QMX Gold Corp. [QMX-TSXV; QMCQF-OTC; 3LQ-FSE] shares soared in heavy trading Tuesday August 18 after it released new drill results from the Bonneford deposit on its 200 km2 land package near Val dâ€™Or, Quebec.
Highlights include drill hole 17315-20-121, which was completed to test the deposit at depth and to provide structural and geological data to advance the geological and grade-model of the deposit. It returned an overall average grade of 1.48 g/t gold over 1,109.6 metres in the Bonneford intrusive.
DDH 17315-20-121 also intersected multiple enriched zones including a high-grade zone within the current pit shell: 6.48 g/t gold over 73.2 metres (measured along the hole). Another high-grade zone was intersected at depth: 35.56 g/t gold over 4.0 metres at 1,050 metres (measured along the hole).
Results extend the tonalitic intrusion substantially between a depth of 550 and 1,100 metres, well below the limits of previous drilling.
Investors reacted by sending QMX Gold shares up 78% or 14 cents to 33 cents on volume of 15.3 million, making QMX the most actively traded stock on the TSX Venture Exchange on Tuesday morning. The shares had previously traded in a 52-week range of 20 cents and $0.04.
Eric Sprott and O3 Mining Inc. [OIII-TSXV] emerged as strategic investors after participating in a recent bought deal offering that raised $6 million for Quebec exploration.
QMX also owns the Aurbel gold mill and tailings facility 15 km east of Val dâ€™Or. O3 has an option to acquire the Aurbel facility for $5 million. However, if the option is exercised, QMX maintains access to 650 tonnes per day.
In July, 2019, QMX announced a NI 43-101-compliant resource estimate for its Bonneford South property located on the eastern portion of QMXâ€™s land package, about 25 km east of Val dâ€™Or and less than 25 km from the Aurbel mill. The property hosts Indicated Resources of 4.75 million tonnes at 1.69 g/t gold or 258,700 oz. Inferred Resource are 2.4 million tonnes at 1.87 g/t gold or 145,100 oz.
The company has said it hoped to announce an upgraded and expanded estimate by summer of 2020.