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QMX Gold Corporate and Exploration Update

 

TORONTO, Oct. 17, 2019 (GLOBE NEWSWIRE) -- QMX Gold Corporation (“QMX” or the “Company”) (TSX:V:QMX) provides an update on its Aurbel Mill and current activities in the Val d’Or East Camp, Quebec (Figure 1).

Custom Milling and Permit Amendment

Following the recent developments at Gowest Gold Ltd (“Gowest”), the new board of directors of Gowest has elected to terminate the custom milling agreement entered into between the Company and Gowest (the “Gowest Custom Milling Agreement”) (please refer to the news release of the Company dated October 30, 2018). While the termination of the Gowest Custom Milling Agreement is unfortunate, QMX is now well positioned to restart the Aurbel milling and tailings facility (the “Aurbel Mill”) due to the extensive planning and development work conducted at the Aurbel Mill, although not on the current timeline. In accordance with QMX’s existing strategy, QMX continues to advance its ongoing discussions with several other potential custom milling partners in the Abitibi District of Quebec.

During 2019, QMX, with the support of EcoMetrix Incorporated, developed and submitted an application to amend the operating permit for the Aurbel Mill with the Ministry of Environment and Ministry of Energy and Natural Resources, Quebec. The amendment, which was approved in late September, was required for QMX to process Gowest arsenic-bearing ores at the Aurbel Mill. This approval increases the number and types of deposits that can be processed at Aurbel and allows QMX to offer custom milling services to a larger group of companies developing projects in the region.

“Although QMX’s primary focus remains exploration, we are disappointed that Gowest elected to terminate our milling agreement. This decision delays our planned mill restart, but it provides an opportunity for QMX to offer the full-capacity of the Aurbel Mill to other partners who we have been in continuous discussion with,” commented Brad Humphrey, President and CEO. “We are in a stronger position today due to the work and preparation we have completed at the Aurbel Mill, all of which was funded by Gowest. With the recently received Permit Amendment allowing the Aurbel Mill to process arsenic containing material, the Aurbel Mill is now available for a broader range of custom milling arrangements.” “QMX continues to explore its extensive and highly prospective land package in Val d’Or, where we continue to report exceptional results from multiple targets. We are very excited about the current Bonnefond drilling program and anticipate our Fall and Winter programs on the Bevcon, River and Poulmaque targets will be equally encouraging.”

Building on Exploration Successes

Following on exploration successes in 2018 and the first half of 2019, QMX plans to complete roughly 27,000 metres (m) of drilling in the fall and winter programs, focused on the East and Bourlamaque Zones.

Fall and Winter Exploration Program Highlights:

Figure 1: QMX’s extensive and target-rich land package: https://www.globenewswire.com/NewsRoom/AttachmentNg/e9d7ccc9-b7a2-4f4a-800a-342fdf6e08c8

Bonnefond Deposit (East Zone): QMX restarted drilling on the Bonnefond deposit following the release of the initial NI 43-101 resource report (please refer to the news release dated September 17, 2019). The current 6,000m program started in September and is expected to be completed by the end of January 2020. The fall drilling campaign is focused on both the Bonnefond intrusive and the mineralized shear zones to the North and South of the plug. In the intrusive, drilling is focused on upgrading the inferred portion of the resource to the indicated resource category, while drilling outside the intrusive in the higher-grade shear zones is expected to improve definition and increase the grade and tonnage.

A broader winter exploration program focusing on extensions of the Bonnefond system is currently being developed.

Bevcon Target (East Zone): Following the encouraging results reported in the September 24, 2019 press release, QMX’s exploration team is updating and expanding the geologic compilation and model on the Bevcon intrusion in order to generate additional drill targets.

River Target (Bourlamaque Zone): The River Target is located roughly 1 kilometre (km) west of the Lac Herbin-Dumont-Ferderber system on the Bourlamaque Batholith. The gold mineralization is hosted in quartz-carbonate-tourmaline veins associated with shear zones. The River Target was originally discovered in 2010-2011 by Alexis Minerals and has not been followed up since.

QMX plans to commence an initial 1,000m reconnaissance program in November. Follow up drilling will be results dependent.

Poulmaque Target (Bourlamaque Zone): Earlier in September, QMX collected grab samples and completed structural mapping in the Poulmaque area, located in the south east corner of the Bourlamaque Batholith. From historical records, grab samples returned 13.7 g/t Au; 26.2 g/t Au and 28.1g/t Au. The new samples are currently being assayed. If the new samples are conclusive, a reconnaissance drilling program will commence in the Poulmaque area.

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 or Swaslab Ltd., 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. Gold content was determined by fire-assays 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 material was completed.

Qualified Persons

The scientific and technical content of this press release has been reviewed, prepared and approved by Mélanie Pichon, P.Geo, M.Sc, Exploration Manager, QMX Gold, who is a "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 portion of its land package focused on the Bonnefond plug and in and around the Bevcon Intrusive. In addition to its extensive land package QMX owns the strategically located Aurbel 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.

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Figure 1

 

QMX’s extensive and target-rich land package

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