There’s a new gold explorer at James Bay with a “multi-million ounce potential”
There’s a new gold explorer in town at the highly-prospective Eeyou Istchee James Bay region in Quebec, Canada. Their name is Quebec Precious Metals Corporation (TSXV: CJC | OTCBB: CJCFF) (QPM). QPM’s flagship is the Sakami Project with significant grades and well-defined drill-ready targets. Sakami has year-round access and drilling.
The Sakami Project
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. To date, QPM has outlined a 13 km mineralized trend. QPM’s goal is to rapidly explore this Project to advance it to the mineral resource estimate stage.
QPM’s Sakami Project is near Newmont Goldcorp Corporation’s Éléonore Mine
The Sakami Project’s drilling has focused on surface work at the La Pointe sector in which gold occurs at the sub-provinces contact in association with structural deformation. A mineralized area has been outlined of 800 m long by 550 m wide along dip and to a depth of 400 m below surface. 100 diamond drill holes covering 32,940 m intercepting the deposit have been drilled to date. Significant gold grades between 20 to 50 m drilling width, have been highlighted that 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
Sakami La Pointe Deposit Vertical Section
Quebec Precious Metals’ CEO, Normand Champigny, stated: “We continue to make significant progress at our 100% owned Sakami Gold Project. The results from the summer surface program demonstrate the strength of the drill targets located along the 13-km mineralized trend. At the La Pointe deposit, the soil geochemical survey has delineated many new targets over a distance of 2 km to the west.”
To fund upcoming major drilling campaigns, general corporate and working capital purposes, the company has recently received financing from Laurentian Bank Securities as the lead and Canaccord Genuity Corp. as a co-manager in the form of a bought deal totaling $ 6.5 million.
QPM has several other gold projects including:
The Cheechoo-Éléonore Project
The 100% owned Project covering 286 km2 is adjacent to the northeast of the Sakami Project. Sampling programs completed on the project suggest a local source for gold detected in tills from two priority targets. A follow-up program on these two targets was recently completed with the objective to establish future exploration programs and the primary source of the gold.
Opinaca Gold West Project
The 100% owned Project covering 110 km2 lies approximately 40 km west of the Éléonore mine and is situated along the same geological formation. The Project covers a series of geochemical gold-arsenic anomalies and geological elements that suggest the presence of a mineralized system along an approximate distance of 40 km.
Covering 186 km2, the Project lies approximately 60 km west of the Éléonore mine and about 65km west of the Eastmain Resources Eau Claire project and approximately 40 km west of Goldcorp Eleonore gold deposit in James Bay. QPM state: “The clearly under-explored large project has always shown strong mineral potential related to its greenstone belt geological settings. An unfavorable economic climate of the past few years is the reason for limited work.”
Blanche and Charles Projects
These Projects are adjacent to the Mythril high-grade copper-gold-molybdenum-silver discovery of Midland Exploration Inc. BHP Billiton Canada Inc. has recently made an investment of $5.9 million in Midland to fund drilling of the Mythril discovery.
QPM is off to a good start with drill results at Sakami showing multiple holes with solid grades (4g/t+ over decent lengths). The mineralized strike zone is also a very good start (800 m long by 550 m wide along dip and to a depth of 400 m), within a 13-km mineralized trend.
It is still early days, but with good early results and a large land package, the upside potential from here is significant. Or as QPM says: “District-scale land package with multi-million ounce potential.”
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>