Montreal, October 22, 2019 – Quebec Precious Metals Corporation (TSX.V: CJC, FSE: YXEP, OTC-BB: CJCFF) or the “Company”) is pleased to announce the results of the summer heliborne combined magnetic, radiometric, and induced polarization (“IP”) surveys as well as the prospecting, rock and soil sampling program that was carried out on the Sakami project (see press release of September 24, 2019). QPM improved the definition of known drill targets and identified multiple new drill targets. The defined targets will be tested during the drilling program that is being designed and scheduled to commence later this year. The targets are characterized as follows:
- located along a 13-km mineralized trend striking SSW-NNE that includes the Apple, Péninsule, Simon, JR and Île showings (with gold mineralization detected in drillholes, grab and trench samples) and the La Pointe deposit (Figure 1);
- situated at a distance up to 1,500 m from the favourable contact between the Opinaca and La Grande geological subprovinces;
- spatially correlated with a major magnetic discontinuity present along the mineralized trend and sometimes with magnetic structures striking E-W;
- closely associated with iron formations, that are discontinuous and apparently folded; and
- spatially correlated with IP anomalies and gold and arsenic soil geochemical anomalies.
One of the highlights of the program was defining a high priority drill target in the Apple sector (Figure 2). A gold showing discovered in 2000 reported respectively 23.82 g/t Au and 4.73 g/t Au in grab samples. Two additional grab samples selected this summer reported 9.52 g/t Au and 6.37 g/t Au.
In addition, the soil sampling program validated the very encouraging results obtained from the soil sampling program carried out in 2018 (see press release of December 5, 2018) over a distance of approximately 2 km west of the La Pointe gold deposit. This area also includes high grade nickel mineralization from the re-analyses of recovered historical and unanalyzed drill core samples (see press release of October 2, 2019). These results will be subject of a subsequent press release during the fall.
The field work on the Cheechoo-Éléonore Trend, Charles and Blanche projects has been completed. Work on the Opinaca West project is in progress. Results will be available later this fall.
Matheson Joint Venture gold project, Timmins mining camp, Ontario
The Company holds a 50% interest in four non-contiguous blocks totalling 41 single cell mining claims, four patented (surface and mining rights) claims and three leases (surface and mining rights) totalling 13 km2 of the Matheson joint venture project (“Matheson Project”), located 24 km from the Timmins city centre in Ontario. International Explorers and Prospectors Inc. (“IEP”) owns the other 50%. The Company and IEP have agreed to sell their respective interest in the Matheson Project.
The project covers prospective lithologies and structures analogous to the geological setting of the nearby Hoyle Pond gold mine operated by Newmont Goldcorp Corporation. The Hoyle Pond mine has produced 4 million ounces of gold at an average grade of 12 g/t gold from 1985 to 2018, making it one of the highest-grade deposits in the Timmins camp. Mineralization hosted on adjacent and/or nearby projects is not necessarily indicative of mineralization that may be hosted on the Matheson Project.
A number of exploration targets have been identified by past exploration programs but have not been systematically tested by drilling.
The Company has filed a new National Instrument 43-101 Technical Report (“Technical Report”) for the Matheson Project. The Technical Report was prepared by Mr. Paul Chamois, P. Geo., of RPA Inc. (“RPA”), who is an independent qualified person under NI 43-101. The Technical Report can be found on the Company’s website or under the Company’s profile at www.sedar.com. The Company continues to sell its interest in non-core projects or identify partners to pursue exploration (see press release dated May 23, 2019).
Field Work and Quality Assurance/Quality Control
The heliborne mag and radiometric survey and IP surveys were carried out by GDS Data Solutions Inc. (based in Laval) and Geosig Inc. (based in Quebec City) respectively. Processing and interpretation of the geophysical data was performed by Inter Géophysique Inc. (based in Rosemere). Prospecting, rock and soil sampling was done by Consul-Teck Exploration Minière Inc. (based in Val d’Or).
Quality assurance and quality control procedures have been implemented to ensure best practices in sampling and analysis of the rock and soil samples. 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 aqua regia extraction with an inductively coupled plasma finish coupled with atomic emission spectroscopy (ICP-AES). The analytical procedure for gold is 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.
Normand Champigny, Eng., Chief Executive Officer of the Company, and Jean-Sébastien Lavallée (OGQ #773), geologist, Vice-President Exploration, director and shareholder of the Company, both Qualified Persons under NI 43- 101 on standards of disclosure for mineral projects, have prepared and approved the technical content of this release.
RPA Inc. is a group of technical professionals who have provided advice to the mining industry for more than 30 years. During this time, RPA has grown into a highly respected organization regarded as the specialty firm of choice for resource and reserve work.
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 Goldcorp 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 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
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.
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- November 29, 2019 Quebec Precious Metals Announces Closing of $6.5 Million Bought Deal Private Placement; Newmont Goldcorp Increases Ownership to 19.9%
- November 17, 2019 Quebec Precious Metals Provides Update on $6.5 Million Bought Deal Private Placement
- October 29, 2019 Quebec Precious Metals: Message from the CEO
- October 22, 2019 Quebec Precious Metals Announces $6.5 Million Bought Deal Private Placement
- October 22, 2019 Quebec Precious Metals defines multiple gold targets ahead of drilling campaign along 13 km at Sakami
- October 02, 2019 Quebec Precious Metals reports high grade nickel mineralization at the Sakami gold project
- September 24, 2019 Quebec Precious Metals recovers historical drill cores at the Sakami gold project, provides exploration update
- August 20, 2019 Quebec Precious Metals appoints RPA to complete a Mineral Resource estimate
- July 30, 2019 Quebec Precious Metals announces first phase of 2019 Exploration Program
- July 12, 2019 Quebec Precious Metals hires SGS Canada for resource model
- July 09, 2019 Quebec Precious Metals and its partner Lomiko report multiple 100 m+ intercepts and multiple 10%+ Cg zones at its non-core high grade La Loutre Flake Graphite Project