TORONTO, ONTARIO--(Marketwired - Sept. 13, 2017) -
Editors Note: There are two photos associated with this Press Release.
QMX Gold Corporation ("QMX" or the "Company") (TSX VENTURE:QMX) is pleased to report assay results from the first hole in a 4,500-meter drill program targeting the Bonnefond South Tonalite Plug on the east side of QMX Gold's extensive land package in Val d'Or, Quebec (Figure 1).
"Our team is thrilled by the broad mineralization intersected in the first hole of the Bonnefond South drill program. The hole confirms our reinterpretation of the geological model and the presence of at least three different orientations of quartz-tourmaline veins within the Tonalite and in sheared mafic dykes." commented Brad Humphrey, President and CEO.
"Our first hole has positively confirmed the characteristics and grade of mineralization recorded in historical drilling on the Tonalite Plug. Further drilling and the use of oriented drill core should allow us to better define the potential for extensions of both the Tonalite and mineralization." stated David Rigg, Senior VP Exploration.
Result from First Hole - 17315-17-025
The casing in this first hole, collared directly into mineralized tonalite at 61.7 meters depth, south of the northern contact of the plug, Figure 2. The gold system demonstrates good vertical continuity and extends from the bedrock interface, down to an in-hole depth of 180.6 meters. The grade of the complete interval from 61.7 meters to 180.6 meters is 1.5 g/t Au over 118.9 meters. Within this interval, two zones with a high density of veining returned 2.5 g/t Au over 44.1 meters and 1.6 g/t Au over 33.1 meters, Table 1.
QMX Gold's recent hole compares very favourably to prior results from historic drilling completed by AUR Resources. AUR Resources hole 315-27 intersected the Tonalite from 300 to 400 meters from surface and returned 1.0 g/t Au over 44.6 meters (Figure 2). The historical AUR Resources hole also intersected a sheared mafic dyke returning 8.4 g/t Au over 2.0 meters. The alteration and veining described in the historical drill logs is very similar to that in QMX Gold's hole 17315-17-025.
At least three different vein sets occur within the mineralized intervals. The veins are of millimetric to decametric thickness and typically composed of quartz-tourmaline. The veins contain less than 2% pyrite, minor chalcopyrite, and occasionally visible gold. Veining is accompanied with strong wall rock alteration characterized by sericite, albite and fuchsite, with 2 to 3% fine grained disseminated pyrite. Overall, the Tonalite is highly altered and is cross cut by sheared and mineralized mafic dykes. The mafic dykes contain tension and sheared quartz-tourmaline veins with tourmalinisation of the wall rock at the vein margins. The sheared mafic dykes return gold intercepts of 3.6 g/t Au over 8.4 meters including 4.2 g/t Au over 6.5 meters and 2.5 g/t Au over 11.0 meters, including 4.5 g/t Au over 5.6 meters.
Table 1: Technical Parameters and Assay Results - Hole 17315-17-025
|MTN Zone 9, Nad 83||MTM Zone 9, Nad 83||Azimuth||Dip||Hole Length||From||To||Length*||Au**||Description|
In the southern part of the plug and in the volcanic rocks in the footwall of the Tonalite, three sheared zones have been intersected showing high strain deformation and anomalous gold values. The shear zones are of a metric width. They contain quartz veins occasionally with tourmaline and pyrite and are associated with variable sericite, silica and albite alteration. The best gold intersection in this environment was 2.8 g/t Au over 6.5 meters.
The hole was drilled with an azimuth of 180° and a dip of -80° to validate the geometry of the veins and shear zone systems associated with the Bonnefond South Tonalite Plug (Figure 2 and Table 1). According to the geological interpretation, the plug has an average orientation of 285° and an average dip of -70°N. The average width of the Tonalite is about 80 meters.
At this stage in the program, it is too early to define the direction and dip of all the individual structures and components that combine and contribute to the overall shape and plunge of the zones. All drill holes are NQ-sized and will be surveyed at the end of the program using the Optical and Acoustic Imaging tool from PanPacific Wireline Services. Prior drilling was AQ-sized, which is not amenable to the survey equipment.
Bonnefond South Drill program
Drilling is ongoing on the Bonnefond South Plug to test a reinterpretation of the historical geological model. Roughly 2,780 meters, six holes, 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 higher 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).
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 zone orientations using more closely spaced drilling and 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 which was on 100-meter spacings. In addition, four holes for 2,000 meters will test the potential for an extension of the shear zone system south of the Bonnefond South Plug.
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 12.2 g/t Au over 12.0 meters (Hole 315-36B, QMX data base) [see News Release: July 27, 2017]. This program will commence once the Phase I program is completed and has been evaluated.
Changes to Board of Directors
QMX Gold is pleased to welcome Ralph Lean to the Board of Directors. Mr. Lean is a highly regarded business lawyer in the Toronto office of Gowling WLG. Mr Lean brings a broad base of expertise from startups to global corporations, in the private and public sectors as well as nationally and internationally. Mr. Lean will replace Steven Notis who has elected to step down from the Board of Directors effective immediately to pursue other opportunities. We would like to thank Mr. Notis for his valuable contribution throughout the significant restructuring QMX Gold underwent in 2016 and we wish him all the best in his future endeavors.
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 future plans, operations and activities, projected mineralization and obtaining necessary financing, 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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