QMX Gold Intersects 8.4 G/T Gold Over 4.5 Metres and 4.1 G/T Gold Over 5.2 Metres on New Louvre Target in Val d'Or East
TORONTO, May 24, 2018 (GLOBE NEWSWIRE) -- QMX Gold Corporation (“QMX” or the “Company”) (TSX-V:QMX) is pleased to report assay results from a five hole, 1,890 metre (m), reconnaissance drilling program on the New Louvre target, located north of the Bevcon Intrusion and east of the Bonnefond South Plug. This drill program was part of the 2018 winter drilling program which consisted of more than 23,000m testing the Val d’Or East portion of QMX’s extensive land package in Val d’Or, Quebec. Given the positive results from this initial program on the New Louvre target, QMX is developing a follow up drilling program, which is expected to commence early in June.
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Highlights include (Table 1):
- 3.8 grams per tonne gold (g/t Au) over 10m, including 8.4 g/t Au over 4.5m related to a shear zone and quartz-tourmaline veins in hole 17315N-18-004;
- 1.2 g/t Au over 7.0m, including 3.0 g/t Au over 2.4m and 1.1 g/t Au over 23.6m including 4.1 g/t Au over 5.2m related to shear zones and quartz-tourmaline veins in hole 17315N-18-001.
Given the positive results, a 5,000m follow-up drilling program is currently being developed to evaluate the potential of this 2.2km gold-bearing tonalitic sill and test our new geological model. This program is expected to begin in June following the receipt of the required permits.
Table 1: Select Assay Results From New Louvre Target – East Zone
| Hole Number | Hole Length (metres) | From (metres) | To (metres) | Length* (metres) | Au** (g/t) | Interpretation |
| 17315N-18-001 | 370.5 | 229.0 | 236.0 | 7.0 | 1.2 | Shear Zone & Q-T Veins |
| Incl. | 233.0 | 235.4 | 2.4 | 3.0 | ||
| 246.2 | 249.7 | 3.5 | 4.2 | Q-T Tension Veins | ||
| Incl. | 246.2 | 246.8 | 0.6 | 19.7 | ||
| 281.0 | 304.6 | 23.6 | 1.1 | Shear Zone & Q-T Veins | ||
| Incl. | 289.0 | 294.2 | 5.2 | 4.1 | ||
| 17315N-18-003 | 354.0 | 213.9 | 218.0 | 4.1 | 2.3 | Shear Zone & Q-T Veins |
| Incl. | 213.9 | 215.0 | 1.1 | 8.3 | ||
| 17315N-18-004 | 366.0 | 41.9 | 42.5 | 0.6 | 7.5 | Shear Zone & Q-T Veins |
| 114.0 | 124.0 | 10.0 | 3.8 | Shear Zone & Q-T Veins | ||
| Incl. | 118.5 | 123.0 | 4.5 | 8.4 | ||
| * Reported length are measured along the hole. Additional drilling is needed to determine the true width of the mineralized zones | ||||||
| ** Au uncut | ||||||
| Full assay results are set out in Table 2 | ||||||
Brad Humphrey, President and CEO, commented “We are very encouraged by the initial results from the New Louvre target. This program confirmed the potential of the largely underexplored 2.2km strike length of New Louvre. A 5,000m drilling campaign is now planned to follow up on this success and to confirm our new geological model. Overall, we are very pleased with the assay results we have received to date from the winter drilling program. These results clearly demonstrate the potential of the Val d’Or East camp. We anticipate further results over the coming weeks across this 9km area from Bonnefond South to the Bevcon Intrusive.”
New Louvre Results
The reconnaissance drill program on the New Louvre target consisted of five diamond drill holes for a total of 1,890m, completed during the 2018 winter drilling program. The New Louvre target is located to the north of the Bevcon Intrusion and east of the Bonnefond South Plug (Figures 1 and 2). This program was designed to evaluate the geometry of historical gold bearing intersections and validate a new geological model. This area is on trend of the eastern extension of the Bonnefond South shear zones in a geological context similar to Eldorado’s Lamaque project.
To view Figure 1: New Louvre Target - Val d’Or East, visit - http://www.globenewswire.com/NewsRoom/AttachmentNg/abe874e1-e878-49c0-b66e-d6d366585cff
The New Louvre Tonalitic Sill is relatively altered and deformed, in a manner similar to the Bonnefond South Tonalitic Plug to the northwest, both contacts are sheared. Gold mineralization appears to be controlled by a series of shear zones oriented 260°/-60N which intersect the New Louvre Tonalitic Sill at a low angle. Gold-bearing zones are associated with Quartz Tourmaline (Q-T) veins oriented 250°/-60N and 300°/-60N associated with albitization, sericitization and tourmalization with disseminated idiomorphic pyrite. Millimetric to centimetric tourmaline and Q-T veins are also present and appear to be developed within, and outside, the deformation zones. Complete assay results are presented in Table 2.
New Louvre Target – North of the Bevcon Synvolcanic Intrusion
The New Louvre Target is associated with a felsic intrusion located east of Bonnefond South Tonalitic Plug and north of the Bevcon Synvolcanic 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 total gold producer (MERN-SIGEOM). The gold-bearing New Louvre tonalitic sill was identified in the late 1940s by New Louvre Gold Mine. The tonalitic sill is characterized by an elliptical shape with a maximum thickness of 200m (Figure 1).
Numerous gold intersections have been reported in historical drilling of the sill over a strike length of 2.2km and to a depth of 1.2km (Figure 2). Historical drilling has returned 3.2 g/t Au over 15m (Hole BB-2, Historic Mine Records) and 2.6 g/t Au over 9.5m (Hole 311-22, AUR Resources Internal Report) in shear zones. Very high grade gold values of 48.3 g/t Au over 0.5m (Historic Mine Records) and 26.0 g/t Au over 0.8m (Hole 26, Historic Mine Records) are reported in association with Q-T veins.
The gold values in the New Louvre sill are associated with Q-T veins and stockworks and shear zones with Q-T veins. The geometry of the New Louvre gold-bearing veins and shear system and the continuity need to be confirmed by additional drilling using oriented core. The gold system remains largely untested below 200m.
In addition, interesting gold mineralization is associated with nearby shear zones located to the north and south of the New Louvre sill. Historical gold intersections returned 3.9 g/t Au over 4.0m and 2.8 g/t Au over 4.3m (Hole 5 from Historic Mine Records) in the south shear zone and 13.2 g/t Au over 2.4m in the north shear zone (Hole BB-12 from 00880-B, MERN-SIGEOM). The gold mineralization is closely associated with Q-T shear veins inside schists. Mineralization remains open for extension laterally and at depth.
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 (Figure 2). 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 Sill. 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.
To view Figure 2: 2018 Winter Drilling Program in Val d’Or East, visit - http://www.globenewswire.com/NewsRoom/AttachmentNg/10509546-7bde-4e9d-9af3-dba9fa88a7cc
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 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.
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 for QMX Gold and "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 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.
Table 2: Complete Assay Results From New Louvre Target – East Zone
| Hole Number | MTN Zone 9, Nad 83 | MTM Zone 9, Nad 83 | Azimuth | Dip | Hole Length | From | To | Length* | Au** | Interpretation | ||||||||||||||
| Easting | Northing | (°) | (°) | (metre) | (metre) | (metre) | (metre) | (g/t) | ||||||||||||||||
| 17315N-18-001 | 233200 | 5329370 | 180 | -82 | 370.5 | 229.0 | 236.0 | 7.0 | 1.2 | Shear Zone & Q-T Veins | ||||||||||||||
| Incl. | 233.0 | 235.4 | 2.4 | 3.0 | ||||||||||||||||||||
| 246.2 | 249.7 | 3.5 | 4.2 | Q-T Tension Veins | ||||||||||||||||||||
| Incl. | 246.2 | 246.8 | 0.6 | 19.7 | ||||||||||||||||||||
| 281.0 | 304.6 | 23.6 | 1.1 | Shear Zone & Q-T Veins | ||||||||||||||||||||
| Incl. | 289.0 | 294.2 | 5.2 | 4.1 | ||||||||||||||||||||
| 17315N-18-002 | 233200 | 5329297 | 180 | -82 | 391.0 | 107.9 | 108.9 | 1.0 | 1.1 | Silicification zone | ||||||||||||||
| 17315N-18-003 | 233149 | 5329362 | 180 | -82 | 354.0 | 213.9 | 218.0 | 4.1 | 2.3 | Shear Zone & Q-T Veins | ||||||||||||||
| Incl. | 213.9 | 215.0 | 1.1 | 8.3 | ||||||||||||||||||||
| 17315N-18-004 | 233378 | 5329265 | 180 | -83 | 366.0 | 41.9 | 42.5 | 0.6 | 7.5 | Shear Zone & Q-T Veins | ||||||||||||||
| 114.0 | 124.0 | 10.0 | 3.8 | Shear Zone & Q-T Veins | ||||||||||||||||||||
| Incl. | 118.5 | 123.0 | 4.5 | 8.4 | ||||||||||||||||||||
| 17315N-18-005 | 233751 | 5329552 | 180 | -61 | 408.0 | NSV | ||||||||||||||||||
| * Reported length are measured along the hole. Additional drilling is needed to determine the true width of the mineralized zones | ||||||||||||||||||||||||
| ** Au uncut | ||||||||||||||||||||||||
| NSV: No Significant Value | ||||||||||||||||||||||||