Quebec Precious Metals resumes James Bay drilling
Quebec Precious Metals Corp. [CJC-TSXV, CJCFF-OTCBB, YXEP-FSE] on Tuesday said drilling has resumed at the company’s 100%-owned Sakami project in the Eeyou Istchee James Bay territory of Quebec, near Newmont Goldcorp Corp.’s [NGT-TSX, NEM-NYSE] Eleonore gold mine.
Sakami is QPM’s flagship project and it has 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.
The focus of recent work has been 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. The company has said 117 diamond drill holes have intercepted the La Pointe deposit on 35,475 metres of drilling. The deposit is defined over a strike length of 950 metres and 600 metres down plunge.
Drilling highlights include 2.51 g/t gold over 54.65 metres, including 3.52 g/t over 14 metres.
On Tuesday, the company said the fully-funded fall and winter program has started and has been designed to expand the mineralized zone at the La Pointe Extension deposit with 10,000 metres of drilling in 25 holes. Drill results from a summer program at the La Ponte deposit are still pending.
The La Pointe Extension deposit has a strike length of 3,500 metres, a minimum depth of 400 metres and an average estimated thickness of 40 metres on the basis of 35 holes drilled to date.
“We are very excited about this next phase of drilling to test the richest and open at depth mineralization at the La Pointe Extension,” said QPM CEO Normand Champigny.
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 of Quebec
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. In the early 2000s, gold mineralization was discovered at surface near Sakami Lake. This led to the discovery of several mineralized areas hosting variable gold grades.
On November 1, 2021, QPM shares were trading at 24 cents in a 52-week range of 33 cents and 20 cents.
QPM recently said grab sampling results from its Lloyd discovery located on its 100% Elmer East Project in the Eeyou Istchee James Bay territory. It said a total of 153 grab samples were collected during the 2021 summer field program on the project. This work as carried out with the participation of Goldspot Discoveries Corp. [SPOT-TSXV, SPOFF-OTCQX] following a gold targeting analysis in 2020.
GoldSpot is a technology company with a focus on mineral exploration. Goldspot said it has a large, collaborative team of geoscientists and data scientists who are focused on maximizing the chances of discovery by extracting most of all available data using its proprietary machine-learning technology and geoscience expertise.