Bullish on gold, Matt Bohlsen updates InvestorIntel readers on the Quebec Precious Metals Sakami and Elmer East Projects
Back in June 2020 when I last reviewed Quebec Precious Metals Corporation (TSXV: QPM | OTCQB: CJCFF) (‘QPM’) they had just made a good discovery at La Pointe Extension, which included 1.15 g/t Au over 80.1 m and a 2 km extension of the La Pointe deposit, all part of the Sakami Project. Since that time QPM has not only continued to make some good progress at Sakami but has also discovered more gold and some base metals at another nearby project in James Bay that they 100% own, known as Elmer East.
QPM holds a large land package of 1,100 km2 located in the new gold mining camp region of James Bay, Quebec, Canada. Their flagship project is the Sakami Project which allows for all year round drilling.
QPM’s James Bay Quebec projects include the Sakami Project, the Elmer East Project, the Cheechoo-Éléonore Trend Project, and the Blanche and Charles Project
The Sakami Project – La Pointe and La Pointe Extension + Simon and JR deposits
Within the Sakami Project is the main mineralized zone known as La Pointe and La Pointe Extension.
La Pointe drill results have shown some reasonable gold grades with good lengths, such as:
- EX-10: 2.51 g/t Au over 54.65 m.
- EX-19: 9.22 g/t Au over 12.55 m.
- EX-22: 4.16 g/t Au over 21 m.
- PT-13-67: 3.78 g/t Au over 27.95m.
- PT-14-79: 2.51 g/t Au over 48.2m.
- PT-16-91: 1.62 g/t Au over 64.5m.
- PT-16-92: 2.52 g/t Au over 48.55m.
- PT-18-118: 3.22 g/t Au over 31.5m.
- PT-18-120: 3.59 g/t Au over 27m.
La Pointe Extension has had some very long length gold drill results in 2020 such as:
- PT-20-151: 1.15 g/t Au over 80.1m.
- PT-20-154: 1.14 g/t Au over 70.3m.
- PT-20-155: 1.03 g/t Au over 53.8 m.
Having a long length gold drill result can have a bigger impact on the eventual resource size. In a September 2020 announcement QPM commented:
“The La Pointe deposit and the new La Pointe Extension discovery are part of a larger 2- kilometre-long mineralized trend on the Project striking SSW-NNE…..This discovery has potential kilometre-scale extensions that have been subject to very limited surface exploration and no drilling. Two high-grade surface grab samples (23.82 g/t Au, 9.52 g/t Au) located 700m apart further illustrate the potential of this discovery….The ongoing 7,000m diamond drilling campaign will aim to expand the 300m strike length of the La Pointe Extension identified during the winter campaign.”
The Simon deposit is located 3km NE of the La Pointe deposit and has a similar geological setting to the La Pointe and La Pointe Extension. 2020 drill results included 0.73 g/t Au over 54m from 54m depth in hole SI-20-16 and 0.52 g/t Au over 57.3 m in hole SI-20-06.
The Elmer East Project (Lloyd discovery)
At Elmer East, results received from the 2020 summer surface sampling program confirmed a new gold and base metals mineralized system with several new high-grade grab samples. A total of 9 grab samples were taken from the vein, returning gold values ranging from 0.42 g/t Au to 17.75 g/t Au with an average 5.41 g/t Au. Silver values averaged 29.2 g/t Ag. Anomalous copper, zinc and lead values were also observed with zinc values up to 7.99% Zn.
Additional work including channel sampling will be carried out in the fall to better assess the exploration potential of this discovery.
The Elmer East Project – 2020 gold and base metals discovery
QPM continues to discover both precious metals and some base metals on their very large land package in James Bay Canada, notably at their two most active projects – Sakami and Elmer East. Looking ahead to 2021 QPM plan to complete their 25,000m drill program at Sakami and other targets, with a goal to have a Sakami resource estimate by end Q2, 2021.
Quebec Precious Metals trades on a market cap of just C$15m and is well backed by Newmont Corporation owning a 15.6% equity share, Quebec institutions owning 12.9%, and QPM management and board owning 5.0%.
Disclosure: Matt Bohlsen owns shares of Quebec Precious Metals Corporation (TSXV: QPM) at the time of publication of this column.