Montreal, November 9, 2020 – Quebec Precious Metals Corporation (“QPM” or the “Company”) (TSX.V: QPM, OTCQB: CJCFF, FSE: YXEP) is pleased to report the drill results of the first five holes at the La Pointe Extension discovery obtained following the 19-hole summer and fall diamond drilling program on the Sakami Project (the “Project”) in Quebec’s Eeyou Istchee James Bay territory (see the Company’s press releases of September 10, August 13, June 23, June 18 and April 21, 2020). The program aimed to better define and expand the zone of 600 m in strike length at the la Pointe Extension discovery made during the 2020 winter campaign. A total of 4,912 m in 19 holes were completed during this campaign. Results from 14 holes are pending.
Normand Champigny, CEO of QPM, stated: “We are very pleased with these results. They show the expansion of the discovery along strike and at depth and confirm the strong exploration potential of the Sakami Project.”
Highlight of the recent results received to date is 0.93 g/t Au over 101 m, including 1.10 g/t Au over 80 m, in hole PT-20-159. Table 1 presents the complete results of the program. Figures 1, 2 and 3 show the drill results in plan, longitudinal section and cross-section.
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 before 2020. 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.
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 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 November 9, 2020.Notes:
- All widths are drill indicated core length.
- Drilholes 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 drillhole inclination and dip of the mineralized horizons are considered.
- All gold values presented are not capped.
La Pointe Extension
|Hole #||UTM E||UTM N||Length (m)||Azimuth (°)||Dip (°)||Number of samples||From (m)||To (m)||Interval (m)||Au (g/t)
- May 26, 2022 Quebec Precious Metals drills La Pointe Extension: 0.84 g/t Au over 63 m downhole, higher-grade core extended +200 m at depth, open in all directions
- March 23, 2022 Quebec Precious Metals and GoldSpot provide an update on the Elmer East project: multiple gold targets over 4.5 km
- March 15, 2022 Quebec Precious Metals grants stock options
- March 10, 2022 Quebec Precious Metals drills La Pointe Extension: 69.6 g/t Au over 0.6 m within 1.32 g/t Au over 94 m downhole
- February 24, 2022 Quebec Precious Metals identifies drill targets over 2.5-km along strike from the La Pointe Extension gold deposit
- February 15, 2022 Quebec Precious Metals reports preliminary metallurgical test results from Sakami: up to 99% gold recoveries
- February 07, 2022 Vital and Quebec Precious Metals Corporation amend Kipawa/Zeus acquisition terms
- February 01, 2022 Quebec Precious Metals – Corporate update
- December 15, 2021 Quebec Precious Metals is UL ECOLOGO® Certified for mineral exploration!
- November 02, 2021 Quebec Precious Metals continues drilling at the Sakami project
- October 18, 2021 Quebec Precious Metals receives $2,000,000 payment from sale of royalty on Tansim lithium project
- September 08, 2021 Quebec Precious Metals reports high-grade grab samples of 68.1 & 61.8 g/t Au on the Elmer East project; extends the mineralized corridor to 4.2 km at the Lloyd discovery area
- August 18, 2021 Quebec Precious Metals Corporation announces results of Annual shareholders meeting
- August 12, 2021 Quebec Precious Metals Corporation: Reminder – Annual General Meeting of Shareholders