Montreal, August 13, 2020 – Quebec Precious Metals Corporation (“QPM” or the “Company”) (TSX.V: QPM, OTCQB: CJCFF, FSE: YXEP) is pleased to report the results of an induced polarization (“IP”) geophysical survey conducted this summer to the southwest of the La Pointe Extension discovery on the 100% owned Sakami Project (the “Project”) in Quebec’s Eeyou Istchee James Bay territory in Quebec (see press releases of April 21, June 18, June 23 and July 22, 2020).
Highlights are as follows:
- moderate to strong IP anomalies over a distance of more than 2 km
(see Figures 1 and 2);
- 800 m long extension of the interpreted axis of the anomalies to the northwest; and
- new anomalies located SE and NW of the La Pointe Extension area that will be tested during the drilling campaign.
These anomalies are:
- new drill targets spatially correlated with strong gold and arsenic soil geochemical anomalies, high-grade mineralized outcrops and recently disclosed mineralized drillhole intersections;
- sub-cropping, continuous at depth and dip steeply to the southeast; and
- represented by resistivity lows and chargeability highs.
Normand Champigny, CEO of QPM, stated: “We are very excited by the continuity and the size of the anomalies that we are drilling. This re-affirms the strong exploration potential of the La Pointe Extension discovery.”
The IP survey totalling 30.0 line-km and covering an area more than 1 km laterally was completed along lines varying from 850 to 1,350 m with a spacing of 100 m and was carried out by TMC Geophysics, based in Val d’Or, Quebec. The interpretation of the results was reviewed by Inter Géophyique Inc., based in Rosemere.
A 7,000 m drilling campaign is underway to better define the exploration potential of this discovery. Assaying is pending from 4 drill holes completed at the La Pointe Extension and 6 drill holes completed at the Simon area during the winter drilling program.
The La Pointe deposit and the new La Pointe Extension discovery are part of a larger 2-kilometre-long mineralized trend on the Project striking SSW-NNE. This discovery has potential kilometre-scale extensions that have been subject to very limited surface exploration and no drilling.
The Project provides the Company with a controlling position over a 23-kilometre-long segment of a favourable geological contact and comprises of 259 claims (131.1 km2). It is located 570 km north of Val-d’Or, 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 is present including major access roads, a hydro-power grid and airports. Drilling can be carried out throughout the year.
Normand Champigny, Eng., Chief Executive Officer of the Company, and Tony Brisson, P. Geo., Senior Exploration Manager, both Qualified Persons under NI 43- 101 on standards of disclosure for mineral projects, have reviewed and approved the technical 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 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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- 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
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- January 13, 2021 Quebec Precious Metals receives payments of $300,000 from sales of non-core assets
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