92 Resources Corp. Provides a 2018 Year-in-Review and Outlines 2019 Exploration Plans
TSX VENTURE: GMC
VANCOUVER, BC / ACCESSWIRE / January 22, 2019 / 92 Resources Corp. (the "Company") (TSX-V: NTY) (OTCQB: RGDCF) (FSE: R9G2) would like to provide its shareholder and investor base with a 2018 year-in-review summary for the exploration completed on the Company's portfolio of assets. A significant amount of work was completed in 2018 resulting in several discoveries on the Company's properties, culminating into an Option Agreement with Osisko Mining Inc. for the FCI Property, situated contiguous to the Company's flagship Corvette Property.
President and CEO of 92 Resources Corp., Adrian Lamoureux, comments: "We would like to express our gratitude to the shareholders, stakeholders, and investors of the Company for their patience and continued support though a busy 2018. We envision a strong year ahead in 2019 as we continue to advance and develop our project portfolio and further position the Company for long-term success and increasing shareholder value."
2018 Highlights include:
- Successful surface exploration program at the Company's flagship Corvette Lithium Property resulting in the discovery of several new occurrences as well as a significant expansion of the land position
- High-grade channel sampling results from the CV1 Pegmatite confirm strong grade over width potential for the body
- Discovery of the CV3 and CV4 spodumene-bearing pegmatites highlighting a potentially large mineralizing system may be present along strike and at depth
- Consolidation of more than 15 km of trend considered prospective for spodumene-bearing pegmatite through an Option Agreement with Osisko Mining Inc. for the FCI Property, situated contiguous to the Company's wholly owned Corvette Property
- Successful inaugural surface exploration program at the Pontax Property resulting in the discovery of well-mineralized spodumene-bearing pegmatite
- Successful maiden drill program at the Hidden Lake Property, fully funded by our Option partner Far Resources Ltd.
- Strong Flow-Through financing to end 2019, well-positioning the Company's treasury to support its 2019 exploration plans and work commitments
The Company was very active in 2018 with a significant amount of news flow. The primary focus of exploration in 2018 was on the lithium assets, specifically the Pontax and Corvette properties, located in the James Bay Region of Quebec. As follow-up to the high-grade lithium results from 2017 grab samples, the CV1 Pegmatite at Corvette was channel sampled with high-grades returned from each channel, including 2.28% Li2O over 6 m and 1.54% Li2O over 8 m. Collectively, all channel samples collected from CV1 average 1.35% Li2O and indicate widespread mineralization throughout the pegmatite body. The results are very encouraging and are further complemented by the discovery of high-grade tantalum associated. The CV1 Pegmatite has exposed dimensions of approximately 15 m to 30 m in width by over 175 m in length. The target is drill ready and permits are expected to be received shortly.
The 2018 field program at Corvette also resulted in the discovery of two new spodumene-bearing pegmatite occurrences; CV3 and CV4. The discovery of these occurrences is significant, outlining two distinct areas/trends and, collectively, expand the lithium potential of the Property considerably. The CV3 outcrop indicates a new sub-parallel spodumene-bearing dyke is present in the immediate area of the primary occurrence and further emphasizes the potential for additional dykes to be present in the near vicinity. The extensive lateral extent between the two discovery areas (~3 km), as well as the size of the CV1 Pegmatite (15-30 m wide by at least 175 m in length), suggest a strong potential for lateral continuity as well as a significant depth extent of the pegmatite dyke system.
Following the surface program at Corvette, the Company consolidated its land position through an Option Agreement with Osisko Mining Inc. for up to a 75% interest in the adjacent FCI Property. The Company now controls more than 15 km of trend considered prospective for spodumene-bearing pegmatite, with the majority never having been assessed for lithium. This trend, with four (4) spodumene-bearing occurrences already known, will be a strong focus of exploration in 2019.
In addition to the strong lithium potential, the Corvette and FCI properties also host significant base and precious metals potential. This is highlighted by the Lac Bruno Gold Showing, consisting of a gold and sulphide-bearing amphibolite boulder of 38.1 g/t Au, as well as the Séricite Showing where a grab sample from a sulphide-bearing sericite schist returned 0.3 g/t Au, 150 g/t Ag, 1.89% Cu, 11.15% Pb, and 1.45% Zn. Although not a focus for the Company, the base and precious metal potential of the properties is evident and additional ground work is warranted.
The immediate area surrounding the Corvette-FCI Property also attracted significant attention this past fall through a discovery by Midland Exploration Inc. of a new high-grade copper-gold-molybdenum-silver mineralized system on its Mythril Property, located immediately west and adjacent to Corvette-FCI. A significant amount of staking followed, which partly surrounded the Company's claim block and has further bolstered the base and precious metal potential of the properties in the immediate area, including the Corvette-FCI Property block, which is one of the largest consolidated land positions in the region.
The 2018 surface exploration of the Pontax Property resulted in the discovery of two spodumene-bearing pegmatites located approximately 600 m apart. Satellite imagery indicates additional outcrop occurrences are present between the samples, which may indicate a larger, more continuous body may be present. The area remains largely unassessed. The Company expanded the Pontax Property in 2018 and now holds one of the largest land positions in the area.
Hidden Lake Property
During the 1st Quarter of 2018 the Company optioned the Hidden Lake Lithium Property to Far Resources Ltd. whereby they may acquire up to a 90% interest for a combination of cash, shares, and exploration work commitment over three years. The Company is pleased to report that the agreement has resulted in the completion of a fully funded and successful maiden drill program at Hidden Lake this past summer, while allowing the Company to focus on its flagship Corvette Property in Quebec. The drilling at Hidden Lake was very successful with numerous well-mineralised intersections returned from near-surface, including 1.6% Li2O over 9.2 m and 2.0% Li2O over 5.2 m. The Company currently retains a 40% interest in the project, with Far Resources having earned an initial 60% undivided interest under the terms of the agreement.
The year also included the release of a National Instrument 43-101 Technical Report on the Company's Golden Metallurgical Silica and Frac Sand Project in British Columbia, as well as the appointment of Darren L. Smith, M.Sc., P.Geol. to the Company's Advisory Board.
The Company ended the year on a positive note with a successful capital raise of Flow-Through shares totalling $618,000. With a current treasury totalling approximately $900,000, including marketable securities, the Company is well positioned for 2019 with its exploration plans and work commitments fully funded.
2019 Exploration Plans
The Company is currently outlining its program budgets and objectives for the 2019 calendar year where a large focus will be on completing the Year-1 earn-in on the FCI Property, Quebec. The Company is working closely with Osisko Mining, the project operator, to outline a comprehensive surface program over the Property, focused on the main corridor of interest as identified from the 2018 exploration at Corvette. The Company is currently reviewing the historic dataset provided by Osisko and is developing its exploration approach.
The Company also intends to complete follow-up exploration on the adjacent and wholly owned Corvette Property immediately following the FCI surface work. The 2018 exploration at Corvette resulted in the discovery of new spodumene-bearing pegmatite occurrences as well as a more than doubling of the Property size, which remains to be explored. The 2019 surface exploration programs at Corvette-FCI are planned for the spring-summer period and will be designed to identify and rank targets ahead of a maiden drill campaign at the project.
Continued exploration at Pontax will also follow-up on the two spodumene-bearing pegmatites discovered in 2018. In addition, field programs at the Eastman and Lac du Beryl properties are expected to be advanced.
A surface sampling program is also planned for the recently acquired Silver Sands Vanadium Property, located in the Pine Pass area of British Columbia and proximal to well-established power, highway, and railroad infrastructure. The Property is grassroots in nature and targets vanadium mineralization hosted within black shales associated with phosphate horizons. The regionally mapped rock units, which are known to host vanadium bearing horizons, have been identified on the Property although the vanadium potential has not been assessed.
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 (plus FCI Option) and Pontax lithium properties in Quebec, the Golden Frac Sand Property, BC, and the Hidden Lake Lithium Property, NWT, currently under option to Far Resources Ltd. The Company also recently acquired the Silver Sands Vanadium Property, BC.
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.