QMX Gold encouraged by Quebec drill results
QMX Gold Corp. [QMX-TSXV] on Friday October 23 released more exploration results from the River target, one of three drilling projects on the company’s extensive land package in the Val d’Or, Quebec camp.
The River target is in the Bourlamaque Zone, roughly 1 km west of the Lac Herbin-Dumont-Ferdeber gold system that produced 793,000 oz gold. River is northwest of the Bonneford deposit on the same 200 km2 property.
Assay results released Friday are from the first batch of drill results from a River target program recently expanded to 8,500 metres, expected to be completed by year end.
Highlights include hole DDH 17421-20-056, which returned 2.78 g/t gold over 10.5 metres, including 17.6 g/t gold over 1.0 metre and 44.4 g/t gold over 1.5 metres in a second mineralized zone.
On Friday, QMX shares eased 2.7% or $0.005 to 18 cents on volume of 304,580. Shares are currently trading in a 52-week range of 37.5 cents and $0.04.
“We are very happy to be able to continue the strong results from the River target,” said Dr. Andreas Rompel, vice-president, exploration. “The results are very encouraging, and we anticipate building a significant deposit at the River target.”
QMX is backed by shareholders such as Eldorado Gold Corp. [ELD-TSX; EGO-NYSE], Osisko Gold Royalties Ltd. [OR-TSX, OR-NYSE] and Probe Metals Inc. [PRB-TSXV; PROBF-OTCQB].
Eric Sprott and O3 Mining Inc. [OIII-TSXV] emerged as strategic investors after participating in a bought deal offering that raised $6 million for Quebec exploration.
The company said focus will remain on growing the Bonneford deposit and drilling the River and Poulmaque targets on the Bourlamaque Zone.
QMX also owns the Aurbel gold mill and tailings facility 15 km east of Val d’Or. O3 has an option to acquire the Aurbel facility for six years for $5 million. However, if the option is exercised, QMX maintains access to 650 tonnes per day.