Vancouver, January 29, 2018 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to provide an update on the 2018 exploration plans for its 100% owned Corvette and Pontax lithium pegmatite projects, located in the James Bay Region of Quebec.
The Company has initiated the permitting and notification process for an approximate 1,000 m winter drill program at its Corvette Property, within the Guyer Greenstone Belt, in the James Bay Region of Quebec. The fall 2017 exploration at Corvette returned high-grade spodumene mineralization from surface grab samples, at the CV1 Pegmatite, of up to 3.48 and 7.32% Li2O (see news release dated October 5, 2017).
The CV1 pegmatite at surface appears to measure up to approximately 30 m across and 150 m in length. A second subparallel pegmatite, CV2, was also discovered during the program and returned 1.22% Li2O and 90 ppm Ta2O5 from a surface grab sample, further highlighting the prospective nature of the Property.
A four to six-hole winter drill program for ~1,000 m is planned, which will focus on the initial delineation of the strike length and depth extent of both the CV1 and CV2 pegmatites. In addition, the Company plans to complete a regional summer prospecting program to follow-up on potential pegmatites identified from satellite imagery and other targeting tools.
The Corvette Property is also considered prospective for gold, with numerous high-grade occurrences located on adjacent properties along the same geological trend. Although, not the focus of exploration, the potential for gold occurrences on the Corvette Property will also be assessed during the regional prospecting.
The Company is in the process of organizing an airborne magnetic and electromagnetic (MAG-EM) survey for its Pontax Property, which covers the southwestern portions of an approximately 100 km long belt of meta-volcanics, considered part of the Eastmain River Volcanic Belt.
The airborne survey will help define structural corridors which may further define prospective pegmatite trends, as well as developed gold targets. The region is host to numerous gold occurrences; however, only limited exploration has been completed on the Company’s property. The airborne survey is anticipated to be completed in the first quarter of 2018, ahead of a planned summer ground program.
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 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 Corvette Property consists of 76 claims, totaling 3,891 hectares, and is located less than 12 kilometres south of the Trans-Taiga all-weather gravel road, situated within the Guyer Greenstone Belt. The Property has been the subject of only limited historic exploration focused on the gold potential; however, the recent discovery of high-grade spodumene-bearing pegmatite (3.48% and 7.32% Li2O) of appreciable size on the Property demonstrates a strong potential for lithium.
The Pontax Property consists of 104 claims, totalling 5,536 ha, spread over 4 claim blocks located in close proximity. The Property lies between 5 and 30 kilometres southwest of, and on trend, from Stria Lithium’s Pontax Lithium Project where drill intersections of 0.97% Li2O over 21 m (DDH 09-555-05), including 1.43% Li2O over 13 m, have been returned from a spodumene-bearing pegmatite swarm.
The Hidden Lake Lithium Property is strategically located within the heart of the Yellowknife Pegmatite District with recent channel sampling by the Company returning 1.90% Li2O over 9 m, and grab samples up to 3.3% Li2O. The Property is easily road accessible providing numerous development advantages.
The Golden Frac Sand Property is located near the community of Golden, BC, and covers more than an 18 km strike length of the Mount Wilson Formation, which consists of high-purity, white, quartzite, and friable sandstones. To date, only limited exploration and test work has been completed on the Property by the Company; however, it has returned high-silica (98.3-99% SiO2) with low boron (~10 ppm) and iron (0.28%). The Property is immediately adjacent to the producing Mount Moberly Silica Mine, operated by Heemskirk Canada Ltd,
Management cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the Company’s properties.
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.