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
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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

Tuesday, November 24, 2020 7:00 AM
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Company Update

MONTREAL, QC / ACCESSWIRE / November 24, 2020 / Quebec Precious Metals Corporation ("QPM" or the "Company") (TSXV:QPM)(OTCQB:CJCFF)(FSE:YXEP) is pleased to provide five additional drill results from the 19-hole summer and fall diamond drilling program at La Pointe Extension on the Sakami Project (the "Project") in Quebec's Eeyou Istchee James Bay territory. The program aimed to expand and define the 600 m strike length of mineralization discovered during the 2020 winter campaign at la Pointe Extension. A total of 4,912 m in 19 holes were completed during this campaign. Results from 9 holes are pending.

Normand Champigny, CEO of QPM, stated: "The drilling results at Sakami, and in particular, La Pointe Extension, continue to be consistent and very encouraging. Once again, La Pointe Extension delivered a very long intercept of 1.31 g/t Au over 42 m, and also with a higher grade portion of 1.95 g/t Au over 16.8 m."

Table 1 presents the results of the five holes. Figures 1, 2 and 3 show the drill results from all holes reported to date in plan, longitudinal section and cross-section.

La Pointe deposit and La Pointe Extension discovery

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 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 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.

The Company also announces that it has re-engaged Red Cloud Financial Services Inc. ("RCFS ") to provide certain marketing services for a period beginning November 18, 2020 and ending January 21, 2021 (see news release dated December 3, 2019 for more details on the engagement). Following such period, if the Company does not elect to terminate the engagement, a fee of $10,000 per month will be payable to RCFS from February 1, 2021 to July 31, 2021.

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 discovery - Press release of November 24, 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 Extension

Hole #

UTM E

UTM N

Length
(m)

Azimuth
(°)

Dip
(°)

Number
of
samples

From
(m)

To
(m)

Interval
(m)

Au
(g/t)

PT-20-162

374079

5893773

208.5

145

-47

200

98.00

99.00

1.00

5.11

             

124.00

166.00

42.00

1.31

Including

           

133.70

150.50

16.80

1.95

             

182.40

187.80

5.40

0.97

PT-20-165

374117

5893902

363

145

-70

190

40.50

43.00

2.50

0.93

             

229.30

230.80

1.50

3.52

             

237.00

240.00

3.00

1.04

             

244.50

252.80

8.30

0.92

             

267.00

270.00

3.00

0.33

             

303.00

307.50

4.50

1.14

PT-20-166

374239

5893899

234

145

-47

172

34.50

36.00

1.50

2.92

             

90.00

97.20

7.20

1.92

             

111.50

132.50

21.00

0.61

             

123.50

132.50

9.00

1.11

PT-20-167

374239

5893899

312

145

-70

216

28.90

30.40

1.50

1.17

             

50.50

51.80

1.30

1.01

             

117.00

164.80

47.80

0.53

PT-20-168

374592

5894282

306

145

-57

275

46.90

47.60

0.70

2.77

             

103.60

116.15

12.55

0.44

             

182.00

194.00

12.00

1.03

Including

           

182.00

190.00

8.00

1.44

PT-20-169

374619

5894235

264

145

-45

167

Assays pending

PT-20-170

374540

5894163

234

145

-47

206

Assays pending

PT-20-171

374464

5894106

225

145

-47

152

Assays pending

PT-20-172

374464

5894106

291

145

-65

200

Assays pending

PT-20-173

374369

5894068

288

145

-47

221

Assays pending

PT-20-174

374369

5894068

348

145

-65

270

Assays pending

PT-20-175

374715

5894264

222

145

-47

165

Assays pending

PT-20-176

374715

5894264

21

145

-65

13

Assays pending

PT-20-176A

374715

5894264

303

145

-65

230

Assays pending

               

SOURCE: Quebec Precious Metals Corporation

Quebec Precious Metals Corporation
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