- Highlights from the 2020 winter drilling program at the La Pointe Extension (located 2 km southwest of the La Pointe deposit are:
- 1.15 g/t Au over 80.10 m including 4.63 g/t Au over 5.95 m
- 1.14 g/t Au over 70.30 m including 1.66 g/t Au over 36.90 m
- 1.45 g/t Au over 35.40 m
- 1.03 g/t Au over 53.80 m
- Results received from winter drilling program further underline gold mineralized system continuity and significant exploration potential to the SW of the La Pointe deposit (see Table 1 for complete results of the program)
- Ongoing 7,000 m drilling campaign testing the extension of the new discovery and the new target area identified by the recent IP survey
Montreal, September 10, 2020 – Quebec Precious Metals Corporation (“QPM” or the “Company”) (TSX.V: QPM, OTCQB: CJCFF, FSE: YXEP) is pleased to report the remaining drill results at the La Pointe Extension discovery and a near surface discovery at Simon area following the winter diamond drilling program on the 100% owned Sakami Project (the “Project”) in Quebec’s Eeyou Istchee James Bay territory (see the Company’s press releases of August 13, June 23, June 18 and April 21, 2020). A total of 7,000 m of additional drilling is planned be completed this fall to further extend and define the exploration potential of the La Pointe Extension discovery.
Normand Champigny, CEO of QPM, stated: “The discovery of the La Pointe Extension marks a turning point for the Company and highlights the strong exploration potential of the Sakami Project. We are pleased with the initial results and are excited to test the continuity of the structure identified at the La Pointe Extension and a new target area uncovered by the IP survey. We are also pleased that Windfall Geotek Inc. (TSX-V:WIN) has worked closely with us to validate and identify high priority targets on the Project”.
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 (see the Company’s press releases Figures 1 and 2). This discovery has potential kilometre-scale extensions that have been subject to very limited surface exploration and no drilling. Two high-grade surface grab samples (23.82 g/t Au, 9.52 g/t Au) located 700 m apart further illustrate the potential of this discovery (see Figures 1 and 2). The ongoing 7,000m diamond drilling campaign will aim to expand the 300 m strike length of the la Pointe Extension identified during the winter campaign.
The drilling results indicate to date that gold-bearing mineralization at the La Pointe Extension discovery and at La Pointe have a similar geological character: hosted within a volcano-sedimentary sequence of the Yasinski Group (La Grande Subprovince) which is metamorphosed to amphibolite facies and strongly deformed by a regional WSW to ENE event. This sequence is in contact with sedimentary rocks of the Laguiche Group (Opinaca Subprovince) to the east. The lithologies are composed mainly of: 1) biotite-rich and silicified paragneiss with intrusions of granodiorite, tonalite and pegmatite, and 2) amphibolite (metamorphosed sedimentary iron formation and mafic volcanic rock). The gold mineralization is accompanied by disseminated arsenopyrite, pyrite and pyrrhotite and cross-cutting quartz-carbonate veinlets.
The Simon area is located 3 km NE of the La Pointe deposit and has a similar geological setting to the La Pointe and La Pointe Extension. Highlights of the drill results include 0.73 g/t Au over
54 m from 54 m depth in hole SI-20-16 including 0,91 g/t Au over 24,5m (see Figure 3). The drilling program was designed to test the extension of mineralized zones identified from surface sampling and previous drilling. Gold mineralization is associated with highly deformed iron formations hosted in metavolcanic and paragneiss rocks and at the proximity of a tonalitic intrusive. The results demonstrate the presence of high grade zones and their continuity needs to be better established. The drill results will be evaluated to identify additional drill targets to be tested.
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, 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 is present including major access roads, a hydro-powered electric grid and airports. Drilling can be carried out throughout the year.
Quality Assurance/Quality Control
The drilling contract was awarded to Forage Val-d’Or Inc. based in Val-d’Or, Quebec. The hole diameter is NQW. Drilling took place from January 15 to March 24, 2020. 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 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.
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 prepared 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.
Table 1: Sakami Project - Summary of significant gold results, La Pointe deposit and La Pointe Extension and Simon area - Press release of September 9, 2020.Notes:
- All widths are drill indicated core length.
- DDH 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 DDH inclination and dip of the mineralized horizons are considered.
- All gold values presented are not capped.
La Pointe Deposit and La Pointe Extension
|Hole #||UTM E||UTM N||Length (m)||Azimuth (°)||Dip (°)||Number of samples||From (m)||To (m)||Interval (m)||Au (g/t)
|La Pointe Deposit|
|PT-20-138||375462||5895042||141||135||-50||94||No significant values
|La Pointe Extension|
|Hole ID||UTM E||UTM N||Length (m)||Azimuth(°)||Dip(°)||Number of samples||From (m)||To(m)||Interval (m)||Au (g/t)
|SI-20-07||376442||5897352||150||330||-60||121||No significant values
|SI-20-10||376338||5897569||150||315||-50||48||No significant values|
|SI-20-11||376555||5897372||159||315||-50||70||No significant values|
|SI-20-12||376759||5897593||129||315||-75||48||No significant values|
|SI-20-13||377064||5897440||201||315||-75||22||No significant values|
|SI-20-14||377005||5897500||150||315||-50||24||No significant values|
|SI-20-15||376934||5897308||150||315||-50||5||No significant values|
- 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