TORONTO, ONTARIO–(Marketwired – July 27, 2017) – QMX Gold Corporation (“QMX” or the “Company”) (TSX VENTURE:QMX) is pleased to provide an update on the ongoing diamond drill program targeting the Bonnefond South Plug on the east side of QMX Gold’s extensive land package in Quebec.
- Phase I program consists of nine holes for 4,500 meters of diamond drilling – two holes for approximately 1,025 meters have been completed, both intersecting mineralization.
- Phase II drill campaign will target the lateral and vertical extensions of this gold system.
Val d’Or Mining Camp Property – Current Activities
Drilling is ongoing on the Bonnefond South Plug to test a reinterpretation of the historical geological model. Roughly 1,025 meters have been completed of the 4,500-meter program. AUR Resources discovered the plug-like, tonalitic intrusion (referred to as the Bonnefond South Plug) which contains gold in association with shear and tensional quartz-tourmaline veining. Historical drilling returned large low-grade intersections with high grade cores. Results reported by AUR include 1.9 g/t Au over 55 meters including 10.8 g/t Au over 3 meters (Hole 315-22, QMX historical data base, all reported lengths are core lengths). Drill core from all AUR’s drill programs is available for reference and resampling.
Gold mineralization is also associated with shear zones in the adjacent volcanic rocks, located south of the plug, where historical drilling returned up to 12.2 g/t Au over 12 meters (Hole 315-36B, QMX data base). The gold target environment bears many similarities to the gold target environment on Eldorado Gold’s Lamaque Project (previously Integra Gold). All historical drill holes were drilled from North to South and oriented core was not utilized. The current geological interpretation indicates that the gold system has likely been cross cut by late faults and that the mineralization remains open on strike and at depth.
The Phase I drill program was developed to confirm vein, fault and shear orientations by more closely spaced drilling using oriented core. A total of five holes for 2,500 meters will test the quartz-tourmaline gold vein system and shear zones hosted in the Bonnefond South Plug. The drilling will focus on the upper 300 meters of the zone and fill in AUR’s first-pass drilling that was on 100-meter spacings. In addition, four holes for 2,000 meters are intended to evaluate the extension of the shear zone system south of the Bonnefond South Plug.
The first two holes have encountered shear and tension veining within intrusive rocks at depths and intervals projected from adjacent historic drill holes. Veins are typically quartz-tourmaline. Samples from core have been submitted for analysis. Assay results are expected in three to four weeks. The veins are associated with strong wall rock alteration and bleaching. Structural work is progressing.
A Phase II drilling program is being developed to validate lateral and depth extensions of this gold system, particularly the eastern extension of the historical intersection of 12 g/t Au over 12 meters. This program will commence once the Phase I program is completed and has been evaluated.
“Our team is very eager to complete this phase of drilling on the Bonnefond South Plug and test our interpretation of the gold system. So far, the drilling has been very encouraging. At the same time, we continue to systematically prepare future drill targets on priority zones to build on our recent successes in this highly prolific region,” stated Brad Humphrey, President and CEO.
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. David Rigg, P.Geo, Senior Vice President Exploration, 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 was recently restructured and is now systematically exploring its extensive property position in the Val d’Or mining camp in the Abitibi District of Quebec. QMX is currently drilling on the Bonnefond South Plug and is evaluating its recent discoveries on the Southwestern and Beacon Zones in order to set follow up drill targets. In addition to its extensive land package, QMX owns the Aurbel gold mill.
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 the future plans, operations and activities, projected mineralization, receipt of required permits 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.
President and CEO
(416) 861-5887 or Toll free: +1 877-717-3027