Quebec Precious Metals discovers 2 km more gold

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Quebec Precious Metals Corp. [CJC-TSXV; CJCFF—OTCQB; YXEP-FSE] has reported the discovery of the La Pointe Extension following the winter diamond drilling program on the 100%-owned Sakami Project in northern Quebec’s Eeyou Istchee James Bay territory. Significant additional drilling will be required to better define the exploration potential of this discovery.

The La Pointe deposit and new La Pointe Extension discovery are part of a larger 13-km-long mineralized trend on the Project striking SSW-NNE. Results from step-out drilling indicate gold mineralized system continuity for 2 km and significant exploration potential to the southwest of the La Pointe deposi, and remains open for further expansion

Select drill results received from the winter drilling campaign include hole PT-20-139 returning 4.15 g/t gold over 3.5 metres, PT-20-141 with 1.04 g/t gold over 11.0 metres, PT-20-145 with 2.14 g/t gold over 6.5 metres, PT-20-147 with 2.79 g/t gold over 7.0 metres, PT-20-148 2.91 g/t gold over 7.6 metres and PT-20-151 with 1.15 g/t gold over 80.1 metres, incl. 2.21 g/t gold over 25 metres (partial assays).

Results from an Induced Polarization survey suggest further extension of the intercepts to the southwest. Drilling on additional targets at the La Pointe deposit continues to suggest extension of mineralization in other areas. Assays are pending from 19 drill holes (“DDH”) completed and additional drilling is planned starting in June.

Based on of the recently reported surface results,  the objectives of the winter 7,448 m oriented-core drill program were to expand the La Pointe deposit and the Simon new high-grade discovery and test additional new targets across the mineralized trend that includes the Apple, Péninsule, JR and Île showings with gold mineralization detected in DDH, grab and trench samples.

Drilling is scheduled to start again in June. The Quebec governmental authorities, in response to the COVID-19 pandemic, has indicated that mineral exploration can resume in May 2020. The fully-funded continuation of the 25,000-metre drilling program announced early this year is to be carried out with two drills already on site.

Gold mineralization continues to be hosted in a silicified paragneiss horizon accompanied by pervasive silica and with varying amounts of arsenopyrite and pyrite. All DDH have intersected this horizon and native gold has been observed.

The preliminary interpretation of the La Pointe Extension discovery is based on the results of only three DDH (with partial results for PT-20-151), surface sampling and magnetic and IP surveys;

Mineralization has been recognized over an estimated length of 900 metres (open to the NE and SW) with an apparent width in drilling ranging from 10 to 80 metres. Mineralization is identified to a depth of 215 metres and remains open. True widths are estimated to range from 75% to 90% of the down-hole length. The geological continuity between DDH intercepts will be better defined with further data analysis and additional drilling. The La Pointe and La Pointe Extension, located in the central portion of the project, has potential kilometre-scale strike that remain underexplored extensions. The Simon area with results that include 14.20 g/t gold over 2 metres, 5.05 g/t gold over 5.06 metres, and 4.66 g/t gold over 3.50 metres demonstrates the potential of the project. It is located 3 km NE and part of a larger 13-km-long mineralized trend.).

An IP survey is planned over the La Pointe Extension area on a 2.5 km by 1.0 km grid. It is anticipated that the survey results will augment the size of the area to be drill-tested.

Normand Champigny CEO of QPM, stated: “The discovery of the La Pointe Extension is the most significant development on the project since the creation of the company. We look forward to start drilling again and demonstrate the very significant exploration potential of the project.”

The project provides the company with a controlling position over a 23-kilometre-long segment of a favourable geological contact and comprises 131.1 km2. It is located 570 km north of Val d’Or, 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-power grid and airports. Drilling can be carried out throughout the year.


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