TSX-V: QMX Last: $0.07 Change: 0.00 FRA: OU2A Last: €0.040 Change: 0.000
 

QMX Gold Intersects 114.48 g/t Au Over 1.4m at Bonnefond

 

TORONTO, May 29, 2019 (GLOBE NEWSWIRE) -- QMX Gold Corporation (“QMX” or the “Company”) (TSX:V:QMX) is pleased to report the final results from its winter drilling campaign on its Bonnefond target (Figure 1). Bonnefond is located on the Val d’Or East Zone of QMX’s extensive land package in Val d’Or, Quebec (Figure 2). Ten holes are reported covering results from the second half of the definition drilling program on the Bonnefond target. This program supports an initial resource estimate scheduled for release in early summer 2019.

Highlights include:
       
Shear Zone in Volcanics (lengths are measured along the holes):

These results are part of a 50m x 50m infill drilling program on the western side of the Tonalite intrusion between the surface and 400m depth. The last ten holes of the program focused on the mineralized shear zones located south of the Bonnefond intrusion.

The last ten drill holes confirmed the geological model south of the intrusion, the continuity of the mineralization and the gold grades in the shear zones. Within these shear zones, gold grades are associated with quartz-carbonate-tourmaline veins and strong sericite-albite-fuchsite alteration. 

Results from the shear zones include 5.85 g/t Au over 6.7m in drill hole 17315-19-077; 14.65 g/t Au over 1.4m in drill hole 17315-19-079 and 3.10 g/t over 4.5m in drill hole 17315-19-074.   

Drill hole 17315-19-080 intersected 41.69 g/t Au over 4.3m, including 114.48g/t Au over 1.4m. The drill hole is located 55 meters south of previously reported drill hole 17315-18-034 that cut 25.7g/t Au over 6.9m (QMX's news release from July 18th, 2018). According to the geological interpretation, these results are located on the same mineralized shear zone and demonstrate the economic potential of the shear system to the south of the Bonnefond intrusion.  

Dr. Andreas Rompel, Vice President Exploration, commented “These encouraging results confirm our confidence in the high-grade nature of the mineralization in and around the prolific Bonnefond intrusion. Furthermore, these results should be reflected positively in our initial resource estimation, which will be finalized during the next few months.”

“2019 is an exciting year for QMX with the initial resource estimate at Bonnefond expected shortly and the mill progressing towards start up later in the summer. At the same time our team continues to evaluate and develop additional promising targets across our extensive land package in Val d’Or and assess further custom milling opportunities growing our cash flow potential from this strategically located asset,” commented Brad Humphrey, President and CEO of QMX Gold.

With the infill drilling program on the Bonnefond target now complete, QMX has initiated a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") resource estimate which is expected by early summer 2019.

Table 1: Highlights from the Bonnefond Target

Hole Number From
(metre)
To
(metre)
Length*
(metre)
Au**
(g/t)
Remarks
17315-19-077 108.9 115.6 6.7 5.85 South Shear zone
           
17315-19-079 152.7 154.1 1.4 14.65 South Shear zone
           
17315-19-080 279.8 284.1 4.3 14.65 South Shear zone
Incl. 279.8 281.2 1.4 114.48  
           

* Reported length measured along the hole.
** Au uncapped

Quality Control

During the drilling program, assay samples were taken from the NQ core and sawed in half. One half is sent to Swaslab Ltd. or Agat Laboratories. Both are certified commercial laboratories. The other half of the core is retained for future reference. A strict quality assurance and quality control program was applied to all samples; which included insertion of mineralized standards, blank samples and duplicates inside each batch of 20 samples. The gold analyses were completed by fire-assay with an atomic absorption finish on 50 grams of material. Repeats were carried out by fire-assay with a gravimetric finish on each sample containing 5.0 g/t Au or more. The gold analyses were undertaken 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. 

Qualified Persons

The scientific and technical content of this press release has been reviewed, prepared, verified and approved by Mélanie Pichon, P.Geo, M.Sc, Exploration Manager, who is a "Qualified Person" as defined by NI 43-101.

About QMX Gold Corporation

QMX Gold Corporation is a Canadian based resource company traded on the TSX Venture Exchange 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 gold mill and tailings facility, which is expected to commence custom milling in 2019.

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, an initial resource estimate, 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: Results from holes 74 to 84 - Bonnefond South Target

Hole Number Azimuth Dip Hole From To Length* Au**   Remarks
  (°) (°)  Length (metre) (metre) (metre) (g/t)    
      (metre)            
                   
17315-19-074 180 -85 126 85.2 89.7 4.5 3.10   South Shear zone
        114.0 116.1 2.1 1.68   South Shear zone
                   
17315-19-075 180 -60 258 78.6 81.4 2.8 1.43   South Shear zone
        154.4 156.6 2.2 1.12   South Shear zone
                   
17315-19-076 180 -60 246 87.8 97.0 9.2 1.78   South Shear zone
                   
17315-19-077 180 -85 159 108.9 115.6 6.7 5.85   South Shear zone
        143.1 149.0 5.9 2.63   South Shear zone
                   
17315-19-078 180 -85 165 122.8 129.6 6.8 0.87   South Shear zone
                   
17315-19-079 180 -85 261 135.0 137.2 2.2 1.57   South Shear zone
        152.7 154.1 1.4 14.65   South Shear zone
        173.6 176.5 2.9 3.85   South Shear zone
                   
17315-19-080 180 -60 300 257.0 259.7 2.7 1.73   South Shear zone
        279.8 284.1 4.3 41.69   South Shear zone
      Incl. 279.8 281.2 1.4 114.48    
                   
17315-19-081 180 -60 210 140.1 157.7 17.6 0.66   South Shear zone
      Incl. 144.8 148.6 3.8 1.50    
                   
17315-19-082 180 -60 207 148.0 167.1 19.1 0.74   South Shear zone
      Incl. 148.0 153.5 5.5 1.07    
                   
17315-19-083 180 -60 225 97.0 99.4 2.4 2.39   South Shear zone
        156.5 166.4 9.9 1.21   South Shear zone
        174.3 177.0 2.7 1.08   South Shear zone
                   
17315-19-084 180 -85 201           No significant results
                   

* Reported length are measured along the hole.
** Au uncapped

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/a6f19eba-4cd8-4b09-b28c-56f3dd6a625a

https://www.globenewswire.com/NewsRoom/AttachmentNg/03e35f63-5902-43f2-bfa9-f5f98358424a

https://www.globenewswire.com/NewsRoom/AttachmentNg/caa6e9f7-ad35-4764-8442-85f607e2ef1e

Primary Logo

Figure 1

 

Bonnefond Target – Results from the Winter Definition Drilling program
Figure 1 (cont’d)

 

Bonnefond Target – Results from the Winter Definition Drilling program
Figure 2

 

QMX’s extensive and target-rich land package

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