VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/14/12 -- QMC Quantum Minerals Corp. (TSX VENTURE: QMC) ("QMC" or the "Company") is pleased to announce that further to its news release dated December 14, 2011 the TSX Venture Exchange ("TSXV") has accepted for filing the Property Option Agreement (the 'Agreement') dated August 10, 2011 between the Company and 4920776 Manitoba Ltd. Pursuant to the terms of the Agreement, the Company has the exclusive right to acquire an undivided 100% right, title and interest in the Cinder Lake Property (the 'Property') in North-Central Manitoba for the following consideration:
-- On singing of Agreement $15,000 cash and 45,000 shares
-- One year from signing $30,000 cash and 90,000 shares
-- Two years from signing $60,000 cash and 150,00 shares
-- Three years from signing $120,000 cash and 300,000 shares
-- Four years from signing $250,000 cash and 600,000 shares
-- subject to a 2% NSR of which the Company has the right to purchase one
half for $1,000,000 000 at any time within a five year period commencing
on the later of the exercise of the option in the Agreement and the date
a bankable feasibility study is prepared and delivered to the Company.
The Company has the right to accelerate the payments to reduce the time
it will take to earn the 100% interest in the Property.
Dr. Mark Fedikow, Ph.D, P.Eng of Mount Morgan Resources Ltd., a Qualified Person under National Instrument 43-101 guidelines, carried out detailed rock, soil and vegetation geochemical surveys to locate rare earth element ("REE") geochemical signatures on the south-east portion of Cinder Lake in 2011. The property is marked by the presence of a rare earth element ("REE")-enriched intrusive suite of rocks that includes fine-grained silica- undersaturated syenite and syenitic pegmatite. These rocks are postulated to be related to a large intrusive carbonatite body on the property.
The rock chip/channel samples returned stongly enriched REE mineralization on Wickstom Island. Mobile Metal Ions soil geochemistry and vegetation geochemistry based on the analysis of alder twigs also reflects this REE enrichment and suggests REE enriched intrusive rocks at depth. Additional work will be required to determine the source of the Wickstrom REE and whether there is a connection with the alkaline complex at Cinder Lake.
The Wickstrom Island is marked by elevated REE and the survey suggests that these REE-enriched zones trend off of the island in a number of directions. Lanthanum (La), Cerium (Ce), Praseodymium (Pr) and Neodymium (Nd) (light REE) are elevated only at Wickstrom Island whereas Samarium (Sm), Europium (Eu), Erbium (Er), Gadolinium (Gd), Terbium (Tb), Dysporosium (Dy), Holmium (Ho), Thullium (Tm), Ytterbium (Yb) and Yttrium (Y) (intermediate and heavy REE), and possibly Niobium (Nb) are elevated at both Wickstrom Island sample sites and those from the southeast corner of Cinder Lake. This is suggestive of REE zonation on the Cinder Lake property.
Historical exploration for base metals in the early 1990's by INCO encountered high REE values in lithologies exposed in trenches on the southwest shore of Wickstrom Island. These lithologies and the remainder of the Cinder Lake property are the target of ongoing exploration for economic quantities of REE. The geochemical survey compliments Ryan Kessler's M.Sc. studies and thesis at the University of Manitoba, supervised by Prof. Anton Chakmouradian and Dr. Chris Bohm of the Manitoba Geological Survey.
Dr. Fedikow recommends the following in his technical report submitted to Quantum Minerals in January 2011.
-- Further exploration in the southeast and north portions (Wickstrom
Island) of the Cinder Lake with geochemical surveys in overburden
covered areas, prospecting and sampling of all outcrops is recommended.
-- A small research program is suggested to determine the cause of the
strongly elevated REE at Wickstrom Island and to determine, if possible,
any genetic relationship between the Cinder Lake alkaline complex and
the host rocks to REE mineralization at Wickstrom Island.
-- Core from INCO (Vale) drill programs in the Cinder Lake area should be
sampled for REE.
-- Strongly elevated Platinum values in ashed alder twig samples suggest
the possible presence of ultramafic rocks on the Cinder Lake property.
-- A two-phase program of airborne geophysical surveys is recommended to
cover this property. These surveys will include radiometric surveys as
Phase 1 followed by electromagnetic and magnetic surveys in Phase 2.
-- Combined analysis of the airborne surveys, along with the prospecting,
geology and geochemical programs will select the most prospective areas
for detailed ground follow-up and drill targeting.
QMC is planning to carry out an exploration program based on the above recommendations.
This news release was reviewed and approved by Mohan R. Vulimiri, M.Sc., P.Geo, who is qualified person under the NI 43-101 guidelines and a director of the Company.
The Company is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties in Canada. Its objective is to locate and develop economic precious and base metals properties of merit and to conduct its exploration program on its principal property, the Rocky Lake Property and Rocky-Namew property.
On behalf of the Board of Directors of QMC QUANTUM MINERALS CORP.
Balraj Mann, President and Chief Executive Officer
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
Contacts:
QMC Quantum Minerals Corp.
Balraj Mann
President and Chief Executive Officer
604 601-2018
info@qmcminerals.com
www.qmcminerals.com
