QMX Gold Completes More Than 23,000 Metres in Winter Drilling Program
TORONTO, April 16, 2018 (GLOBE NEWSWIRE) -- QMX Gold Corporation (“QMX” or the “Company”) (TSX:V:QMX) is pleased to report that the 2018 winter drilling program has been completed. This program focused on the Val d’Or East portion of QMX’s extensive land package in Val d’Or, Quebec (Figures 1 and 2). The now completed program consisted of approximately 23,400 metres (m) of drilling in 42 holes, testing three key target areas: Bonnefond South, Bevcon Intrusive and New Louvre. Assay results are pending.
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The 2018 winter program followed on the success of an initial program at Bonnefond South and included two additional targets. The primary objectives of this program were to test our geological model reinterpretations and increase our knowledge in this highly prospective but relatively underexplored region. The program included:
- Bonnefond South – A Phase II drill program consisting of 17 diamond drill holes was completed to test both the effect of hole orientation on the grade and the potential eastern extension. An additional 5,000m drilling program is currently planned to commence in May.
- Bevcon Intrusive – 19 diamond drill holes were completed, to the south and west on trend of the past producing Bevcon and Buffadison gold mines to test extensions of this gold system along the intrusive margin. A follow up drill program will be developed once all the assays have been received and evaluated.
- New Louvre/North Shear – A number of plug/sill type intrusions occur along the eastern extension of the Bonnefond South gold bearing shear system, including the New Louvre and North Shear targets. A reconnaissance drill program consisting of 6 diamond drill holes was completed on these targets. Once the final assays are evaluated a follow up drill program will be developed.
Brad Humphrey, President and CEO, commented “We are very encouraged with the preliminary results and interpretations from this program as it appears to support our new exploration model. The exploration team is now completing the remaining logging and sampling and we expect to have our first batch of results from the New Louvre target in the coming weeks.”
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. 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. 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 (MERN-SIGEON).
See News Release dated February 21, 2018 for details on each of the key targets in the 2018 winter drilling program.
Options Issue
QMX has granted 100,000 stock options pursuant to the Company's stock option plan. The stock options vest immediately and may be exercised at a price of $0.29 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSX Venture Exchange.
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 of the 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 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.
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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