QCX tables maiden drill results from Quebec gold project
QCX Gold Corp. [QCX-TSXV, QCXGF-OTCQB, 21MA-FSE] has released assay results from a maiden drilling program at the Golden Giant project in James Bay, Quebec.
The company said 17 holes (3,011 metres) were completed on the Golden Giant East and Golden Giant West blocks. Based on the latest results, the company said it will continue to focus on follow-up exploration of the East Block.
Drilling highlights included 0.523 g/t gold over 5.5 metres in hole GG-21-14 and 0.398 g/t gold over 10.2 metres in hole GG-21-16. Both were drilled in an area of the East Block where a folded gabbro unit can be observed.
On November 19, 2021, QCX shares closed at 10.5 cents and currently trade in a 52-week range of 26 cents and $0.075.
QCX Gold is exploring for gold and VMS (volcanogenic massive sulphide) mineralization on properties in Quebec. The Golden Giant project is located in the James Bay region, 2.9 kilometres from Azimut Exploration Inc.’s [AZM-TSXV] Patwon discovery on its 100%-owned Elmer property.
Azimut has said it considers Patwon to be one of the largest gold discoveries in the James Bay region since the 2004 discovery of the Eleonore deposit, which is currently owned and operated by Newmont Corp., [NGT-TSX, NEM-NYSE].
QCX’s Fernet project in located in the Abitibi Greenstone Belt, and is contiguous to Wallbridge Mining Co. Ltd. [WM-TSX, WC7-FWB] 100%-owned Fenelon/Martiniere gold property in Quebec, where the company has said it planned to spend $79 million in 2021.
The Golden Giant project consists of three properties, covering 18,992 hectares, and including Golden Giant East, Golden Giant West and the Kali East block.
QCX says Golden Giant shares similar geology with Azimut, including felsic to mafic volcanic rocks, northeast-trending faults and shear zones, northeast-trending fold limbs, as well as gold mineralization identified at surface.
In the first quarter of 2021, QCX identified multiple high-priority targets from a high-resolution magnetics survey on the Golden Giant East (GGE) and West (GGW)blocks.
The company said 25 targets were identified across GGE and GGW. These target were generated based on gold occurrences from surface sampling together with the structural architecture that characterizes the GGE and GGW areas of interest as interpreted from magnetic data and available geological constraints such as structural observations and field measurements.
The company said all targets warrant follow-up exploration work, with 10 marked as high priority due to the existence of a geophysical anomaly combined with existing gold values found at surface.
“After data compilation and modelling of our exploration to date, we have determined that results seen in holes GG-21-14 and GG-21-16 appear to be related to the northern limb of a folded gabbro unit located on the East Block,” said QCX Vice-President, Exploration Aaron Stone.
“No work has been completed along the southern limb of this unit,” he said.
The company will now begin compiling geological theories to determine if these holes may have missed higher-grade intercepts in the immediate area.