Fully-funded, Quebec Precious Metals has commenced their most significant gold drilling program to date
Well funded, Quebec Precious Metals Corporation (TSXV: CJC | OTCBB: CJCFF | FSE: YXEP) has commenced “the most significant drilling program to date at Sakami” in search for gold. An early-stage Canadian junior miner exploring for gold in the James Bay region of Quebec, Canada — they have numerous projects with the very promising Sakami Project being their current flagship.
The Sakami Project covers 140 square km and lies about 90 km northwest of the Éléonore Mine and straddles many contacts that offer a variety of settings in which to host gold deposits. Historical exploration work surrounding the current project area has taken place since the late 1950s, with gold mineralization discovered at surface near Sakami Lake in the early 2000s. This has now led to the discovery of several mineralized areas hosting variable gold grades.
Quebec Precious Metals Company overview
QPM has commenced its 2020 25,000 meters drilling program
On January 14, 2020, QPM’s announced: “Quebec Precious Metals to drill 25,000 meters at Sakami. The drill program is fully-funded. Drilling costs are low, at approximately $200/metre. Two drills are on-site and drilling can be done year-round.”
Normand Champigny, CEO of QPM, stated: “Following our successful financing late 2019, we are about to undertake the most significant drilling program to date at Sakami. We anticipate completing over 25,000 meters of drilling by the end of this year. With the increased geological understanding of the project following our recent program, we are looking to speed up the discovery and resource identification process.”
The 2020 drilling program’s goals are:
1) Expanding the La Pointe deposit and the Simon new high grade discovery with results that include 14.20 g/t Au over 2 meters, 5.05 g/t Au over 5.06 meters, and 4.66 g/t Au over 3.50 meters.
2) Testing additional new targets across the 13-km mineralized trend striking SSW-NNE that includes the Apple, Péninsule, JR and Île showings (with gold mineralization detected in drill holes, grab and trench samples).
Given QPM is now very well funded with $6.5 million in cash the drilling program should proceed quickly with the 2 drill rigs on site. Given they have success then the Company should be able to deliver on their goal to “rapidly explore this project to advance it to the mineral resource estimate stage”.
Quebec Precious Metals projects are shown with blue background
The Abitibi and James Bay region have proven to be highly-prospective for gold
Given the history of the region, QPM’s chances of drilling success are pretty good. For example:
- The Abitibi region has produced +70 Moz of gold.
- The James Bay region has produced or has resources of +10 Moz of gold.
- The Sakami Project drill results to date have been impressive. They include 100 diamond drill holes covering 32,940 m. Some key highlights include:
- 4.94 g/t Au over 21 m including 6.35 g/t Au over 11 m
- 4.01 g/t Au over 23 m including 7.21 g/t Au over 7.0 m
- 4.16 g/t Au over 21 m including 6.40 g/t Au over 13 m
- 3.89 g/t Au over 14.9 m including 4.26 g/t Au over 11.9 m
QPM acquires another project (Elmer East)
On January 28, QPM announced: “QPM is pleased to announce the acquisition, by map designation, of 100% interest in a new project, designated “Elmer East”, with strong gold potential totaling 368 claims….The western part of Elmer East, located closest to the Patwon discovery, shows a geological setting favorable to gold mineralization.”
QPM will initially focus on a geological compilation and a surface exploration program that will be carried out in 2020 on the new Elmer East property. QPM is currently also doing a magnetic heliborne survey.
For investors, the most spectacular gains can be made at the early exploration stage. Yes, it is riskier, however, in this case, the Sakami Project and the region’s history suggest the odds are pretty good they will find further significant gold in the current 2020 25,000m drilling campaign.
Quebec Precious Metals has a market cap of just C$20 million. Sakami alone has a potential 23 km mineralized strike length, and the Company has numerous other projects in the region. Management and insiders (Newmont) are well experienced and know the region well.
#PDAC2020 Alert: Quebec Precious Metals Corporation (TSXV: CJC | OTCBB: CJCFF | FSE: YXEP) will be at PDAC 2020 to be held from March 1st to March 4th at Metro Toronto Convention Centre. The management team will at Session A, Booth #3117A to display the Sakami Gold project. To register for #PDAC2020, click here
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>