Quebec Precious Metals Begins Maiden Drilling Program on its 100 % Owned High-Grade Lithium Ninaaskumuwin Discovery, Situated Near the Galaxy Project to be Acquired by Rio Tinto, James Bay, Quebec, Announces Private Placement
Quebec Precious Metals (TSX.V:QPM, OTCQB:CJCFF) has initiated a maiden diamond drilling program on its 100% owned Ninaaskumuwin lithium discovery in James Bay, Quebec. The program aims to test the down-dip extent of the discovery outcrop sill and potential stacked sills, with up to 1,250 m planned in 16 holes. Previous assays from the outcrop ranged from 1.10% to 3.92% Li2O.
The company also announced a non-brokered private placement of up to 12,500,000 units at $0.045 per unit, aiming to raise up to $562,500. Proceeds will fund exploration and general corporate purposes. The Ninaaskumuwin prospect is located about 40 km north of the Galaxy project, which is being acquired by Rio Tinto as part of a $6.7 billion deal.
Quebec Precious Metals (TSX.V:QPM, OTCQB:CJCFF) ha avviato un programma di perforazione a diamante inaugurale sulla sua scoperta di litio Ninaaskumuwin, di cui possiede il 100%, nella baia di James, in Quebec. Il programma ha l'obiettivo di testare l'estensione in profondità del sill di affioramento della scoperta e i potenziali sills sovrapposti, con fino a 1.250 m previsti in 16 fori. Le analisi precedenti dell'affioramento variavano da 1,10% a 3,92% di Li2O.
L'azienda ha inoltre annunciato un collocamento privato non intermediarato di un massimo di 12.500.000 unità a $0,045 per unità, con l'obiettivo di raccogliere fino a $562.500. I proventi finanzieranno l'esplorazione e scopi aziendali generali. Il sito di Ninaaskumuwin si trova a circa 40 km a nord del progetto Galaxy, che viene acquisito da Rio Tinto come parte di un affare da $6,7 miliardi.
Quebec Precious Metals (TSX.V:QPM, OTCQB:CJCFF) ha iniciado un programa de perforación de diamante inaugural en su descubrimiento de litio Ninaaskumuwin, del cual posee el 100%, en la bahía de James, Quebec. El programa tiene como objetivo probar la extensión de la aparición en profundidad del afloramiento y posibles sills apilados, con hasta 1,250 m planeados en 16 perforaciones. Análisis anteriores del afloramiento variaron de 1.10% a 3.92% de Li2O.
La empresa también anunció un colocación privada no intermediada de hasta 12,500,000 unidades a $0.045 por unidad, con el objetivo de recaudar hasta $562,500. Los ingresos se destinarán a la exploración y a fines corporativos generales. El proyecto Ninaaskumuwin se encuentra aproximadamente a 40 km al norte del proyecto Galaxy, que está siendo adquirido por Rio Tinto como parte de un acuerdo de $6.7 mil millones.
퀘벡 귀금속(TSX.V:QPM, OTCQB:CJCFF)은 첫 번째 다이아몬드 드릴링 프로그램을 시작했습니다. 이 프로그램은 퀘벡 제임스 베이에 위치한 100% 소유의 니나스크무윈 리튬 발견에 대해 시행됩니다. 이 프로그램의 목표는 발견된 노출의 하부 연장과 잠재적인 적층 시울을 시험하는 것으로, 16개 구멍에서 최대 1,250m를 계획하고 있습니다. 이전의 분석 결과는 1.10%~3.92% Li2O 범위였습니다.
회사는 또한 중개인 없는 사모 모집을 통해 최대 12,500,000 유닛을 유닛당 $0.045에 모집할 계획이며, 최대 $562,500을 조달할 예정입니다. 조달된 자금은 탐사 및 일반 사업 목적으로 사용될 것입니다. 니나스크무윈 지질지는 갤럭시 프로젝트에서 북쪽으로 약 40km 떨어진 곳에 위치해 있습니다. 이 프로젝트는 리오 틴토에 의해 $67억 달러 규모의 거래의 일환으로 인수되고 있습니다.
Quebec Precious Metals (TSX.V:QPM, OTCQB:CJCFF) a lancé un programme de forage diamant inaugural sur sa découverte de lithium Ninaaskumuwin, dont il possède 100 %, dans la Baie James, au Québec. Le programme vise à tester l'extension en profondeur de l'affleurement de la découverte et les éventuels sills superposés, avec jusqu'à 1 250 m prévus dans 16 sondages. Les analyses antérieures de l'affleurement variaient de 1,10 % à 3,92 % de Li2O.
La société a également annoncé un placement privé sans courtier pouvant atteindre 12 500 000 unités à 0,045 $ par unité, avec l'objectif de lever jusqu'à 562 500 $. Les fonds seront utilisés pour financer l'exploration et des besoins généraux de l'entreprise. Le prospect de Ninaaskumuwin est situé à environ 40 km au nord du projet Galaxy, qui est acquis par Rio Tinto dans le cadre d'un accord de 6,7 milliards de dollars.
Quebec Precious Metals (TSX.V:QPM, OTCQB:CJCFF) hat ein erstmaliges Diamantbohrprogramm gestartet, um seine zu 100 % im eigenen Besitz befindliche Lithium-Entdeckung Ninaaskumuwin in der James Bay, Quebec, zu untersuchen. Das Programm zielt darauf ab, die Abwärtsverlängerung des Entdeckungsaufschlags und potenzieller übereinanderliegender Sills zu testen, wobei bis zu 1.250 m in 16 Löchern geplant sind. Frühere Analysen des Aufschlags lagen im Bereich von 1,10 % bis 3,92 % Li2O.
Das Unternehmen gab auch eine nicht vermittelte Privatplatzierung von bis zu 12.500.000 Einheiten zu einem Preis von 0,045 $ pro Einheit bekannt, um bis zu 562.500 $ zu sammeln. Der Erlös wird die Exploration und allgemeine Unternehmenszwecke finanzieren. Das Ninaaskumuwin-Projekt befindet sich etwa 40 km nördlich des Galaxy-Projekts, das im Rahmen eines 6,7 Milliarden Dollar umfassenden Geschäfts von Rio Tinto erworben wird.
- Initiation of maiden drilling program to test high-grade lithium discovery
- Previous assays from outcrop samples showed up to 3.92% Li2O
- Strategic location near Rio Tinto's recent $6.7 billion lithium acquisition
- Easy accessibility from paved highway and proximity to infrastructure
- Announced private placement to raise up to $562,500 for exploration and corporate purposes
- Reliance on minimum price exception for private placement, potentially diluting existing shareholders
- Uncertainty in drilling results and potential lithium resource size
- Early-stage project with no defined mineral resources yet
MONTREAL, QC / ACCESSWIRE / October 21, 2024 /
Quebec Precious Metals Corporation (TSX.V:QPM)(FSE:YXEP)(OTCQB:CJCFF) ("QPM" or the "Corporation") is pleased to announce the start of a maiden diamond drilling program (up to 1,250 m, 16 holes, HQ core size will be used) to test the down-dip extent of the sill of the discovery outcrop and the presence of potential stacked sills. Assay values from the nine samples from the discovery outcrop range from
Drill core samples and also rejects from the grab samples collected in 2023 will be used to carry out preliminary geometallurgical studies (see press release of January 18, 2024). These studies will be performed by Impact Global Solutions based in Delson, Quebec.
"We are very excited to execute this drilling program and test the potential size of our discovery and its extension on our project while investigating the geometallurgical characteristics of the lithium-bearing rocks." commented Normand Champigny, CEO.
The Ninaaskumuwin lithium prospect is easily accessible from the paved Billy Diamond highway located about 50 km north of the ‘km 381' rest stop that can provide accommodation, catering, fuel and power. It is also about 40 km north of the Galaxy project, which is being acquired by Rio Tinto plc as part of their recently announced acquisition of Arcadium Lithium plc for USD
QPM acknowledges the close collaboration of Power Nickel Inc. (TSXV: PNPN, OTCBB: PNPNF, Frankfurt: IVV) to secure a nearby drill to carry out the program (see photo below). GeoVector Management Inc., based in Ottawa, has beenretained to perform the actual drilling program, which includes core logging and sampling of the drill core. The QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. Drilling will be performed by RJLL Drilling, based in Rouyn-Noranda.
An updated corporate presentation is available on the Corporation's web site www.qpmcorp.ca
Private Placement
Furthermore, the Corporation announces a non-brokered private placement of up to 12,500,000 units (the "Units") at a price of
The Units will be offered by way of the "accredited investor" exemption under National Instrument 45-106 - Prospectus Exemptions in all the provinces of Canada. The Units, Shares, Warrants and Warrant Shares will be subject to a four-month hold period in Canada following the closing of the offering.
In accordance with TSX Venture Exchange policies, the Corporation is relying on a minimum price exception in order to issue securities at less than
The net proceeds from the sale of the Hard Units ("Funds") will be used for exploration expenditures as well as general corporate and working capital purposes. No more than
In connection with the Offering, the Corporation may pay finder's fees and issue finder warrants to arm's length finders, consisting of: (i) cash finder's fees of up to 7 per cent of the gross proceeds of the offering; and (ii) finder warrants in an amount equal to up to 7 per cent of the number of Units issued pursuant to the offering, exercisable at a price of
Closing is subject to the approval of the TSX Venture Exchange and other customary closing conditions. There can be no assurances that the offering will be completed on the terms set out herein, or at all, or that the proceeds of the offering will be sufficient for the uses of proceeds as set out above.
Qualified Person
Normand Champigny, Eng., Chief Executive Officer of the Company, and Qualified Person under NI 43-101 on standards of disclosure for mineral projects, has prepared and reviewed the content of this press release.
About Quebec Precious Metals Corporation
QPM has a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation's Éléonore gold mine. The Corporation focuses on advancing its Sakami gold project and its newly discovered, drill-ready Ninaaskuwin lithium showing on the Elmer East project. In addition, the Corporation holds a
For more information please contact:
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.
Forward-Looking Statements
This release includes forward-looking statements. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production output.
Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the entity operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on the entity and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect business and operations in the future. There are no assurances that the assumptions on which forward-looking statements are based will prove to be correct, or that the business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the entity or management or beyond the entity's control.
Although there have been attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward-looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the entity. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the entity does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
Ninaaskuwumin spodumene pegmatite discovery area, drill onsite, September 16, 2024.
SOURCE: Quebec Precious Metals Corporation
View the original press release on accesswire.com
FAQ
What is the size of Quebec Precious Metals' (CJCFF) planned drilling program at Ninaaskumuwin?
What were the lithium assay results from the Ninaaskumuwin discovery outcrop?
How much is Quebec Precious Metals (CJCFF) aiming to raise through its private placement?
Where is the Ninaaskumuwin lithium prospect located relative to Rio Tinto's recent acquisition?
