GIGA Metals

Quebec Precious Metals Corporation extends La Pointe deposit at depth to 600 m and on strike to 900 m

Highlights of winter 2019 drill campaign

  • New mineralized intercepts below 600 m vertical depth
  • Drilling to date outlines a mineralized area 900 m along strike of the La Pointe deposit
  • Interpreted fault corridor suggests a 2,500 m long mineralized trend extending to a series of strong soil gold geochemical anomalies

MONTREAL, June 05, 2019 (GLOBE NEWSWIRE) -- Quebec Precious Metals Corporation (TSX.V: CJC, FSE: YXEP, OTC-BB: CJCFF) (“QPM” or the “Company”) is pleased to announce the results from the five (5) drillholes (totalling 2,499 m) completed during the 2019 winter campaign at the La  Pointe deposit of its 100% owned Sakami gold project, Eeyou Istchee James Bay territory, Quebec. These holes are part of the previously announced diamond drilling (“DDH”) campaign (see October 29, 2018 press release) to test down-plunge extensions of the high-grade zones at depth, defined as >40 gram-metre drill intercepts (Au g/t x intersection length) and the existence of sub-parallel zones at shallower depths.

Exploration drilling has discovered a mineralized extension of the La Pointe deposit at approximately 600 m vertical depth in the western portion of zone 25 of the deposit. It is interpreted that a fault corridor has displaced this extension by about 200 m to the north.  Hole PT-19-137 intersected a wide zone of silicified paragneiss with some pegmatite containing disseminated pyrite and arsenopyrite containing gold mineralization from 618.4 m to 747 m downhole. The new gold intercepts are between 100 m to 150 m distal from the previous deepest gold-bearing intercepts and confirm that gold mineralization remains open at depth.  The DDH performed to date outlines a mineralized area with a strike length of 900 metres. The fault-displaced depth extension is located on a 2,500 m mineralized trend starting from the La Pointe deposit to the areas to the west and southwest characterized by strong soil gold and arsenic geochemical anomalies (see  December  5, 2018 press release).

Significant DDH results are provided in Table 1. Figure 1 shows the location of these results on a longitudinal section and Figure 2 illustrates that a 2,500 m long mineralized trend.

Table 1: Results of (5) DDH from the La Pointe deposit.  All widths are drill indicated core length. Intervals are presented in core length; DDH are generally planned to intersect mineralization as close to perpendicular to strike as possible; true widths are estimated to range from 75% to 90% of the down-hole length when DDH inclination and dip of the mineralized horizons are considered. All  gold values presented are not capped.

Hole ID UTM E UTM N Length (m) Azimuth Dip From (m) To
(m)
Interval (m) Au (g/t)
PT-19-133 375557 5894968 309 355 -70 48.25 49.00 0.75 1.78
            191.00 192.00 1.00 2.54
            264.00 265.00 1.00 1.19
            288.00 289.50 1.50 5.63
            291.00 292.50 1.50 2.54
            303.00 304.50 1.50 3.10
PT-19-134 375279 5894944 438 358 -71 97.00 98.00 1.00 1.28
            337.00 351.00 14.00 1.22
including           337.00 344.50 7.50 1.69
            369.00 370.00 1.00 1.27
            372.50 377.00 4.50 1.32
            379.50 381.00 1.50 1.35
            418.50 420.00 1.50 1.51
            424.70 426.00 1.30 2.46
            429.00 430.50 1.50 3.19
PT-19-135 375254 5894888 465 358 -70 390.50 399.50 9.00 0.83
            427.50 429.00 1.50 1.44
PT-19-136 374801 5895027 540 0 56.5 No significant values      
PT-19-137 374736 5894960 747 360 -65 628.00 630.35 2.35 6.92
            662.80 663.30 0.50 1.91
            675.40 676.00 0.60 3.49
            689.30 691.00 1.70 0.41
            713.00 714.00 1.00 1.52

The mineralization at the La Pointe deposit occurs in two substantial gold zones (zones 25 and 26) hosted by a volcano-sedimentary sequence of the Yasinski Group (La Grande Subprovince) which is metamorphosed to amphibolite facies and strongly deformed by a regional WSW to ENE 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 pyrite, pyrrhotite and arsenopyrite and cross-cutting quartz-carbonate veinlets.

The technical committee comprised of members from Newmont Goldcorp Corporation (“Newmont”) and QPM will be meeting over the next few weeks to conduct a detailed review of the recent exploration results. The review process will include the integration of all available geological, geophysical and geochemical data including the harmonization of the two geophysical surveys on the Sakami and Apple projects. Newmont and QPM will plan and approve the summer and fall 2019 exploration and drilling program at Sakami. This program will benefit from Newmont’s technical expertise and knowledge.

Quality Assurance/Quality Control

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, Quebec. The samples are weighed and identified prior to sample preparation.  All samples are analyzed by fire assay with AA finish on a 30 g sample (0.005-10 ppm Au), with a gravimetric finish for assays over 10 ppm Au.

Qualified Persons

The field work was under the supervision of Jean-Sébastien Lavallée (OGQ #773), Vice-President Exploration, director and shareholder of the Company. Normand Champigny, Eng., Chief  Executive Officer of the Company, and Jean-Sébastien Lavallée, 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 Corporation

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

For more information please contact:

Jean-François Meilleur Normand Champigny
President Chief Executive Officer
Tel.: 514 951-2730 Tel.: 514 979-4746
This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it.
   
Paradox Public Relations  
Tel: 514 341-0408  

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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