Quebec Precious Metals and its partner Lomiko report intercept of 87.9 m of 7.14% including 21.0 m of 15.48% flake graphite on its non-core high grade La Loutre project

MONTREAL, April 24, 2019 (GLOBE NEWSWIRE) -- Quebec Precious Metals Corporation (TSX.V: CJC, FSE: YXEN, OTC-BB: CJCFF) (“QPM” or the “Company”) and Lomiko Metals Inc. (TSX-V:LMR, OTC:LMRMF, FSE:DH8B) are pleased to announce the results from the first exploration diamond drill hole received from the 2019 program (see Table 1 below, and Figure 1) at the Refractory Zone at the La Loutre graphite project (the “Project”). A total of 21 holes were completed on the Refractory Zone for a total of 2,985 metres. Results from the remaining 20 holes will be reported as they are received and compiled.  QPM owns 20% of the Project.

Table 1: Results of the first drill hole of the 2019 drill program. The width is drill indicated core length. Insufficient data exists to determine true width at this time.

The drill campaign focuses on the Refractory Zone. An independent technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, prepared by  B. Turcotte and G. Servelle of InnovExplo Inc. from Val-d’Or, Québec, and O. Peters, of AGP  Mining Inc., dated March  24,  2016, was filed for the Project’s Graphene-Battery Zone. The report presented a mineral resource estimate of 18.4  M  Tonnes at a grade of 3.19% carbon flake graphite (“Cg”) in the Indicated category and 16.7 M Tonnes at 3.75% Cg in the Inferred category using a cut-off of 1.5%  Cg. The Project also includes several untested anomalies.

The drill hole intercept is approximately 450 m SE from two high grade intercepts drilled in 2017: 7.74% Cg over 135.6 m including 16.81% Cg over 44.1 m from LL-16- 01, and of 14.56% Cg over 110.8 m from LL-16- 03. Both holes are located in the Refractory Zone.

On the basis of the available geophysical and 2016 drilling data, the strike length of the mineralization is estimated at 900 m in the NW-SE direction and is open in both directions.  A detailed interpretation of the results will be carried out to better estimate the thickness and strike length of the mineralized zone.

The Project consists of contiguous claim blocks totaling 29 km² situated approximately 53 km E of Imerys Carbon & Graphite, formerly known as the Timcal graphite mine, North America’s only operating graphite mine, and located 117 km NW of Montreal. 

The 2019 exploration program is managed by Consul-Teck Exploration of Val-d'Or, Quebec, who designed the drilling campaign, supervised the program and logged and sampled the core.

Quality Assurance/Quality Control

Consul-Teck Exploration implemented QA/QC procedures to ensure best practices in sampling and analysis of the core samples. The drill core was logged and then split, with one half sent for assay and the other retained in the core box as a witness sample. Duplicates and blanks were inserted at a regular interval into the sample stream.

The samples in secure tagged bags were delivered directly to the analytical facility for analysis. In this case, the analytical facility was the ALS Minerals laboratory facility in Val-d'Or, Quebec. The  samples are weighed and identified prior to sample preparation. The samples are crushed to 70% minus 2 mm, then separated and pulverized to 85% passing 75µm. All samples are analyzed for Cg using the C-IR18 method.

Qualified Person

Jean-Sebastien Lavallée (OGQ #773), Geologist, is a shareholder of both companies, VP  Exploration of QPM and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.

About Quebec Precious Metals Corporation

QPM is a new gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay region, Quebec, near Newmont Goldcorp Corporation's Éléonore gold mine. QPM’s flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM’s goal is to rapidly explore this project to advance it to the mineral resource estimate stage.

For more information, please contact:

Jean-François Meilleur
President
Tel.: 514 951-2730
jfmeilleur@qpmcorp.ca

Paradox Public Relations
Tel: 514 341-0408

Normand Champigny
Chief Executive Officer
Tel.: 514 979-4746
nchampigny@qpmcorp.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1 accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/d21c11de-40a9-4bcd-9d55-b46a9fb7abb2

Figure 1

UTM NAD 83 Zone 18