PALM BEACH, Florida, May 23, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The lithium market continues to experience exponentially rising value as demand for lithium rises rapidly due to the increasing popularity of lithium-ion batteries, largely in part due to the electric vehicle (EV) revolution. Bloomberg New Energy forecasts that we are quickly approaching a time that will see more electric vehicles sold than traditional fossil fuel-powered vehicles, as their projection estimates 54% of all vehicles sold will be electric by the year 2040. Because of this continued growth and rising demand, lithium prices are expected to follow suit and continue rising. Active companies in the mining markets today include: QMC Quantum Minerals Corp. (TSX-V:QMC) (OTC: QMCQF), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), Nemaska Lithium Inc. (TSX: NMX) (OTC: NMKEF), Millennial Lithium Corp. (TSX-V: ML) (OTC: MLNLF), MGX Minerals Inc. (CSE: XMG) (OTC: MGXMF).
QMC Quantum Minerals Corp. (TSX-V: QMC) (OTC: QMCQF) BREAKING NEWS: QMC is pleased to report that it has engaged SGS Canada Inc. ("SGS") to provide technical support and consulting services for the company's 2018 field exploration and drilling program at the Irgon Lithium Mine Property, located within the Winnipeg River Pegmatite Field, S.E. Manitoba. SGS will provide an experienced team of engineers and geoscientists with significant technical expertise pertaining to lithium pegmatite exploration and development, who will review existing documents and geological modeling of the historical data and will provide guidance to QMC on the upcoming 2018 field program and drilling campaign.
The data acquired through the 2018 exploration program recommended by SGS will be used by SGS to compile a NI43-101 compliant technical report, which is expected to confirm and potentially increase the non-NI43-101 compliant historical reported resource of 1.2 million tons of 1.51% Li2O within the Irgon Dike. In addition, the technical report will provide an estimate on the size of the other spodumene-bearing pegmatite dikes currently identified on the Irgon Lithium Mine Property, such as the Mapetre and the Central pegmatite dikes.
HISTORICAL RESOURCE - Between 1953-1954, the Lithium Corporation of Canada Limited drilled 25 holes into the Irgon Dike and subsequently reported a historical resource estimate of 1.2 million tons grading 1.51% Li20 over a strike length of 365 meters and to a depth of 213 meters (Northern Miner, Vol. 41, no.19, Aug. 4, 1955, p.3). This historical resource is documented in a 1956 Assessment Report by B. B. Bannatyne for the Lithium Corporation of Canada Ltd. (Manitoba Assessment Report No. 94932). This historical estimate is believed to be based on reasonable assumptions, and neither the company nor the QP has any reason to contest the document's relevance and reliability. The detailed channel sampling and a subsequent drill program will be required to update this historical resource to current NI 43-101 standards. Historic metallurgical tests reported an 87% recovery from which a concentrate averaging 5.9% Li2O was obtained.
During this historical 1950-era work program, a complete mining plant was installed onsite, designed to process 500 tons of ore per day, and a three-compartment shaft was sunk to a depth of 74 meters. On the 61-metre level, lateral development was extended off the shaft for a total of 366 meters of drifting, from which six crosscuts transected the dike. The work was suspended in 1957 awaiting a more favorable market for lithium oxides, and, at this time, the mine buildings were removed. Read this full release and more news for QMC Quantum Minerals at: http://www.marketnewsupdates.com/news/qmc.html
In other Lithium mining industry news and developments:
Lithium Americas Corp. (NYSE: LAC) (TSX: LAC.TO) recently announced the filing of a technical report (the "Technical Report") for the Thacker Pass lithium project (the "Thacker Pass Project"), formerly Stage 1 of the Lithium Nevada project. The Thacker Pass Project in Nevada, United States, is 100% owned by Lithium Nevada Corp., a wholly-owned subsidiary of Lithium Americas. The Technical Report supports the scientific and technical disclosure in the updated mineral resource estimates contained in the Company's press release dated April 5, 2018. The Technical Report entitled, "Independent Technical Report for the Thacker Pass Project in Humboldt County, Nevada, USA" was prepared by "qualified persons" from Advisian Americas, a division of the WorleyParsons Group, in compliance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101"). The Technical Report is available on SEDAR at http://www.sedar.com and on the Company's website at http://www.lithiumamericas.com .
Nemaska Lithium Inc. (TSX: NMX.TO) (OTCQX: NMKEF) on Tuesday announced it has entered into an agreement with National Bank Financial Inc., BMO Capital Markets and Cantor Fitzgerald Canada Corporation, as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters, pursuant to which the Underwriters have agreed to purchase on a bought deal basis 280,000,000 common shares of the Corporation at a price of C$1.00 per Share for gross proceeds of C$280,000,000. The Shares will be offered in all provinces and territories of Canada pursuant to a prospectus supplement to be filed by Nemaska Lithium, as well as on a private placement basis in the United States, made by the Underwriters or their U.S. affiliates, and other such jurisdictions as the Corporation and Underwriters agree, under available prospectus and registration statement exemptions. Clarksons Platou Securities SA will be engaged as a selling agent in the Offering. The Corporation has also granted the Underwriters an over-allotment option to purchase up to an additional 15% of the Shares purchased pursuant to the Offering, exercisable in whole or in part for a period of 30 days after and including the closing date of the Offering to cover over-allotments, if any, and for market stabilization purposes. If the option is exercise in full, an additional C$42,000,000 will be raised pursuant to the Offering.
Millennial Lithium Corp. (TSX-V: ML.V) (OTCQX: MLNLF) recently announced with the engagement of Mr. Peter Ehren, the Company has added to its world-class team a leading expert in evaporative processes for lithium production. Mr. Ehren has been involved in lithium brines for more than 20 years. He started his involvement in lithium during his master's research at Technical University of Delft where he investigated, on behalf of BHP Minerals, the recovery of lithium from geothermal brine in the Salton Sea trough. On completing his master's thesis Mr. Ehren worked until 2007 at the Salar de Atacama as part of SQM's team of leading evaporation technology experts, rising to the position of R&D Manager. Since that time he has worked in the majority of lithium basins worldwide for numerous projects, notably Orocobre's Salar de Olaroz Project, the only new sustained salar brine producer since FMC.
MGX Minerals Inc. (CSE: XMG.CN) (OTCQB: MGXMF) recently announced it has won the Base and Specialty Metals Industry Leadership Award at the 2018 S&P Global Platts Global Metals Awards, held in London on May 17. Hosted by S&P Global Platts, a leading global energy, metals and commodities information provider, the annual awards program honors exemplary performance in fifteen categories spanning the entire steel, metals and mining complex. "Technology played an increasingly pivotal role for this slate of winners, and sustainability emerged throughout the value chain, with environment and efficiencies top of mind," said Martin Fraenkel, president of S&P Global Platts. "We congratulate MGX Minerals for its impressive win in the 2018 S&P Global Platts Metals Awards."
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