Montreal, May 26, 2022 – Quebec Precious Metals Corporation (“QPM” or the “Company”) (TSX.V: QPM, OTCQB: CJCFF, FSE: YXEP) is pleased to announce drill hole assay results from drill hole 189 and the six (6) drill holes from the 2022 winter program (7 holes, totalling 2,982 m). The results demonstrate the depth and strike extension of higher gold mineralization for an additional 200 m at the La Pointe Extension gold deposit, on the Company’s 100% owned Sakami project in the Eeyou Istchee James Bay territory of Quebec.
Highlights (Table 1, Figures 1, 2 and 3)
- All seven (7) holes have intersected extensive mineralization over wide intervals.
- The three most significant drill intersections are:
- Hole PT-21-190: 1.61 g/t Au over 19.5 m including 4.91 g/t Au over 1.5 m
- Hole PT-21-191: 0.84 g/t Au over 63.0 m including 1.25 g/t Au over 18.0 m
- Hole PT-21-194: 0.94 g/t Au over 26.9 m including 1.77 g/t Au over 9.0 m
- These holes confirm the continuity of the sub-vertically dipping higher-grade core of the deposit (500 m strike length, a depth of 600 m with an estimated average true thickness of 40 m, up to 75 m in the central part of the deposit, and plunging about 45 degrees to the northeast) which could be amenable to open pit mining.
Normand Champigny, QPM’s Chief Executive Officer, stated: “These results show that the La Pointe Extension deposit keeps expanding at depth and remains open in all directions. The drill results will add an important mineralized volume. In addition, we have numerous undrilled targets in interpreted large intrusive bodies near the deposit and over a strike length of 2.5 km to the south of the deposit. Additional drilling will be required to better define the mineralized zones and to optimize open pit geometries.”
The 2021 fall and 2022 winter drilling aimed to expand the La Pointe Extension deposit that could be amenable to open pit mining. To date, a total of 47 holes (14,535 m) have intersected the La Pointe Extension deposit.
The La Pointe Extension deposit and the La Pointe deposit are part of the Sakami project located along a 23-kilometre-long favourable geological contact that hosts gold mineralization. Both deposits are of similar geological character and a sub-vertically dipping higher-grade portion. They show a generally good spatial correlation between the gold mineralization and the abundance of disseminated arsenopyrite, pyrite and pyrrhotite hosted in a silicified paragneiss that is observed in drill holes. At the La Pointe deposit, the mineralized zone has a strike length 950 m, a depth of 450 m with an estimated average true thickness of 35 m, up to 63 m in the central part of the deposit.
Complete assay results and calculated composite grades released to date are available on QPM’s website. For previously disclosed results in connection with the La Pointe and La Pointe Extension deposits, see press releases of June 9, 2021, November 2, 2021, February 24, 2022 and March 10, 2022.
Quality Assurance/Quality Control
The drilling contract was awarded to Orbit Garant Drilling Inc., based in Val-d’Or, Quebec. The hole diameter is NQ. Quality assurance and quality control procedures have been implemented to ensure best practices in sampling and analysis of the core samples. The drill core was logged and then split, with one-half sent for assay and the other retained in the core box as a witness sample. Duplicates, standards and blanks were regularly inserted into the sample stream. The samples were delivered, in secure tagged bags, directly to the ALS Minerals laboratory facility in Val-d’Or, Quebec. The samples are weighed and identified prior to sample preparation. All samples are analyzed by fire assay with AA finish on a 30 g sample (0.005-10 ppm Au), with a gravimetric finish for assays over 10 ppm Au.
The Sakami Project
The Sakami Project provides the Company with a controlling position over a 23-km long segment of a favourable geological contact and comprises 281 claims (142 km2). It is located 570 km north of Val d’Or, Quebec, 120 km east of the municipality of Wemindji, 90 km from the Éléonore gold mine and 47 km northeast of the paved James Bay Road. Good infrastructure, including major access roads, a hydro-powered electric grid and airports, are present in the region. Drilling can be carried out throughout the year.
Normand Champigny, Eng., Chief Executive Officer of the Company, and Qualified Person under NI 43-101 on standards of disclosure for mineral projects, has prepared and reviewed the content of this press release. François Gagnon, P. Geo., Senior Exploration Geologist with Consul-Teck Exploration Minière Inc. has also reviewed the content of this release.
About Quebec Precious Metals Corporation
QPM is a gold explorer with a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation’s Éléonore gold mine. QPM’s flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM’s goal is to rapidly explore the Sakami project and advance to the mineral resource estimate stage.
For more information, please contact:
Chief Executive Officer
Tel.: 514 979-4746
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Table 1: Summary of significant drill hole assay results from the winter 2022 program, Sakami project - Press release of May 26, 2022Notes:
- All widths are drill-indicated core length.
- Drill holes are generally planned to intersect mineralization as close to perpendicular to strike as possible.
- All gold values presented are not capped.
|Hole #||UTM E||UTM N||Length (m)||Azimuth ()||Dip ()||Number of samples||From (m)||To (m)||Interval (m)||Au (g/t)|
- May 26, 2022 Quebec Precious Metals drills La Pointe Extension: 0.84 g/t Au over 63 m downhole, higher-grade core extended +200 m at depth, open in all directions
- March 23, 2022 Quebec Precious Metals and GoldSpot provide an update on the Elmer East project: multiple gold targets over 4.5 km
- March 15, 2022 Quebec Precious Metals grants stock options
- March 10, 2022 Quebec Precious Metals drills La Pointe Extension: 69.6 g/t Au over 0.6 m within 1.32 g/t Au over 94 m downhole
- February 24, 2022 Quebec Precious Metals identifies drill targets over 2.5-km along strike from the La Pointe Extension gold deposit
- February 15, 2022 Quebec Precious Metals reports preliminary metallurgical test results from Sakami: up to 99% gold recoveries
- February 07, 2022 Vital and Quebec Precious Metals Corporation amend Kipawa/Zeus acquisition terms
- February 01, 2022 Quebec Precious Metals – Corporate update
- December 15, 2021 Quebec Precious Metals is UL ECOLOGO® Certified for mineral exploration!
- November 02, 2021 Quebec Precious Metals continues drilling at the Sakami project
- October 18, 2021 Quebec Precious Metals receives $2,000,000 payment from sale of royalty on Tansim lithium project
- September 08, 2021 Quebec Precious Metals reports high-grade grab samples of 68.1 & 61.8 g/t Au on the Elmer East project; extends the mineralized corridor to 4.2 km at the Lloyd discovery area
- August 18, 2021 Quebec Precious Metals Corporation announces results of Annual shareholders meeting
- August 12, 2021 Quebec Precious Metals Corporation: Reminder – Annual General Meeting of Shareholders