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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- April 14, 2021 Quebec Precious Metals announces $1.5 million private placement of common shares
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- 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