*MONTREAL, QC / ACCESSWIRE / January 27, 2021 / Quebec Precious Metals Corporation *("QPM" or the "Company")* (TSXV:QPM)(OTCQB:CJCFF)(FSE:YXEP) *is pleased to provide an update on the drilling program on its Sakami Project (the "Project") in Quebec's Eeyou Istchee James Bay territory and an outline of its exploration plans for 2021.
Normand Champigny, CEO of QPM, stated: "2020 was a very significant year for QPM with the discovery of the La Pointe Extension which redefines the Sakami Project. With drills turning again at Sakami, we expect to discover new areas of mineralization both along strike and at depth along the La Pointe deposit trend. This work will assist us in our goal of the preparation of a maiden resource estimate. In addition, our new Lloyd surface discovery on the Elmer East project, illustratres the high exploration potential of the James Bay gold camp. We plan to advance our entire project portfolio this year. Of critical importance in these challenging times is to continue to apply a rigorous COVID protocol to protect the health of our employees, contractors and communities. We hope for a gradual return to normalcy during the course of this year."
*Sakami Project (Table 1, Figures 1 to 5)*
· Discovery at La Pointe Extension significantly increased the mineralized strike length from
950 m to 3,450 m and suggests the possibility to further expand to 4,450 m
· Mineralization from surface up to a depth of 500 m and open in all directions
· 12,361 m of drilling completed in 2020 and 25,778 m since the creation of QPM in 2018
Since the creation of the Company in 2020, drilling continues to focus on areas in and around the La Pointe deposit. Our technical team reviewed and interpreted data from soil geochemical, airborne magnetometer and surface geophysical surveys as well as surface rock sampling programs. This resulted in the discovery of the La Pointe Extension where drilling started in early 2020. Drilling at La Pointe and La Pointe Extension progressed until the fall of 2020, producing some of the best drill results as follows:
La Pointe Extension
PT-20-173 - 0.30 m at 60.80 g/t Au
PT-20-162 - 42.0 m at 1.31 g/t Au
PT-20-159 - 80.0 m at 1.10 g/t Au
PT-20-155 - 53.8 m at 1.03 g/t Au
PT-20-154 - 70.3 m at 1.14 g/t Au
PT-20-153 - 35.4 m at 1.45 g/t Au
PT-20-151 - 80.1 m at 1.15 g/t Au
PT-20-148 - 7.6 m at 2.91 g/t Au
La Pointe
PT-20-147 - 7.0 m at 2.69 g/t Au
PT-20-145 - 4.0 m at 1.31 g/t Au
PT-20-141 - 11.0 m at 1.04 g/t Au
PT-20-139 - 3.5 m at 4.15 g/t Au
Table 1 presents the results of the 2020 drilling and Figures 1 to 5 show:
· Drill results and contoured metal factors (estimated true thickness in metres x grade in g/t Au) from all holes reported to date in plan, 3D view and longitudinal section; and
· Areas to be drilled in 2021.
The updated corporate presentation on the Company's web site includes the recent drill results. Complete drill results and calculated drill hole composites are also available (https://www.qpmcorp.ca/en/projects/sakami-technical-information/ ).
The drilling results indicate to date that gold-bearing mineralization at the La Pointe Extension discovery and at La Pointe has a similar geological character: hosted within a volcano-sedimentary sequence of the Yasinski Group (La Grande Subprovince), which is metamorphosed to amphibolite facies and is strongly deformed by a regional WSW to ENE event. This sequence is in contact with sedimentary rocks of the Laguiche Group (Opinaca Subprovince) to the east. The lithologies are composed mainly of 1) biotite-rich and silicified paragneiss with intrusions of granodiorite, tonalite and pegmatite, and 2) amphibolite (metamorphosed sedimentary iron formation and mafic volcanic rock). The gold mineralization is accompanied by disseminated arsenopyrite, pyrite and pyrrhotite and cross-cutting quartz-carbonate veinlets.
The Project provides the Company with a controlling position over a 23-kilometre-long segment of a favourable geological contact and comprises 259 claims (131.1 km^2). It is located 570 km north of Val d'Or, Quebec, 120 km east of the municipality of Wemindji, 90 km from the Éléonore gold mine and 47 km northeast of the paved James Bay Road. Good infrastructure is present including major access roads, a hydro-powered electric grid and airports. Drilling can be carried out throughout the year.
*Elmer East project (see press release of January 20, 2021)*
· Lloyd Discovery made at surface during the 2020 summer
· Channel sampling confirmed gold mineralized area approximately 60 m long by 10 m open in all directions.
· The most significant composite grades are as follows:
Channel R4 - 4.06 g/t Au, 38.9 g/t Ag, 1.72 % Zn, 1.88 % Pb over 2.0 m
Channel R9 - 1.77 g/t Au, 12.3 g/t Ag, 0.30 % Zn, 0.78 % Pb over 1.0 m
Channel R8 - 1.73 g/t Au, 10.3 g/t Ag, 1.00 % Zn, 0.49 % Pb over 1.0 m
Channel R7 - 1.18 g/t Au, 10.2 g/t Ag, 0.52 % Zn, 0.71 % Pb over 1.0 m
Channel R3 - 0.96 g/t Au, 19.5 g/t Ag, 1.66 % Zn, 0.51 % Pb over 2.0 m
The Lloyd discovery consists of a 1 to 2 m wide SW-NE shallow dipping oxidized quartz vein with various amounts of sulphides (galena, sphalerite and chalcopyrite). Mineralization is hosted in an extensional vein in a weakly chloritized wacke and paragneiss near the contact with a polygenic conglomerate of the Wabamisk formation. The Elmer East project consists of 929 claims
(488 km^2).
*2021 Exploration Plans*
Winter and summer
· Sakami (La Pointe, La Pointe Extension): drilling program (14,000 m, 40+ holes, 2 rigs) based on the drill 2020 results combined with the recently interpreted target areas from geological and structural information and induced polarization survey data; metallurgical testing; and surface detailed geological mapping.
Summer
· Elmer East: geological mapping, sampling and trenching along the Lloyd discovery.
· Cheechoo- Éléonore Trend: Prospecting work on anomalous gold in till samples.
· Blanche and Charles: geological mapping, sampling and prospecting
*Quality Assurance/Quality Control*
For the Sakami project, the drilling contract was awarded to Forage Val-d'Or Inc. based in Val-d'Or, Quebec. The hole diameter is NQW. Quality assurance and quality control procedures have been implemented 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, standards and blanks were inserted regularly into the sample stream. The samples were delivered, in secure tagged bags, directly to the ALS Minerals laboratory facility in Val-d'Or, Quebec. The samples are weighed and identified prior to sample preparation. All samples are analyzed by fire assay with AA finish on a 30 g sample (0.005-10 ppm Au), with a gravimetric finish for assays over 10 ppm Au.
*Qualified Person*
Normand Champigny, Eng., Chief Executive Officer of the Company, Qualified Person under
NI 43- 101 on standards of disclosure for mineral projects, has prepared and approved the technical content of this release.
*About Quebec Precious Metals Corporation*
QPM is a gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay territory, Quebec, near Newmont 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 the 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
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.
*Table 1: Sakami Project - Summary of 2020 significant drill results *
Notes:
1. All widths are drill indicated core length.
2. Drilholes are generally planned to intersect mineralization as close to perpendicular to strike as possible.
3. True widths are estimated to range from 75% to 90% of the down-hole length when drillhole inclination and dip of the mineralized horizons are considered.
4. All gold values presented are not capped.
*Hole #*
*UTM E*
*UTM N*
*Length
(m)*
*Azimuth
(**°**)*
*Dip
(**°**)*
*Number
of
samples*
*From
(m)*
*To
(m)*
*Interval
(m)*
*Au
(g/t)*
*La Pointe Deposit*
*PT-20-138*
375462
5895042
141
135
-50
94
No significant values
*PT-20-139*
375532
5895041
60
135
-50
59
*36.50*
*40.00*
*3.50*
*4.15*
*PT-20-140*
375496
5895077
174
135
-63
149
118.00
119.00
1.00
1.17
173.00
174.00
1.00
1.68
*PT-20-141*
375536
5895107
132
135
-54
109
*54.00*
*65.00*
*11.00*
*1.04*
*Including*
54.00
55.50
1.50
3.41
*Including*
62.30
65.00
2.70
1.66
79.40
80.50
1.10
1.13
105.00
106.00
1.00
1.23
*PT-20-142*
375496
5895008
60
135
-50
62
39.00
40.00
1.00
1.31
*PT-20-143*
375623
5895020
201
-50
183
83.00
84.00
1.00
1.99
*PT-20-144*
375602
5894893
276
330
-50
209
69.00
72.00
3.00
1.68
163.50
164.00
0.50
1.17
193.80
195.00
1.20
1.15
*PT-20-145*
375650
5894909
216
335
-50
182
*22.10*
*26.10*
*4.00*
*1.31*
45.30
96.90
51.60
0.60
*Including*
60.00
63.00
3.00
1.33
*Including*
72.50
79.00
6.50
2.14
*PT-20-146*
375695
5894940
270
-50
235
60.50
64.70
4.20
1.55
*PT-20-147*
375812
5894959
276
-50
214
*22.00*
*29.00*
*7.00*
*2.69*
125.90
137.00
11.10
0.31
*Including*
125.90
127.40
1.50
1.09
171.00
175.50
4.50
1.38
*PT-20-152*
374632
5894963
729
27
-53
130
700.50
714.00
13.50
0.52
*La Pointe Extension*
*PT-20-148*
374470
5894276
345
145
-50
316
54.00
55.20
1.20
1.06
241.20
241.60
0.40
5.61
279.00
280.50
1.50
4.06
*288.90*
*296.50*
*7.60*
*2.91*
*PT-20-149*
374202
5894096
348
145
-50
280
241.45
242.15
0.70
2.19
252.50
253.20
0.70
5.06
287.00
333.00
46.00
0.25
*PT-20-150*
374263
5894016
270
145
-50
210
189.50
221.00
31.50
0.49
*PT-20-151*
373962
5893849
336
145
-50
300
*231.90*
*312.00*
*80.10*
*1.15*
*Including*
269.00
293.95
24.95
2.21
*Including*
288.00
293.95
5.95
4.63
*PT-20-153*
374019
5893767
267
145
-50
222
*152.10*
*187.50*
*35.40*
*1.45*
*Including*
175.00
179.10
4.10
3.65
*PT-20-154*
374017
5893857
366
145
-50
296
*74.80*
*81.60*
*6.80*
*2.74*
*Including *
80.10
81.60
1.50
11.75
*196.40*
*266.70*
*70.30*
*1.14*
*Including*
196.40
233.30
36.90
1.66
*PT-20-155*
373935
5893799
294
145
-50
244
*225.10*
*278.90*
*53.80*
*1.03*
*PT-20-156*
373906
5893749
303
145
-50
278
220.70
248.00
27.30
0.29
*PT-20-157*
373865
5893720
375
145
-50
340
216.90
258.00
41.10
0.47
333.05
354.00
20.95
0.39
*PT-20-158*
373917
5893646
264
145
-50
227
151.00
175.50
24.50
0.52
227.30
235.90
8.60
0.46
*PT-20-159*
373962
5893849
429
145
-50
342
291.00
392.00
101.00
0.93
*Including*
*291.00*
*371.00*
*80.00*
*1.10*
*Including*
303.50
371.00
67.50
1.21
*PT-20-160*
373963
5893671
219
145
-50
213
148.00
165.00
17.00
0.28
*Including*
148.00
161.00
13.00
0.31
*PT-20-161*
373995
5893714
207
145
-50
166
84.80
88.60
3.80
0.67
135.50
166.50
31.00
0.62
*PT-20-162*
374079
5893773
208.5
145
-47
200
98.00
99.00
1.00
5.11
*124.00*
*166.00*
*42.00*
*1.31*
*Including*
133.70
150.50
16.80
1.95
182.40
187.80
5.40
0.97
*PT-20-163*
374160
5893827
189
145
-50
111
95.30
163.80
68.50
0.70
*Including*
119.60
136.50
16.90
0.78
*Including*
153.40
163.80
10.40
1.85
*Including*
160.30
161.40
1.10
10.30
*PT-20-164*
374160
5893827
249
145
-47
181
60.40
66.40
6.00
1.34
*Including*
60.40
61.00
0.60
10.60
91.60
94.20
2.60
2.94
108.20
172.70
64.50
0.62
*Including*
139.00
153.50
14.50
1.32
190.00
194.20
4.20
0.49
*PT-20-165*
374117
5893902
363
145
-70
190
40.50
43.00
2.50
0.93
229.30
230.80
1.50
3.52
237.00
240.00
3.00
1.04
244.50
252.80
8.30
0.92
267.00
270.00
3.00
0.33
303.00
307.50
4.50
1.14
*PT-20-166*
374239
5893899
234
145
-47
172
34.50
36.00
1.50
2.92
90.00
97.20
7.20
1.92
111.50
132.50
21.00
0.61
123.50
132.50
9.00
1.11
*PT-20-167*
374239
5893899
312
145
-70
216
28.90
30.40
1.50
1.17
50.50
51.80
1.30
1.01
117.00
164.80
47.80
0.53
*PT-20-168*
374592
5894282
306
145
-57
275
46.90
47.60
0.70
2.77
103.60
116.15
12.55
0.44
182.00
194.00
12.00
1.03
*Including*
182.00
190.00
8.00
1.44
*PT-20-169*
374619
5894235
264
145
-45
167
139.80
178.00
38.20
0.60
*PT-20-170*
374540
5894163
234
145
-47
206
31.50
39.00
7.50
0.35
112.00
126.00
14.00
0.68
*including*
113.00
115.00
2.00
2.22
147.00
184.50
37.50
0.82
*including*
164.00
165.00
1.00
8.56
*PT-20-171*
374464
5894106
225
145
-47
152
67.10
69.70
2.60
1.20
*including*
68.60
69.70
1.10
2.17
109.50
115.50
6.00
1.07
143.50
179.30
35.80
0.32
*PT-20-172*
374464
5894106
291
145
-65
200
86.50
94.50
8.00
0.55
109.50
112.50
3.00
1.17
221.50
232.00
10.50
0.42
242.50
250.00
7.50
0.70
*PT-20-173*
374369
5894068
288
145
-47
221
41.20
42.60
1.40
15.01
*including*
*41.60*
*41.90*
*0.30*
*60.80*
175.50
190.50
15.00
0.60
*including*
183.00
190.50
7.50
0.93
*PT-20-174*
374369
5894068
348
145
-65
270
187.50
200.80
13.30
1.13
106.50
108.00
1.50
1.01
121.10
122.40
1.30
1.23
171.00
172.50
1.50
1.00
257.70
264.80
7.10
0.46
*PT-20-175*
374715
5894264
222
145
-47
165
48.00
49.50
1.50
1.26
76.50
78.00
1.50
1.87
94.50
99.00
4.50
0.76
*PT-20-176*
374715
5894264
21
145
-65
13
NSV
*PT-20-176A*
374715
5894264
303
145
-65
230
13.40
15.40
2.00
1.29
111.40
120.80
9.40
0.86
144.00
151.50
7.50
0.29
*Simon area*
*Hole ID*
*UTM E*
*UTM N*
*Length
(m)*
*Azimuth
(**°**)*
*Dip
(**°**)*
*Number
of
samples*
*From
(m)*
*To
(m)*
*Interval
(m)*
*Au (g/t)*
*SI-20-06*
376176
5897593
165
315
-60
148
7.50
11.50
4
0.37
23.60
31.50
7.90
0.30
48
105.30
57.30
0.52
*Including*
48
66
18
0.90
*Including*
84.50
105.30
20.80
0.57
*SI-20-07*
376442
5897352
150
330
-60
121
No significant values
*SI-20-08*
376232
5897427
126
135
-75
39
78.50
80.30
1.80
0.72
*SI-20-09*
376143
5897503
146.20
315
-50
124
30.50
31.60
1.10
1.31
*SI-20-10*
376338
5897569
150
315
-50
48
No significant values
*SI-20-11*
376555
5897372
159
315
-50
70
No significant values
*SI-20-12*
376759
5897593
129
315
-75
48
No significant values
*SI-20-13*
377064
5897440
201
315
-75
22
No significant values
*SI-20-14*
377005
5897500
150
315
-50
24
No significant values
*SI-20-15*
376934
5897308
150
315
-50
5
No significant values
*SI-20-16*
376176
5897593
219
315
-72
150
54
108
54
0.73
*Including*
55
79.50
24.50
0.91
*SOURCE: *Quebec Precious Metals Corporation
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Quebec Precious Metals Provides Update on Sakami drilling and Outlines Plans for 2021
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