QPM encouraged by Harfang’s James Bay lithium find
Quebec Precious Metals Corp. [QPM-TSXV, CJCFF-OTCBB, YXEP-FSE] has congratulated Harfang Explorations Inc. [HAR-TSXV] on its recently announced discovery of spodumene (lithium) in pegmatite dikes at Serpent-Radisson in the Eeyou Istchee James Bay territory of Quebec.
Harfang’s discovery is located next to QPM’s 100%-owned Sakami project, at a distance of approximately 8.00 kilometres. The Sakami project is also located near Newmont Corp.’s [NGT-TSX, NEM-NYSE] Eleonore gold mine.
In a September 13, 2023 press release, Harfang said it has discovered several spodumene occurrences in pegmatites in the eastern part of the Serpent-Radisson property. Harfang said the discovery was made in the initial days of prospecting and, as a result, Harfang said it intends to devote most of its efforts for the remaining prospecting season to the property, which is already known for its gold and copper potential.
QPM reported high priority lithium targets following a detailed lithium targeting study on all of its exploration projects (1,298 claims covering 676 square kilometres.
“Harfang’s discovery is significant for our Sakami and Cheechoo-Eleonore trend projects where we have identified high priority lithium targets and for the James Bay region, a district that has some of the largest spodumene pegmatite resources in the world,’’ said QPM CEO Normand Champigny.
QPM recently said it will be mobilizing field personnel this month to visit the high priority target areas and conduct surface sampling. The drill campaign for gold at Sakami is scheduled to begin in the coming weeks.
Aside from advancing the Sakami gold project, QPM holds a 68% interest in the Kipawa/Zeus rare earths project located near Temiscaming, Que. This is the only rare earths project in North America.
A 19.9%-owned Newmont affiliate, QPM is a gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay territory.
The Sakami project, covering 140 square kilometres, lies about 90 kilometres northwest of the Eleonore mine. It straddles a contact of the Opinaca and La Grande geological sub-provinces, which offer a variety of settings in which to host gold deposits. Exploration work within and surrounding current project has dates back to the late 1950s discovery of several mineralized areas hosting variable gold grades.
Sakami has previously delivered significant gold grades and well-defined drill-ready targets. It consists of a block of 281 contiguous mineral claims covering 142.5 square kilometres in the centre of the Sakami Reservoir.
Previous work has focused on the La Pointe-La Pointe Extension, Ile, JR, Peninsule, and Simon areas where gold occurrences have been identified over the northern 13-kilometre portion of the project.
On Wednesday, QPM shares were unchanged at $0.095 and trade in a 52-week range of 13 cents and $0.06.