Vancouver, January 12, 2018 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to report results from the recently completed 2017 field program at its 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.
Program highlights include:
- Eight channel samples from the HL6 pegmatite assaying more than 1.00% Li2O, to a peak of 2.57% Li2O
- Significant grades of tantalum discovered in the HL8 pegmatite
- 1 m channel grading 162 ppm Ta2O5, to a peak of 233 ppm Ta2O5
- The discovery of a new lithium bearing pegmatite – HL13
The 8 day field program focused on the evaluation of new targets in close proximity to the D12, HL1, HL3, and HL4 pegmatites, where up to 3.31% Li2O has been sampled in prior programs. This work included mapping and channel sampling of the HL6 and HL8 pegmatite bodies, which were discovered at the end of the 2016 field season with grab samples up to 1.86% Li2O (see news release dated November 28th, 2016).
The HL6 pegmatite returned the highest lithium grades during the 2017 program, with up to 2.57% Li2O sampled, and remains a strong target for drill testing along with the D12, HL1, HL3, and HL4 pegmatites (Table 1).
Although less lithium was sampled from the HL8 pegmatite compared to HL6, the HL8 pegmatite returned signification grades of tantalum up to 233 ppm Ta2O5, with a 5.1 m channel grading 162 ppm Ta2O5 (Table 2). Spodumene bearing pegmatites are often zoned with distinct zones of lithium and tantalum, as well as zones which overlap. The discovery of tantalum zones in the area is encouraging and bolsters the Project’s potential for tantalum, as well as for coupled zones of lithium and tantalum, to be discovered elsewhere on the Property.
The Company is also pleased to report the discovery of a new lithium-bearing pegmatite on the Property (HL13) with 0.48% Li2O returned from initial sampling. This new pegmatite is relatively large with an approximate length of 200 m and shares a similar trend and character as that of HL1, HL3, HL4, and D12. The discovery highlights the potential for additional pegmatites to exist on the Property, with the total number of lithium-bearing pegmatites discovered at Hidden Lake now seven (Figure 1).
Table 1: HL6 Channel Sample Highlights
Table 2: HL8 Channel Sample Results
|Ta2O5 ppm||Li2O %|
Samples were analyzed by Activation Laboratories in Kamloops, B.C., by their sodium peroxide fusion ICP-OES+ICP-MS Ultratrace 7 package. Any samples with lithium values that exceeded detection limit were subsequently analyzed by the sodium peroxide fusion ICP-OES lithium ore analysis package.The tantalum values determined by ICP-OES+ICP-MS and may require confirmation by XRF.
The Company is in the process of planning an early 2018 drill program where the overarching objective will be to delineate sufficient tonnage/grade to support an initial mineral resource estimate for the Project. A portion of the program is expected to be funded through the $140,000 grant awarded under the Northwest Territories Mining Incentive Program (see news release dated June 13th, 2017).
NI 43-101 Disclosure
Darren Smith 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 six properties in Canada, with three principal assets: the Hidden Lake Lithium Property, NWT, the Corvette 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 Corvette property consists of 76 claims, totalling 3,891 hectares, situated within the Guyer greenstone belt, which is also a favourable geological environment for gold occurrences. A summer 2017 due diligence site visit has returned samples of 3.48% and 7.32% lithium dioxide from spodumene-bearing pegmatite exposed at surface.
The Golden Frac Sand Property covers more than a 4 km length of the Mount Wilson Formation, which consists of high purity, white, quartzite and friable 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.