Vancouver, October 5, 2017 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to announce that its due diligence site visit to the Company’s 100% owned Corvette Property (the “Property” or “Project”) has returned samples of 3.48% and 7.32% Li2O from spodumene bearing pegmatite exposed at surface.
Although only a small area of the Property was evaluated during the one-day site visit, two large, sub-parallel trending spodumene pegmatites were discovered, with a total of four (4) grab samples collected.
Three (3) samples were collected from the larger pegmatite, with dimensions of approximately 150 m length and up to 30 m across, with spodumene crystals up to ~1 metre in length. The samples assayed 0.80%, 3.48%, and 7.32% Li2O. Management notes the samples were select grab samples and may not be considered representative of the entire pegmatite. However, the 7.32% Li2O sample does highlight the very coarse-grained nature of the observed lithium mineralization.
A single grab sample was collected from the second pegmatite, located approximately ~75 m to the north, with an approximate exposed dimension of 100 m by 2 m. This pegmatite was also spodumene bearing and returned 1.22% Li2O, as well as anomalous tantalum of 90 ppm Ta2O5.
The presence of two, well mineralized spodumene bearing pegmatites trending sub-parallel and in close proximity is very encouraging and highlights the prospective nature of the Property. The Company is currently planning a Phase II follow-up program of channel sampling and additional prospecting, anticipated for completion prior to the end of the fall exploration season.
Adrian Lamoureux, CEO of 92 Resources states: “With only one day of targeted prospecting and sampling, we have outlined two spodumene pegmatites both in close proximity and confirmed that significant grades of lithium are present. We are very encouraged by the exploration potential demonstrated so early in the exploration of this grassroots Project at Corvette”.
The Corvette Property was acquired as part of a three-property land package agreement recently completed by the Company (see news releases dated September 21st, 2017). The Property consists of 76 claims for total of 3,891 hectares and was acquired for its lithium potential, and as a complementary asset to the Company’s flagship Hidden Lake Project in the Northwest Territories.
Samples were analyzed at Activation Laboratories in Ancaster, ON for lithium by 4-Acid ICP-OES (1F2-Assay package) and tantalum by XRF.
About the Corvette Project
The Corvette Project consists of 76 claims, totaling 3,891 hectares, and is located less than 12 kilometres south of the Trans-Taiga all-weather gravel road, geological situated within the Guyer Greenstone Belt.
In 2006, Virginia Gold Mines discovered a spodumene-bearing outcrop while conducting gold exploration within the belt at what is now the Company’s Corvette Property. No sample was collected at the time, and no follow-up work completed on the lithium potential of the outcrop.
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.
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.
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.