Aracadium’s Q3 profit drops 82% on tumbling lithium prices
The company posted third-quarter net income of $16.1 million, compared to $87.4 million in the year-ago quarter.
QMC Quantum Minerals (TSXV: QMC) announced that it is currently in discussions with SGS Canada to have them run preliminary metallurgical testing on a large lithium pegmatite sample to be obtained from the company’s Irgon Lithium Mine Project in southeastern Manitoba, Canada.
In a press release, QMC explained that the study will be designed to produce a saleable concentrate for which there will be a three-stage process.
“Initially, the large sample will be prepared so that it is amenable to dense media separation (DMS). Subsequently, all magnetic minerals will be removed, and a lithium concentrate will then be produced using the DMS process. The final phase will be to upgrade the lithium concentrate through flotation technology to produce a saleable product,” the media brief states.
According to the miner, their proposal follows the submission of a report by SGS Canada documenting the results from a recent MMI (Mobile Metal Ion) geochemical orientation survey that allowed them to identify the unexposed position of the western extension of the Irgon Pegmatite Dike in their property.
“SGS reports that Li (lithium) values correlate well with both Cs (cesium) and Rb (rubidium) values. SGS indicates that the Cs values for many of the samples are well above a ‘normal Cs value’ in various rock types in North America which would be expected as elevated Cs values have been previously documented in the recent QMC channel sample results from the Irgon Dike and is also reported to occur in biotite selvages along the contact of the Irgon Dike,” QMC’s report reads.
According to the Vancouver-based miner, between 1953-1954, the Lithium Corporation of Canada drilled 25 holes into the Irgon Dike and subsequently reported a historical resource estimate of 1.2 million tonnes grading 1.51% Li20 over a strike length of 365 meters and to a depth of 213 meters.
