the sample locations is presented below.
Company President and CEO Adrian Lamoureux comments: “the Pontax Property is a grassroots lithium exploration project in which acquisition was predicated on the potential to host lithium occurrences of interest, and is based on the Property’s geologic setting as well as the known presence of spodumene-bearing pegmatite along trend. The discovery this summer of lithium-bearing pegmatite with strong associated tantalum, situated wholly on the Property, is very exciting and represents a solid target for focused exploration moving forward. We continue to be encouraged by the prospects of the Pontax Property and look forward to advancing this discovery”.
In addition to the lithium exploration, an initial reconnaissance-scale prospecting of gold targets, generated from the recently completed heliborne high-resolution magnetic survey, was also carried out during the program. Assay results ranged from nill to 141 ppb Au with the peak assay returned from a gossanous wacke rock type. Several areas of the Property, as well as geophysical targets, remain to be assessed.
The exploration program was carried out by Dahrouge Geological Consulting Ltd, with field operations managed out of Quebec. 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). All 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 and Pontax lithium properties in Quebec, the Golden Frac Sand Property, BC, and the Hidden Lake Lithium Property, NWT, currently under Option Agreement to Far Resources Ltd. In addition, the Company holds an Option from Osisko Mining Inc. for a majority interest in the FCI Property, situated directly adjacent to the Company’s wholly owned Corvette Property.
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.
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.