Montreal, January 27, 2021 – Quebec Precious Metals Corporation (“QPM” or the “Company”) (TSX.V: QPM, OTCQB: CJCFF, FSE: YXEP) is pleased to provide an update on the drilling program on its Sakami Project (the “Project”) in Quebec’s Eeyou Istchee James Bay territory and an outline of its exploration plans for 2021.
Normand Champigny, CEO of QPM, stated: “2020 was a very significant year for QPM with the discovery of the La Pointe Extension which redefines the Sakami Project. With drills turning again at Sakami, we expect to discover new areas of mineralization both along strike and at depth along the La Pointe deposit trend. This work will assist us in our goal of the preparation of a maiden resource estimate. In addition, our new Lloyd surface discovery on the Elmer East project, illustrates the high exploration potential of the James Bay gold camp. We plan to advance our entire project portfolio this year. Of critical importance in these challenging times is to continue to apply a rigorous COVID protocol to protect the health of our employees, contractors and communities. We hope for a gradual return to normalcy during the course of this year.”
Sakami Project (Table 1, Figures 1 to 5)
- Discovery at La Pointe Extension significantly increased the mineralized strike length from 950 m to 3,450 m and suggests the possibility to further expand to 4,450 m
- Mineralization from surface up to a depth of 500 m and open in all directions
- 12,361 m of drilling completed in 2020 and 25,778 m since the creation of QPM in 2018
Since the creation of the Company in 2020, drilling continues to focus on areas in and around the La Pointe deposit. Our technical team reviewed and interpreted data from soil geochemical, airborne magnetometer and surface geophysical surveys as well as surface rock sampling programs. This resulted in the discovery of the La Pointe Extension where drilling started in early 2020. Drilling at La Pointe and La Pointe Extension progressed until the fall of 2020, producing some of the best drill results as follows:
La Pointe Extension
PT-20-173 – 0.30 m at 60.80 g/t Au
PT-20-162 – 42.0 m at 1.31 g/t Au
PT-20-159 – 80.0 m at 1.10 g/t Au
PT-20-155 – 53.8 m at 1.03 g/t Au
PT-20-154 – 70.3 m at 1.14 g/t Au
PT-20-153 – 35.4 m at 1.45 g/t Au
PT-20-151 – 80.1 m at 1.15 g/t Au
PT-20-148 – 7.6 m at 2.91 g/t Au
PT-20-147 – 7.0 m at 2.69 g/t Au
PT-20-145 – 4.0 m at 1.31 g/t Au
PT-20-141 – 11.0 m at 1.04 g/t Au
PT-20-139 – 3.5 m at 4.15 g/t Au
- Drill results and contoured metal factors (estimated true thickness in metres x grade in g/t Au) from all holes reported to date in plan, 3D view and longitudinal section; and
- Areas to be drilled in 2021.
The updated corporate presentation on the Company’s web site includes the recent drill results. Complete drill results and calculated drill hole composites are also available (https://www.qpmcorp.ca/en/projects/sakami-technical-information/ ).
The drilling results indicate to date that gold-bearing mineralization at the La Pointe Extension discovery and at La Pointe has a similar geological character: hosted within a volcano-sedimentary sequence of the Yasinski Group (La Grande Subprovince), which is metamorphosed to amphibolite facies and is 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 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.
Elmer East project (see press release of January 20, 2021)
- Lloyd Discovery made at surface during the 2020 summer
- Channel sampling confirmed gold mineralized area approximately 60 m long by 10 m open in all directions.
- The most significant composite grades are as follows:
Channel R4 – 4.06 g/t Au, 38.9 g/t Ag, 1.72 % Zn, 1.88 % Pb over 2.0 m
Channel R9 – 1.77 g/t Au, 12.3 g/t Ag, 0.30 % Zn, 0.78 % Pb over 1.0 m
Channel R8 – 1.73 g/t Au, 10.3 g/t Ag, 1.00 % Zn, 0.49 % Pb over 1.0 m
Channel R7 – 1.18 g/t Au, 10.2 g/t Ag, 0.52 % Zn, 0.71 % Pb over 1.0 m
Channel R3 – 0.96 g/t Au, 19.5 g/t Ag, 1.66 % Zn, 0.51 % Pb over 2.0 m
The Lloyd discovery consists of a 1 to 2 m wide SW-NE shallow dipping oxidized quartz vein with various amounts of sulphides (galena, sphalerite and chalcopyrite). Mineralization is hosted in an extensional vein in a weakly chloritized wacke and paragneiss near the contact with a polygenic conglomerate of the Wabamisk formation. The Elmer East project consists of 929 claims (488 km2).
2021 Exploration Plans
Winter and summer
- Sakami (La Pointe, La Pointe Extension): drilling program (14,000 m, 40+ holes, 2 rigs) based on the drill 2020 results combined with the recently interpreted target areas from geological and structural information and induced polarization survey data; metallurgical testing; and surface detailed geological mapping.
- Elmer East: geological mapping, sampling and trenching along the Lloyd discovery.
- Cheechoo- Éléonore Trend: Prospecting work on anomalous gold in till samples.
- Blanche and Charles: geological mapping, sampling and prospecting
Quality Assurance/Quality Control
For the Sakami project, the drilling contract was awarded to Forage Val-d’Or Inc. based in Val-d’Or, Quebec. The hole diameter is NQW. 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, Qualified Person under NI 43- 101 on standards of disclosure for mineral projects, has 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 the 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 2020 significant drill resultsNotes:
- 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.
|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