EDITOR: | January 27th, 2021

Quebec Precious Metals Provides Update on Sakami drilling and Outlines Plans for 2021

| January 27, 2021 | No Comments
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January 27, 2021 (Source) — 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 1Figures 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 km2). 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 km2).

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

0

-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

0

-50

235

60.50

64.70

4.20

1.55

PT-20-147

375812

5894959

276

0

-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


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