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BCSC pursues QCX, Voisin for overstated resource

2020-10-26 20:46 ET - Street Wire

Also Street Wire (C-QCX) QCX Gold Corp

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by Mike Caswell

The B.C. Securities Commission has filed an administrative case against QCX Gold Corp. and its former president, James Voisin, over an overstated resource estimate that the company released on its Hilda 30 concession in Mexico. The BCSC claims that the estimate was based on questionable drill hole data, with the consultant who prepared it specifying that it not be released to the public. A later calculation showed that Hilda only contained a small fraction of the originally disclosed amount.

The allegations are contained in a notice of hearing that the BCSC released on Monday, Oct. 26. The notice identifies Mr. Voisin as an Ontario resident who was the president of QCX (which was called First Mexican Gold Corp. during his tenure) until he resigned on Oct. 23, 2019. The BCSC has also named John Archibald, a geoscientist in Victoria who prepared a technical report containing the resource estimate at issue.

The events date back to September, 2014, when Mr. Voisin hired a consultant to give him a quick calculation of the resource on Hilda (which the company also referred to as being part of its Guadalupe property). According to the BCSC, he told the consultant that the estimate was for his own reference and would "not be anywhere near to a public document." The consultant did as requested, e-mailing an estimate to Mr. Voisin on Sept. 26, 2014, the notice states.

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