Quebec Precious Metals Discovers a New Gold and Base Metals System from Surface Sampling at Elmer East with Grabs up to 17.75 g/t Au

Rhea-AI Summary

Quebec Precious Metals Corporation (CJCFF) announced significant findings from their 2020 summer surface sampling program at the Elmer East Project, confirming a new gold and base metals system. Key results include high-grade grab samples, with one reaching up to 17.75 g/t Au. The Lloyd showing spans 60m and is still open to further exploration. Additional prospecting and channel sampling are planned to evaluate the discovery's full potential. The project, located in Quebec's Eeyou Istchee James Bay territory, consists of 929 claims over 488 km², enhancing QPM's exploration prospects.

Positive

• Discovery of a new gold and base metals system at Elmer East.
• High-grade grab sample of 17.75 g/t Au recorded.
• Lloyd showing spans a significant distance and remains open for further exploration.
• Future prospecting and channel sampling planned to evaluate the discovery.

Negative

• None.

• Results received from 2020 summer surface sampling program confirms a new gold mineralized system with several new high-grade grab samples (Table 1, Figures 1 to 3 and photo).
• Lloyd showing is outcropping over a distance of 60 m near the Eastmain river and remains open in all directions.
• 1 to 2 m wide quartz vein grading up to 17.75 g/t Au, with galena, sphalerite and chalcopyrite was discovered by prospecting high priority targets previously generated by GoldSpot Discoveries Corp.
• Another anomalous quartz vein with 0.33 g/t Au was also sampled 400 m east of the initial discovery, following the same interpreted regional scale fault, demonstrating the continuity of the new gold and base metals system.
• Next steps will include additional prospecting, and channel sampling of the area.

MONTREAL, QC / ACCESSWIRE / September 16, 2020 / Quebec Precious Metals Corporation ("QPM" or the "Company") (TSXV:QPM)(OTCQB:CJCFF)(FSE:YXEP) is pleased to report the discovery of a new gold and base metals system following the summer prospecting program on the 100% owned Elmer East Project (the "Project") in Quebec's Eeyou Istchee James Bay territory and is located east of the recent Patwon prospect gold discovery made by Azimut Exploration Inc. A total of 425 grab samples were collected during the summer field program on the Project. Prospecting work was carried out with the participation of GoldSpot Discoveries Corp. (TSX.V : SPOT) and QPM staff. Additional work including channel sampling will be carried out in the fall to better assess the exploration potential of this discovery.

The Lloyd showing consists of a 1 to 2 m wide SW-NE shallow dipping oxidized quartz vein with various amount of sulphides (galena, sphalerite and chalcopyrite) over a distance of approximately 60 metres. 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. Although very limited follow up prospecting work was carried out in the vicinity of the discovery, another quartz vein with traces of pyrite located 400 m east of the showing returned 0.33 g/t Au suggesting the possible continuity of the system along the interpreted fault. Table 1 and Figures 1 to 3 below summarizes the grab sample results and present their locations.

Table 1: List of grab samples and assay values from the new discovery.

Sample #	UTM E	UTM N	Au (g/t)	Ag (g/t)	Cu (%)	Zn (%)	Pb (%)
B566181	367059	5795444	17.75	29.2	0.11	NSV	1.75
B565106	367081	5795453	13.55	23.0	0.13	1.98	1.35
B566182	367068	5795447	5.19	21.2	0.14	1.13	NSV
B566114	367083	5795471	2.66	67.2	0.06	2.33	2.49
B565107	367083	5795458	1.89	33.5	0.13	NSV	1.42
B565179	367052	5795442	1.77	13.66	0.77	7.99	NSV
B566113	367085	5795477	0.42	6.47	0.02	NSV	NSV
B565112	367085	5795477	0.88	20.1	0.03	1.09	NSV
B566180	367057	5795440	4.64	48.9	0.54	5.68	1.87
NSV: No significant value.

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). It is to be noted that: 1) gold mineralization discovered at Elmer East is not necessarily representative of mineralization found at the Patwon prospect, and 2) grab samples are selected samples and are not representative of the mineralization hosted on the Project. Access to the project is facilitated by the quality infrastructure of the James Bay region.

Quality Assurance/Quality Control

Grab sample positions were recorded with a high-precision GPS. Quality assurance and quality control procedures have been implemented to ensure best practices in sampling and analysis of the grab samples. 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. Samples were also tested for multi-element using four-acid digestion.

Qualified Persons

Normand Champigny, Eng., Chief Executive Officer of the Company, and Tony Brisson, P. Geo., Senior Exploration Manager, both Qualified Persons under NI 43- 101 on standards of disclosure for mineral projects, have 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 this 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.

Photo: Elmer East, Aerial view of Lloyd showing area - Press release of September 16, 2020.

SOURCE: Quebec Precious Metals Corporation

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https://www.accesswire.com/606256/Quebec-Precious-Metals-Discovers-a-New-Gold-and-Base-Metals-System-from-Surface-Sampling-at-Elmer-East-with-Grabs-up-to-1775-gt-Au

FAQ

What were the results of the recent surface sampling program by Quebec Precious Metals Corporation (CJCFF)?

The recent surface sampling program confirmed a new gold and base metals system with high-grade grab samples, including one sample grading 17.75 g/t Au.

Where is the Elmer East Project located?

The Elmer East Project is located in Quebec's Eeyou Istchee James Bay territory.

What plans does Quebec Precious Metals Corporation have for future exploration at Elmer East?

Quebec Precious Metals Corporation plans to conduct additional prospecting and channel sampling to further evaluate the newly discovered gold and base metals system.

What is the significance of the Lloyd showing at Elmer East?

The Lloyd showing is significant as it outcrops over a distance of 60m and indicates potential for further mineralization in the area.

What is the total land area of the Elmer East Project?

The Elmer East Project consists of 929 claims covering an area of 488 km².