Quebec Precious Metals extends the La Pointe Extension discovery with 53 m at 1.03 g/t Au and near surface discovery at Simon
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Quebec Precious Metals extends the La Pointe Extension discovery with 53 m at 1.03 g/t Au and near surface discovery at Simon

Thursday, September 10, 2020 7:00 AM
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Company Update
  • 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, QC / ACCESSWIRE / September 10, 2020 / Quebec Precious Metals Corporation ("QPM" or the "Company") (TSXV: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.

Qualified Persons

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:

Jean-François Meilleur
President
Tel.: 514 951-2730
[email protected]

Normand Champigny
Chief Executive Officer
Tel.: 514 979-4746
[email protected]

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:

  1. All widths are drill indicated core length.
  2. Drilholes are generally planned to intersect mineralization as close to perpendicular to strike as possible.
  3. 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.
  4. 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

PT-20-139

375532

5895041

60

135

-50

59

36.50

40.00

3.50

4.15

PT-20-140

375496

5895077

174

135

-63

149

118.00

119.00

1.00

1.17

             

173.00

174.00

1.00

1.68

PT-20-141

375536

5895107

132

135

-54

109

54.00

65.00

11.00

1.04

Including

           

54.00

55.50

1.50

3.41

Including

           

62.30

65.00

2.70

1.66

             

79.40

80.50

1.10

1.13

             

105.00

106.00

1.00

1.23

PT-20-142

375496

5895008

60

135

-50

62

39.00

40.00

1.00

1.31

PT-20-143

375623

5895020

201

0

-50

183

83.00

84.00

1.00

1.99

PT-20-144

375602

5894893

276

330

-50

209

69.00

72.00

3.00

1.68

             

163.50

164.00

0.50

1.17

             

193.80

195.00

1.20

1.15

PT-20-145

375650

5894909

216

335

-50

182

22.10

26.10

4.00

1.31

             

45.30

96.90

51.60

0.60

Including

           

60.00

63.00

3.00

1.33

Including

           

72.50

79.00

6.50

2.14

PT-20-146

375695

5894940

270

0

-50

235

60.50

64.70

4.20

1.55

PT-20-147

375812

5894959

276

0

-50

214

22.00

29.00

7.00

2.69

             

125.90

137.00

11.10

0.31

Including

           

125.90

127.40

1.50

1.09

             

171.00

175.50

4.50

1.38

PT-20-152

374632

5894963

729

27

-53

130

700.50

714.00

13.50

0.52

La Pointe Extension

PT-20-148

374470

5894276

345

145

-50

316

54.00

55.20

1.20

1.06

             

241.20

241.60

0.40

5.61

             

279.00

280.50

1.50

4.06

             

288.90

296.50

7.60

2.91

PT-20-149

374202

5894096

348

145

-50

280

241.45

242.15

0.70

2.19

             

252.50

253.20

0.70

5.06

             

287.00

333.00

46.00

0.25

PT-20-150

374263

5894016

270

143.4

-50.7

210

189.50

221.00

31.50

0.49

PT-20-151

373962

5893849

336

145

-50

300

231.90

312.00

80.10

1.15

Including

           

269.00

293.95

24.95

2.21

Including

           

288.00

293.95

5.95

4.63

PT-20-153

374019

5893767

267

145

-50

222

152.10

187.50

35.40

1.45

Including

           

175.00

179.10

4.10

3.65

PT-20-154

374017

5893857

366

145

-50

296

74.80

81.60

6.80

2.74

Including

           

80.10

81.60

1.50

11.75

             

196.40

266.70

70.30

1.14

Including

           

196.40

233.30

36.90

1.66

PT-20-155

373935

5893799

294

145

-50

244

225.10

278.90

53.80

1.03

PT-20-156

373906

5893749

300

145

-50

278

220.70

248.00

27.30

0.29

PT-20-157

373865

5893720

378

145

-50

340

216.90

258.00

41.10

0.47

             

333.05

354.00

20.95

0.39

PT-20-158

373917

5893646

264

145

-50

227

151.00

175.50

24.50

0.52

             

227.30

235.90

8.60

0.46

                     

Simon area

Hole ID

UTM E

UTM N

Length
(m)

Azimuth
(
°)

Dip
(
°)

Number
of
samples

From
(m)

To
(m)

Interval
(m)

Au
(g/t)

SI-20-06

376176

5897593

165

315

-60

148

7.50

11.50

4.00

0.37

             

23.60

31.50

7.90

0.30

             

48.00

105.30

57.30

0.52

including

           

48.00

66.00

18.00

0.90

including

           

84.50

105.30

20.80

0.57

SI-20-07

376442

5897352

150

330

-60

121

No significant values

SI-20-08

376232

5897427

126

135

-75

39

78.50

80.30

1.80

0.72

SI-20-09

376143

5897503

146.20

315

-50

124

30.50

31.60

1.10

1.31

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

SI-20-16

376176

5897593

219

315

-72

150

54.00

108.00

54.00

0.73

including

           

55.00

79.50

24.50

0.91

                     
                           

 

SOURCE: Quebec Precious Metals Corporation

Quebec Precious Metals Corporation
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