Quebec Precious Metals Congratulates Ophir on its Spodumene Discovery near the Elmer East Project, James Bay, Quebec

Rhea-AI Summary

Quebec Precious Metals (QPM) announced on June 27, 2024, its congratulations to Ophir Metals Corp. for discovering spodumene pegmatites (lithium) near their Elmer East Project in James Bay, Quebec. Ophir's discovery lies 3.7 km northwest of QPM's Ninaaskuwumin spodumene pegmatite, where assays from nine samples revealed lithium values ranging from 1.10% to 3.92% Li2O. These findings suggest significant potential for spodumene pegmatite resources in the region. QPM plans to sample and drill its own Ninaaskuwumin spodumene pegmatite later this summer and early fall. An updated corporate presentation is available on the QPM website.

Positive

• Discovery of spodumene pegmatites near QPM's Elmer East Project could indicate significant lithium potential, boosting future development prospects.
• Assay values from QPM's Ninaaskuwumin samples show high lithium concentrations (1.10% to 3.92% Li2O), indicating a promising resource.
• QPM’s planned drilling and sampling activities in late summer and early fall could enhance resource definition and attract further investment.

Negative

• No concrete financial metrics or immediate revenue impacts were shared.

MONTREAL, QC / ACCESSWIRE / June 27, 2024 / Quebec Precious Metals Corporation (TSX.V:QPM)(FSE:YXEP)(OTCQB:CJCFF) ("QPM" or the "Corporation") congratulates Ophir Metals Corp. ("Ophir") on their discovery announced on June 25, 2024, of spodumene pegmatites (lithium) in pegmatite dykes at Pilipas in the Eeyou Istchee James Bay territory in Quebec. Ophir's discovery is located approximately 3.7 km northwest of its Ninaaskuwumin spodumene pegmatite its 100%-owned Elmer East project on the trend of this discovery (see Figures 1 and 2 below).

At Ninaaskuwumin, QPM reported assay values from the nine samples from the discovery outcrop range from 1.10% to 3.92% Li₂O (see press release of January 18, 2024). Based on the lithium assays and the fractionation level of the pegmatitic material, derived from the pXRF K-Rb ratios for muscovite and K-Feldspar, the surface mineralization has the potential to extend along a NW-SE 3.8 km-long trend. The results for the Ophir's Pilipas discovery are not necessarily indicative of the mineralization on QPM's Elmer East project.

"Ophir's discovery shows that the areas around both discoveries have the potential to host one of the largest spodumene pegmatite resources in the James Bay region. We are planning to sample and drill our Ninaaskuwumin spodumene pegmatite in late summer and early fall and wish Ophir the best of success in making additional lithium discoveries" commented Normand Champigny, CEO.

An updated corporate presentation is available on the Corporation's web site www.qpmcorp.ca

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 68% interest in the Kipawa rare earths project located near Temiscaming, Quebec.

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.

Figure 1

Figure 2

SOURCE: Quebec Precious Metals Corporation

View the original press release on accesswire.com

FAQ

What did Quebec Precious Metals Corp (CJCFF) announce on June 27, 2024?

QPM congratulated Ophir Metals Corp. for discovering spodumene pegmatites near their Elmer East Project, indicating potential lithium resources.

Where is Ophir's spodumene discovery located in relation to QPM's Elmer East Project?

Ophir's discovery is approximately 3.7 km northwest of QPM's Ninaaskuwumin spodumene pegmatite at the Elmer East Project.

What are the lithium assay values reported by QPM for their Ninaaskuwumin spodumene pegmatite?

QPM reported lithium assay values ranging from 1.10% to 3.92% Li2O for their Ninaaskuwumin spodumene pegmatite.

When does QPM plan to conduct further exploration activities at the Ninaaskuwumin spodumene pegmatite?

QPM plans to sample and drill their Ninaaskuwumin spodumene pegmatite in late summer and early fall of 2024.

What potential does the recent spodumene discovery suggest for the James Bay region?

The discovery suggests the potential for one of the largest spodumene pegmatite resources in the James Bay region.