QMX Gold Corporation (“QMX” or the “Company”)
(TSX-V:QMX) is pleased to report assay results from a five hole,
1,890 metre (m), reconnaissance drilling program on the New Louvre
target, located north of the Bevcon Intrusion and east of the
Bonnefond South Plug. This drill program was part of the 2018
winter drilling program which consisted of more than 23,000m
testing the Val d’Or East portion of QMX’s extensive land package
in Val d’Or, Quebec. Given the positive results from this initial
program on the New Louvre target, QMX is developing a follow up
drilling program, which is expected to commence early in June.
Highlights include (Table
1):
- 3.8 grams per tonne gold (g/t Au) over
10m, including 8.4 g/t Au over 4.5m
related to a shear zone and quartz-tourmaline veins in hole
17315N-18-004;
- 1.2 g/t Au over 7.0m,
including 3.0 g/t Au over 2.4m and 1.1 g/t
Au over 23.6m including 4.1 g/t Au over
5.2m related to shear zones and quartz-tourmaline veins in
hole 17315N-18-001.
Given the positive results, a 5,000m follow-up
drilling program is currently being developed to evaluate the
potential of this 2.2km gold-bearing tonalitic sill and test our
new geological model. This program is expected to begin in June
following the receipt of the required permits.
Table 1: Select Assay Results From New
Louvre Target – East Zone
Hole Number |
Hole Length(metres) |
From (metres) |
To (metres) |
Length*(metres) |
Au**(g/t) |
Interpretation |
17315N-18-001 |
370.5 |
229.0 |
236.0 |
7.0 |
1.2 |
Shear
Zone & Q-T Veins |
|
Incl. |
233.0 |
235.4 |
2.4 |
3.0 |
|
|
|
246.2 |
249.7 |
3.5 |
4.2 |
Q-T
Tension Veins |
|
Incl. |
246.2 |
246.8 |
0.6 |
19.7 |
|
|
|
281.0 |
304.6 |
23.6 |
1.1 |
Shear
Zone & Q-T Veins |
|
Incl. |
289.0 |
294.2 |
5.2 |
4.1 |
|
17315N-18-003 |
354.0 |
213.9 |
218.0 |
4.1 |
2.3 |
Shear
Zone & Q-T Veins |
|
Incl. |
213.9 |
215.0 |
1.1 |
8.3 |
|
17315N-18-004 |
366.0 |
41.9 |
42.5 |
0.6 |
7.5 |
Shear
Zone & Q-T Veins |
|
|
114.0 |
124.0 |
10.0 |
3.8 |
Shear
Zone & Q-T Veins |
|
Incl. |
118.5 |
123.0 |
4.5 |
8.4 |
|
* Reported
length are measured along the hole. Additional drilling is needed
to determine the true width of the mineralized zones |
** Au
uncut |
Full assay
results are set out in Table 2 |
Brad Humphrey, President and CEO, commented “We
are very encouraged by the initial results from the New Louvre
target. This program confirmed the potential of the largely
underexplored 2.2km strike length of New Louvre. A 5,000m drilling
campaign is now planned to follow up on this success and to confirm
our new geological model. Overall, we are very pleased with the
assay results we have received to date from the winter drilling
program. These results clearly demonstrate the potential of the Val
d’Or East camp. We anticipate further results over the coming weeks
across this 9km area from Bonnefond South to the Bevcon
Intrusive.”
New Louvre Results
The reconnaissance drill program on the New
Louvre target consisted of five diamond drill holes for a total of
1,890m, completed during the 2018 winter drilling program. The New
Louvre target is located to the north of the Bevcon Intrusion and
east of the Bonnefond South Plug (Figures 1 and 2). This program
was designed to evaluate the geometry of historical gold bearing
intersections and validate a new geological model. This area is on
trend of the eastern extension of the Bonnefond South shear zones
in a geological context similar to Eldorado’s Lamaque project.
To view Figure
1: New Louvre Target - Val d’Or
East, visit
- http://www.globenewswire.com/NewsRoom/AttachmentNg/abe874e1-e878-49c0-b66e-d6d366585cff
The New Louvre Tonalitic Sill is relatively altered and
deformed, in a manner similar to the Bonnefond South Tonalitic Plug
to the northwest, both contacts are sheared. Gold mineralization
appears to be controlled by a series of shear zones oriented
260°/-60N which intersect the New Louvre Tonalitic Sill at a low
angle. Gold-bearing zones are associated with Quartz Tourmaline
(Q-T) veins oriented 250°/-60N and 300°/-60N associated with
albitization, sericitization and tourmalization with disseminated
idiomorphic pyrite. Millimetric to centimetric tourmaline and Q-T
veins are also present and appear to be developed within, and
outside, the deformation zones. Complete assay results are
presented in Table 2.
New Louvre Target – North of the Bevcon Synvolcanic
Intrusion
The New Louvre Target is associated with a
felsic intrusion located east of Bonnefond South Tonalitic Plug and
north of the Bevcon Synvolcanic Intrusion, hosting the
past-producing Bevcon Gold mine. This mine produced 438,250 ounces
of gold grading 4.3 g/t Au from 1951 to 1965 and is the Val d’Or
mining camp’s sixth largest total gold producer (MERN-SIGEOM). The
gold-bearing New Louvre tonalitic sill was identified in the late
1940s by New Louvre Gold Mine. The tonalitic sill is characterized
by an elliptical shape with a maximum thickness of 200m (Figure
1).
Numerous gold intersections have been reported
in historical drilling of the sill over a strike length of 2.2km
and to a depth of 1.2km (Figure 2). Historical drilling has
returned 3.2 g/t Au over 15m (Hole BB-2, Historic Mine Records) and
2.6 g/t Au over 9.5m (Hole 311-22, AUR Resources Internal Report)
in shear zones. Very high grade gold values of 48.3 g/t Au over
0.5m (Historic Mine Records) and 26.0 g/t Au over 0.8m (Hole 26,
Historic Mine Records) are reported in association with Q-T
veins.
The gold values in the New Louvre sill are
associated with Q-T veins and stockworks and shear zones with Q-T
veins. The geometry of the New Louvre gold-bearing veins and shear
system and the continuity need to be confirmed by additional
drilling using oriented core. The gold system remains largely
untested below 200m.
In addition, interesting gold mineralization is
associated with nearby shear zones located to the north and south
of the New Louvre sill. Historical gold intersections returned 3.9
g/t Au over 4.0m and 2.8 g/t Au over 4.3m (Hole 5 from Historic
Mine Records) in the south shear zone and 13.2 g/t Au over 2.4m in
the north shear zone (Hole BB-12 from 00880-B, MERN-SIGEOM). The
gold mineralization is closely associated with Q-T shear veins
inside schists. Mineralization remains open for extension laterally
and at depth.
The Company continues to evaluate historical
exploration data along with recently completed surveys across its
entire property, however at this time the primary focus remains on
the Val d’Or East camp (Figure 2). QMX’s East Zone covers more than
40 square kilometres (km2) of highly prospective terrain
encompassing several gold-bearing intrusions including Bonnefond
South, Bevcon Intrusion and New Louvre Sill. Each target is highly
prospective and spans approximately a 9km strike. The East Zone
includes the past-producing Bevcon Gold mine, which is the sixth
largest gold producing mine in the Val d’Or Mining Camp.
To view Figure 2: 2018 Winter Drilling
Program in Val d’Or East,
visit - http://www.globenewswire.com/NewsRoom/AttachmentNg/10509546-7bde-4e9d-9af3-dba9fa88a7cc
Quality Control
During the drilling program, assay samples were
taken from the NQ core and sawed in half. One-half was sent to Agat
Laboratory a certified commercial laboratory, and the other half
retained for future reference. A strict QA/QC program was applied
to all samples; which included insertion of mineralized standards
and blank samples in each batch of 20 samples. The gold analyses
were by fire-assay on 50 grams of pulp with an atomic absorption
finish. Repeats were carried out by fire-assay with a gravimetric
finish on each sample containing 5.0 g/t Au or more. When visible
gold was observed, a Pulp Metallic assays from all the pulverized
materiel was completed.
Qualified
Persons
The scientific and technical content of this
press release has been reviewed, prepared and approved by Mr. Jules
Riopel, P.Geo. M.Sc. MBA Director of exploration for QMX Gold and
"Qualified Person" as defined by National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101").
About QMX Gold Corporation
QMX Gold Corporation is a Canadian based
resource company traded on the TSX-V under the symbol “QMX”. The
Company is systematically exploring its extensive property position
in the Val d’Or mining camp in the Abitibi District of Quebec. QMX
is currently drilling in the Val d’Or East camp portion of its land
package focused on the Bonnefond South Plug and in and around the
Bevcon Intrusive. In addition to its extensive land package. QMX
owns the Aurbel gold mill.
Contact
Information: |
|
|
Brad Humphrey |
|
Louis Baribeau |
President and CEO |
|
Public Relations |
Tel: (416)
861-5887 |
|
Tel: (514)
667-2304 |
Toll
free: +1 877-717-3027 |
Email:
info@qmxgold.ca |
Website: www.qmxgold.ca |
Cautionary Note Regarding Forward-Looking
Information:
This press release contains or may be deemed to
contain “forward-looking information” within the meaning of
applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements regarding
future plans, operations and activities, projected mineralization,
timing of assay results, and the ability of the Company to continue
as a going concern. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Forward looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company, its properties and/or its projects to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to those risks described in
the disclosure documents of the Company filed under the Company’s
profile on SEDAR. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. Table 2:
Complete Assay Results From New Louvre Target – East
Zone
Hole Number |
MTN Zone 9, Nad 83 |
MTM Zone 9,Nad 83 |
Azimuth |
Dip |
HoleLength |
From |
To |
Length* |
Au** |
Interpretation |
|
Easting |
Northing |
(°) |
(°) |
(metre) |
(metre) |
(metre) |
(metre) |
(g/t) |
|
17315N-18-001 |
233200 |
5329370 |
180 |
-82 |
370.5 |
229.0 |
236.0 |
7.0 |
1.2 |
Shear Zone & Q-T Veins |
|
|
|
|
|
Incl. |
233.0 |
235.4 |
2.4 |
3.0 |
|
|
|
|
|
|
|
246.2 |
249.7 |
3.5 |
4.2 |
Q-T Tension Veins |
|
|
|
|
|
Incl. |
246.2 |
246.8 |
0.6 |
19.7 |
|
|
|
|
|
|
|
281.0 |
304.6 |
23.6 |
1.1 |
Shear Zone & Q-T Veins |
|
|
|
|
|
Incl. |
289.0 |
294.2 |
5.2 |
4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
17315N-18-002 |
233200 |
5329297 |
180 |
-82 |
391.0 |
107.9 |
108.9 |
1.0 |
1.1 |
Silicification zone |
|
|
|
|
|
|
|
|
|
|
|
17315N-18-003 |
233149 |
5329362 |
180 |
-82 |
354.0 |
213.9 |
218.0 |
4.1 |
2.3 |
Shear Zone & Q-T Veins |
|
|
|
|
|
Incl. |
213.9 |
215.0 |
1.1 |
8.3 |
|
|
|
|
|
|
|
|
|
|
|
|
17315N-18-004 |
233378 |
5329265 |
180 |
-83 |
366.0 |
41.9 |
42.5 |
0.6 |
7.5 |
Shear Zone & Q-T Veins |
|
|
|
|
|
|
114.0 |
124.0 |
10.0 |
3.8 |
Shear Zone & Q-T Veins |
|
|
|
|
|
Incl. |
118.5 |
123.0 |
4.5 |
8.4 |
|
|
|
|
|
|
|
|
|
|
|
|
17315N-18-005 |
233751 |
5329552 |
180 |
-61 |
408.0 |
|
|
NSV |
|
|
|
|
|
|
|
|
|
|
|
|
* Reported
length are measured along the hole. Additional drilling is needed
to determine the true width of the mineralized zones |
** Au
uncut |
NSV: No
Significant Value |
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