Montreal, January 21, 2019 – Quebec Precious Metals Corporation (TSX.V: CJC, FSE: YXEN, OTC-BB: CJCFF) (“QPM” or the “Company”) is pleased to report results for the five drill holes completed in late 2018 on the 100%-owned flagship Sakami Project, located in Eeyou Istchee James Bay, Quebec. Significant drill results are provided in Table 1, Figure 1 and 2. A total of 2,028 m of drilling was completed at the La Pointe area (see September 10, 2018 press release) between October and December 2018. The drill results confirm that the known gold mineralization has been extended to the west by 50 metres.
The technical committee comprised of members from Goldcorp Inc. (“Goldcorp”) and QPM will be meeting this month to conduct a detailed review of the 2018 exploration results. Goldcorp and QPM will plan and approve the 2019 exploration and drilling program at Sakami. This program will benefit from Goldcorp’s technical expertise and knowledge.
The previously announced fall 2018 exploration program (see October 29, 2018 press release), comprised of a minimum of 3,000 m of diamond drilling, will continue during the winter of 2019 starting in January. Using the previous 2018 drill results, the current proposed program will be designed to test two areas:
- at the La Pointe area, where down-plunge extensions at depth of the high-grade zones, defined as >40 gram-metre drill intercepts (Au g/t x intersection length), and the existence of sub-parallel zones at shallower depths (see Figure 1 and 2 attached), will be tested; and
- at the JR-Simon-9.6 area, located about 6 km NNE of the La Pointe area, where specific surface targets identified from previous exploration work will be tested.
Table 1 – Mineralized intersections from drill program and drill hole coordinates
|Hole #||From (m)||To (m)||Length (m)||Au (g/t)|
|PT-18-130||No significant values|
- Intervals are presented in core length; holes are generally planned to intersect mineralization as close to perpendicular to strike as possible; true widths are estimated to range from 75% to 90% of the down-hole length when hole inclination and dip of the mineralized horizons are considered.
- All gold values presented are un-capped.
- Intercepts occur within geological confines of mineralized zones but have not been correlated to individual structures/horizons within these zones yet.
Mineralization at the La Pointe area occur in two substantial gold zones (zones 25 and 26) hosted by the volcano-sedimentary Yasinski Group (La Grande Subprovince) which is metamorphosed to amphibolite facies and strongly deformed by a regional WSW to ENE event. This assemblage is composed mainly of basaltic amphibolite with local sedimentary iron formations, and is intruded by tonalite intrusions that are also highly deformed. These units are structurally superposed with a sequence mostly formed of biotite-rich paragneiss. Mineralization at the JR-Simon-9.6 area is hosted in basalts of the Yasinski Group in contact with sedimentary rocks of the Laguiche Group (Opinaca Subprovince) to the east.
Quality Assurance/Quality Control
Quality assurance and quality control procedures were 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 inserted regularly 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 field work was under the supervision of Jean-Sébastien Lavallée (OGQ #773), Vice-President Exploration, director and shareholder of the Company. Normand Champigny, Ing., Chief Executive Officer, and Jean-Sébastien Lavallée, both Qualified Persons under NI 43- 101 on standards of disclosure for mineral projects, have prepared and approved the technical content of this release.
About Quebec Precious Metals Corporation
QPM is a new gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay region, Quebec, near Goldcorp’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 this project to advance it to the mineral resource estimate stage.
For more information please contact:
Tel.: 514 951-2730
Chief Executive Officer
Tel.: 514 979-4746
Paradox Public Relations
Tel: 514 341-0408
Neither 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 release.
- May 05, 2021 Quebec Precious Metals Corporation closes second and final tranche of oversubscribed $3,228,000 private placement
- May 04, 2021 Quebec Precious Metals Corporation closes first tranche of $2,634,399 private placement
- April 21, 2021 Quebec Precious Metals upsizes private placement offering of common shares to $ 2.7 Million
- April 14, 2021 Quebec Precious Metals announces $1.5 million private placement of common shares
- March 04, 2021 Quebec Precious Metals announces start of drilling at Sakami and retains services of Hinge Markets Inc.
- February 22, 2021 Quebec Precious Metals issues deferred shares units and grants stock options
- February 01, 2021 Quebec Precious Metals receives payment of $1.125 M; Lomiko acquires 100 % of the La Loutre graphite project
- January 27, 2021 Quebec Precious Metals provides update on Sakami drilling and outlines plans for 2021
- January 26, 2021 Quebec Precious Metals appoints Richard Nieminen as Senior Exploration Manager
- January 20, 2021 Quebec Precious Metals obtains 4.06 g/t Au, 38.85 g/t Ag, 1.72 % Zn, 1.88 % Pb over 2.0 m from channel sampling on the Elmer East project
- January 13, 2021 Quebec Precious Metals receives payments of $300,000 from sales of non-core assets
- December 15, 2020 Quebec Precious Metals drilling returns High Grade at La Pointe Extension: 60.8 g/t Au over 0.3 m within 1.4 m at 15.01 g/t Au, initiates metallurgical testing
- December 10, 2020 Fjordland to acquire historic Renzy Nickel Copper project, Quebec; Quebec Precious Metals monetizes non-core asset
- November 24, 2020 Quebec Precious Metals intersects 42 m at 1.31 g/t Au, including 16.8 m at 1.95 g/t Au at La Pointe Extension