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Quebec Precious Metals Corp
Symbol QPM
Shares Issued 67,434,334
Close 2020-09-09 C$ 0.245
Recent Sedar Documents

Quebec Precious drills 53 m of 1.03 g/t Au at Sakami

2020-09-10 11:14 ET - News Release

Mr. Jean-Francois Meilleur reports

QUEBEC PRECIOUS METALS EXTENDS THE LA POINTE EXTENSION DISCOVERY WITH 53 M AT 1.03 G/T AU AND NEAR SURFACE DISCOVERY AT SIMON

Quebec Precious Metals Corp. has released the remaining drill results for the La Pointe extension discovery and a near-surface discovery at Simon area following the winter diamond drilling program on the 100-per-cent-owned Sakami project in Quebec's Eeyou Istchee James Bay territory (see the company's press releases of Aug. 13, June 23, June 18 and April 21, 2020). A total of 7,000 metres of additional drilling is planned be completed this fall to further extend and define the exploration potential of the La Pointe extension discovery.

Normand Champigny, chief executive officer of Quebec Precious, stated: "The discovery of the La Pointe extension marks a turning point for the company and highlights the strong exploration potential of the Sakami project. We are pleased with the initial results, and are excited to test the continuity of the structure identified at the La Pointe extension and a new target area uncovered by the IP survey. We are also pleased that Windfall Geotek Inc. has worked closely with us to validate and identify high-priority targets on the project."

The La Pointe deposit and the new La Pointe extension discovery are part of a larger two-kilometre-long mineralized trend on the project striking south-southwest to north-northeast. This discovery has potential kilometre-scale extensions that have been subject to very limited surface exploration and no drilling. Two high-grade surface grab samples (23.82 grams per tonne gold, 9.52 g/t Au) located 700 m apart further illustrate the potential of this discovery. The continuing 7,000 m diamond drilling campaign will aim to expand the 300 m strike length of the La Pointe extension identified during the winter campaign.

The drilling results indicate to date that gold-bearing mineralization at the La Pointe extension discovery and at La Pointe have a similar geological character: hosted within a volcano-sedimentary sequence of the Yasinski group (La Grande subprovince), which is metamorphosed to amphibolite facies and strongly deformed by a regional west-southwest-to-east-northeast event. This sequence is in contact with sedimentary rocks of the Laguiche group (Opinaca subprovince) to the east. The lithologies are composed mainly of: 1) biotite-rich and silicified paragneiss with intrusions of granodiorite, tonalite and pegmatite, and 2) amphibolite (metamorphosed sedimentary iron formation and mafic volcanic rock). The gold mineralization is accompanied by disseminated arsenopyrite, pyrite and pyrrhotite, and cross-cutting quartz-carbonate veinlets.

The Simon area is located three km northeast of the La Pointe deposit and has a similar geological setting to the La Pointe and La Pointe extension. Highlights of the drill results include 0.73 g/t Au over 54 m from 54 m depth in hole SI-20-16 including 0.91 g/t Au over 24.5 m. The drilling program was designed to test the extension of mineralized zones identified from surface sampling and previous drilling. Gold mineralization is associated with highly deformed iron formations hosted in metavolcanic and paragneiss rocks, and at the proximity of a tonalitic intrusive. The results demonstrate the presence of high-grade zones and their continuity needs to be better established. The drill results will be evaluated to identify additional drill targets to be tested.

The project provides the company with a controlling position over a 23 km long segment of a favourable geological contact and comprises 259 claims (131.1 square km). It is located 570 km north of Val d'Or, Que., 120 km east of the municipality of Wemindji, 90 km from the Eleonore gold mine and 47 km northeast of the paved James Bay Road. Good infrastructure is present including major access roads, a hydro-powered electric grid and airports. Drilling can be carried out throughout the year.

Quality assurance/quality control

The drilling contract was awarded to Forage Val-d'Or Inc. based in Val d'Or, Que. The hole diameter is NQW. Drilling took place from Jan. 15 to March 24, 2020. Quality assurance and quality control procedures have been implemented to ensure best practices in sampling and analysis of the core samples. The drill core was logged and then split, with one-half sent for assay and the other retained in the core box as a witness sample. Duplicates, standards and blanks were inserted regularly into the sample stream. The samples were delivered, in secure tagged bags, directly to the ALS Minerals laboratory facility in Val d'Or, Que. The samples are weighed and identified prior to sample preparation. All samples are analyzed by fire assay with atomic absorption finish on a 30-gram sample (0.005 to 10 parts per million Au), with a gravimetric finish for assays over 10 ppm Au.

Qualified persons

Mr. Champigny, Eng, chief executive officer of the company, and Tony Brisson, PGeo, senior exploration manager, both qualified persons under NI 43-101 on standards of disclosure for mineral projects, have prepared and approved the technical content of this release.

About Quebec Precious Metals Corp.

Quebec Precious is a gold explorer with a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corp.'s Eleonore gold mine. Quebec Precious's flagship project is the Sakami project with significant grades and well-defined drill-ready targets. Quebec Precious's goal is to rapidly explore this project to advance it to the mineral resource estimate stage.

                      LA POINTE DEPOSIT AND LA POINTE EXTENSION

Hole No.             Length (m)  Number of samples  From (m)  To (m) Interval (m)  Au (g/t)

La Pointe deposit                                                                             
PT-20-138                   135                 94                    No significant values          
PT-20-139                   135                 59     36.50   40.00         3.50      4.15   
PT-20-140                   135                149    118.00  119.00         1.00      1.17   
                                                      173.00  174.00         1.00      1.68   
PT-20-141                   135                109     54.00   65.00        11.00      1.04   
Including                                              54.00   55.50         1.50      3.41   
Including                                              62.30   65.00         2.70      1.66   
                                                       79.40   80.50         1.10      1.13   
                                                      105.00  106.00         1.00      1.23   
PT-20-142                   135                 62     39.00   40.00         1.00      1.31   
PT-20-143                     0                183     83.00   84.00         1.00      1.99   
PT-20-144                   330                209     69.00   72.00         3.00      1.68   
                                                      163.50  164.00         0.50      1.17   
                                                      193.80  195.00         1.20      1.15   
PT-20-145                   335                182     22.10   26.10         4.00      1.31   
                                                       45.30   96.90        51.60      0.60   
Including                                              60.00   63.00         3.00      1.33   
Including                                              72.50   79.00         6.50      2.14   
PT-20-146                     0                235     60.50   64.70         4.20      1.55   
PT-20-147                     0                214     22.00   29.00         7.00      2.69   
                                                      125.90  137.00        11.10      0.31   
Including                                             125.90  127.40         1.50      1.09   
                                                      171.00  175.50         4.50      1.38   
PT-20-152                    27                130    700.50  714.00        13.50      0.52   
La Pointe extension                                                                           
PT-20-148                   145                316     54.00   55.20         1.20      1.06   
                                                      241.20  241.60         0.40      5.61   
                                                      279.00  280.50         1.50      4.06   
                                                      288.90  296.50         7.60      2.91   
PT-20-149                   145                280    241.45  242.15         0.70      2.19   
                                                      252.50  253.20         0.70      5.06   
                                                      287.00  333.00        46.00      0.25   
PT-20-150                 143.4                210    189.50  221.00        31.50      0.49   
PT-20-151                   145                300    231.90  312.00        80.10      1.15   
Including                                             269.00  293.95        24.95      2.21   
Including                                             288.00  293.95         5.95      4.63   
PT-20-153                   145                222    152.10  187.50        35.40      1.45   
Including                                             175.00  179.10         4.10      3.65   
PT-20-154                   145                296     74.80   81.60         6.80      2.74   
Including                                              80.10   81.60         1.50     11.75  
                                                      196.40  266.70        70.30      1.14   
Including                                             196.40  233.30        36.90      1.66   
PT-20-155                   145                244    225.10  278.90        53.80      1.03   
PT-20-156                   145                278    220.70  248.00        27.30      0.29   
PT-20-157                   145                340    216.90  258.00        41.10      0.47   
                                                      333.05  354.00        20.95      0.39   
PT-20-158                   145                227    151.00  175.50        24.50      0.52   
                                                      227.30  235.90         8.60      0.46   

                                   SIMON AREA

Hole ID    Length (m)  Number of samples  From (m)  To (m)  Interval (m)  Au (g/t)

SI-20-06          165                148      7.50   11.50          4.00      0.37   
                                             23.60   31.50          7.90      0.30   
                                             48.00  105.30         57.30      0.52   
Including                                    48.00   66.00         18.00      0.90   
Including                                    84.50  105.30         20.80      0.57   
SI-20-07          150                121                     No significant values           
SI-20-08          126                 39     78.50   80.30          1.80      0.72   
SI-20-09       146.20                124     30.50   31.60          1.10      1.31   
SI-20-10          150                 48                     No significant values           
SI-20-11          159                 70                     No significant values           
SI-20-12          129                 48                     No significant values           
SI-20-13          201                 22                     No significant values           
SI-20-14          150                 24                     No significant values           
SI-20-15          150                  5                     No significant values           
SI-20-16          219                150     54.00  108.00         54.00      0.73        
Including                                    55.00   79.50         24.50      0.91        

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