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QX says Raiden completes Zlatusha reconnaissance visit

2019-10-21 13:15 ET - News Release

Mr. Vince Sorace reports

QX METALS PARTNER RAIDEN RESOURCES REPORTS ON "ROSOMAN" PROSPECT ON THE ZLATUSHA PROJECT IN BULGARIA

QX Metals Corp. has received results from Raiden Resources Ltd. from a review of historical data and a reconnaissance field visit to the Rosoman prospect located on the Zlatusha project in Bulgaria. As detailed in the company's July 15, 2019, TSX Venture Exchange announcement, the company has an option to earn up to a 75-per-cent project interest in the Zlatusha project.

Highlights:

  • Initial review and field visit confirm a porphyry copper and epithermal gold alteration system;
  • Historical rock sampling indicates elevated copper-gold values, which are coincidental with a large alteration zone at the Rosoman prospect;
  • Rosoman prospect located in Cretaceous "elephant country" of western Tethyan metallogenic belt.

Dusko Ljubojevic, managing director of Raiden, commented: "Guided by historic data and QX Metals' previous work, the company is excited to present the data in relation to a large area of outcropping quartz-sericite-pyrite alteration, with coincident elevated gold and copper values from rock chip sampling. It is shaping up to be an important addition to our growing pipeline of quality gold and copper targets. The Rosoman target is located in the prolific Cretaceous geology within western Tethyan metallogenic belt, which hosts tier-one deposits within Serbia and Bulgaria, and is therefore highly significant for the company."

Work program status

The company's geologists reviewed geological maps and exploration data from a historical outcrop sampling program, followed up with a reconnaissance visit to the Zlatusha project area. Information in this announcement is based on this work. As follow-up, the company plans to investigate the availability of further historical exploration data and reports housed by the Bulgarian Ministry of Energy. Field mapping and geochemical sampling will commence as soon as the exploration agreement is signed by the Bulgarian Minister of Energy (The Zlatusha licence has been awarded to Zelenrok, a 100-per-cent subsidiary of QX Metals, and Zelenrok is awaiting the execution of the exploration agreement by the Minister of Energy. The exploration agreement defines the rights and responsibilities of the exploring party.).

Rosoman prospect

The Rosoman prospect lies in the central part of the Zlatusha project area northwest of Sofia and was first defined when Bulgarian state agencies mapped a 1.4-square-kilometre zone of intense hydrothermal alteration in andesitic aglomerate, tuff and ash coinciding with a conspicuous copper and gold stream sediment anomaly. The alteration zone occurs adjacent to subvolcanic porphyritic andesites and diorites, referred to in the literature as timocite. Notably, all major copper and gold deposits along strike to the northwest and southeast of Zlatusha in the prolific Timok magmatic complex and in the Panagyrishte belt are spatially associated with timocite rocks. Extensions of the Rosoman hydrothermal systems may exist to the west and east, where soil cover may conceal extensions of this alteration system.

QX Metals, the holder of the Zlatusha licence, previously conducted a limited (14 samples) reconnaissance outcrop sampling program over a small portion of the prospect and mapped the alteration zone in more detail. The program mapped out an epithermal alteration system consisting of argillic and phyllic (quartz-sericite-pyrite) alteration. Outcrop samples taken from the area returned elevated concentrations of gold (from trace to 1.3 parts per million) and copper (from trace to 549 ppm).

A recent visit by Raiden's technical team to the Zlatusha area confirmed that the Rosoman prospect contains geological features typically associated with mineralized porphyry systems. Outcrops of silicified porphyritic diorite stocks and volcano-clastic rocks in the area of interest exhibit large-scale pervasive phyllic alteration with stockwork, quartz-pyrite veining and abundant anhydrite. The altered rocks also contain 1 per cent to 3 per cent disseminated sulphides, mainly in the form of pyrite, but also containing chalcopyrite. On the basis of these observations, the company believes that this alteration system is prospective for both high-sulphidation epithermal gold mineralization and porphyry copper mineralization.

Raiden's near-term exploration program over the Rosoman prospect will commence as soon as the exploration agreement has been signed by the Minister of Energy and will include a soil geochemical survey and geophysical evaluations, with the objective of advancing the prospect to a drill decision as soon as possible.

Location, geological setting and belt potential

The Zlatusha licence (195 square kilometres) is northwest of Sofia and lies within an established copper porphyry and epithermal gold belt, between the Timok magmatic complex in Serbia and the Panagurishte district in Bulgaria, both of which are considered world-class Cu-Au districts. The project was selected for application based on the presence of prospective geology, consisting of Cretaceous arc magmatic rocks, and epithermal and porphyry related alteration systems. Several separate magmatic-hydrothermal centres with outcropping copper-gold mineralization have been identified within the permit area.

The project area lies within a postcollisional pull-apart basin, comprising Cretaceous volcanic and sedimentary rocks intruded by later porphyritic diorite stocks and dikes. This geological setting is similar to the settings of the Cukaru Peki deposit, 165 km to the northwest in eastern Serbia, and the Chelopech mine, 45 km to the east in Bulgaria's Panagurishte trend.

Qualified person

Rory Kutluoglu, BSc, PGeo, a qualified person as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Mr. Kutluoglu is the company's vice-president of exploration.

About QX Metals Corp.

QX Metals is a discovery-focused mineral exploration company that strives to make high-reward discoveries in regions with proven mineral wealth. QX leverages its proven technical skills and extensive corporate network to de-risk its exploration process, increase its probability of success and enhance shareholder value. The company is focused on precious and base metal projects located in top-tier mineral districts that contain significant historical production, existing mining infrastructure and an established mining culture.

We seek Safe Harbor.

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