TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- QMX Gold Corporation (“QMX” or the “Company”) (TSX:V:QMX) has intersected strong mineralization north of the past producing Bevcon Gold mine, referred to as the North Shear target. As part of QMX’s 23,400 metres (m) winter drilling program, drill hole 17311-17-008 (852m) was completed on the North Shear target, an area to the north of the Bevcon Intrusion and in the hanging wall of the Bevcon Gold mine. Multiple gold bearing shear zones have been intersected with highlights presented in Table 1 and Figure 1. QMX believes these results demand additional drilling, which is expected to begin before the end of May 2018.
A follow-up drill program is currently being developed to evaluate the extensions of these two geological structures. QMX expects to receive the required permits and commence drilling before the end of May.
Table 1: Drilling Results North Shear Target – East Zone
|Hole Number||Hole Length||From||To||Length*||Au**||Interpretation|
|*Reported lengths are measured along the hole. Additional drilling is needed to determine the true width of the mineralized zones |
Brad Humphrey, President and CEO, commented: “We are very encouraged by the results from the North Shear, a new target north of the Bevcon Gold mine. This hole confirms the presence of numerous gold bearing shear zones to the north of the Bevcon Intrusion and opens up a large prospective and underexplored area for future exploration. QMX’s exploration team is developing a follow-up program to test the shear zones in the Volcanics and the contact with the Bevcon Intrusion”.
“This hole exceeded our expectations and the exploration team is eager to continue surface drilling to test for mineralization in shear zones in the volcanic terrain to the North of the Bevcon Intrusion. Intrusive sills and plugs in this area interpreted from the recent detailed magnetic survey are to be tested,” stated David Rigg, Senior Vice-President of Exploration.
North Shear Target Area (Figure 1)
The gold bearing shear zones intersected in hole 17311-17-008 lie to the north of the Bevcon Intrusion within volcanic rocks of the Val d’Or Formation. They range in widths up to 30m (core length). The best gold intersection in this first hole was 305.5g/t Au over 0.7m associated with centimetric quartz veins with visible gold inside a shear zone of 28.3m (core length).
The shear zones are characterized by the development of a strong foliation and associated with variable carbonatization, chloritization, biotization, silicification, sericitization and pyrite dissemination, including quartz and quartz-tourmaline (Q-T) shear veins. Dykes and sills of feldspar (FP) and quartz-feldspar porphyry (QFP) are injected into these shear zones. The QFP dykes are very similar to sheared QFP dykes found in, and along, the immediate footwall of the Bevcon Gold mine. Gold mineralization at the Bevcon Gold mine appears to be related to several Quartz-Tourmaline-Pyrite vein sets that are developed within the northern margin of the Bevcon Intrusion between a sheared QFP sill to the south and the (often sheared) Intrusive-Volcanic Contact to the north.
Hole 17311-17-008 cut the contact between the mafic lava flows of the Val d’Or Formation with the Bevcon Synvolcanic Intrusion. The mafic lava flow near the contact is highly sheared over 36m (core length). The Bevcon Intrusion is also deformed over 6.5m with a strong tourmalinitization and with a network of Q-T veins associated with variable sericitization and disseminated pyrite. A gold intersection of 4.6 g/t Au over 14.2m, including 9.0 g/t Au over 6.8m was intersected inside the Bevcon Intrusion, near the contact and located 70m beneath the deepest underground opening. The contact between the Bevcon Intrusion with the mafic lava flow of the Val d’Or Formation has never been tested under the lowest level of the past producing Bevcon Gold mine.
Figure 1: North Shear Target - Val d’Or East
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/c85558f8-227a-4e6c-8894-b1ebe9131f02
North Shear Target – North of the Bevcon Synvolcanic Intrusion (Figure 1 and 2)
The North Shear target is located north of the Bevcon 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 gold producer (MERN-SIGEOM). Gold is associated with a complex Q-T vein system, which was mined over a strike-length of more than 1,000m and to a depth of 680m. Mining and exploration drilling focused on a narrow corridor along the northern margin of the intrusion with limited underground drilling and mostly shallow surface drilling outside the deposit. Historical drill holes have confirmed mineralization down to 1,000m.
Data compilation has revealed exploration drifts to the north of the past-producing Bevcon Gold mine on the two deepest levels of the mine. These intersected 5.1 g/t Au over 10.4 m and 10.2 g/t Au over 3.2 m (Historic Mine Records) in gold-bearing shear zones cutting the Volcanic rocks and footwall intrusive rocks. Gold values are associated with Q-T tension and shear veins. Limited exploration and production was completed in this area to follow the extensions of these gold bearing structures. This area is on trend of the eastern extension of the Bonnefond South shear zones. The general trend through the Bonnefond South Plug - New Louvre - Bevcon Mine bears many similarities to the environment at Eldorado Gold’s Lamaque project. QMX believes the 5km eastern extension of this trend should be explored along the northern margin of the Bevcon Intrusion and where the trend may cross new magnetic targets, which may represent sills or plugs within the volcanic stratigraphy.
2018 Winter Drilling Program
As announced on April 16th, 2018, QMX completed its winter drilling campaign on Val d’Or East Zone focused on four primary target areas, Bonnefond South, Bevcon Intrusive, New Louvre and North Shear. Given the increase in drilling activity in the region, assay turnaround times have expanded from roughly four weeks and more than nine weeks in some cases. QMX anticipates that it will be in a position to release assays from the New Louvre program shortly, then Bonnefond South results in late May or early June and the Bevcon Intrusive results later in June.
Figure 2: East Zone: 2018 Winter Drilling Program - 23,400m of Drilling in Val d’Or East
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/d925ee63-9e7b-4a72-8a23-29697dbe5240
The Company continues to evaluate historical exploration data along with recently completed surveys across its entire property (Figure 3), however at this time the primary focus remains on the Val d’Or East camp. 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, spanning approximately a 9km strike. The East Zone includes the past-producing Bevcon Gold mine, which is historically the sixth largest gold producing mine in the Val d’Or Mining Camp. Each target is considered to be highly prospective.
Figure 3: QMX’s Val d’Or Properties – Target Rich Environment
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/6998462e-5fb2-4bac-a3ce-5a06e6426547
During the drilling program, assay samples were taken from the NQ core and sawed in half. One-half is 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.
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 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 has a strong balance sheet and 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.
|Brad Humphrey||Louis Baribeau|
|President and CEO||Public Relations|
|Tel: (416) 861-5887||Tel: (514) 667-2304|
|Toll free: +1 877-717-3027||Email: firstname.lastname@example.org||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.
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