Drill results from Quebec Precious Metals’ (TSXV: CJC; US-OTC: CJCFF) wholly owned 140-sq.-km Sakami project, 570 km north of Val d’Or, suggest a new mineralized zone, the La Pointe Extension area. This zone has been traced over approximately 900 metres of strike, to a depth of 215 metres with widths ranging from 10 metres to 80 metres.
The La Pointe Extension zone is 2 km southwest of the La Pointe area, which has previously been defined over a length of 900 metres and down to a depth of 400 metres.
Drill highlights include 80 metres of 1.15 grams gold per tonne and 7 metres of 2.91 grams gold per tonne from the La Pointe Extension, as well as 11 metres of 1.04 grams gold from the La Pointe zone.
“The discovery of the La Pointe Extension is the most significant development on the project since the creation of the company,” Normand Champigny, the company’s CEO, said in a press release. “We look forward to drilling again and demonstrating the very significant exploration potential of the project.”
Additional assays are pending, and the junior expects to restart drilling at the site in June. The provincial government has declared mineral exploration activities non-essential in light of COVID-19, and indicated that these can resume in May. The company has a 25,000-metre drill program scheduled for this year, with a follow-up geophysical survey planned over La Pointe extension to refine drill targets.
La Pointe and La Pointe Extension, in the central part of Sakami, are within a 13-km mineralized trend, which also contains the Simon showing.
Sakami, within the 150-km long James Bay greenstone belt in Quebec’s James Bay region, covers 23 km of a volcanic-sedimentary contact. The project is 90 km northwest of Newmont’s (TSX: NGT; NYSE: NEM) Éléonore gold mine.
Quebec Precious Metals was formed in 2018 from the combination of Canada Strategic Metals, Matamec Explorations and Sphinx Resources.
At press time in Toronto, the company’s shares were trading at 20¢ within a 52-week range of 14¢ and 41¢. The company has 67 million common shares outstanding for a $13.5-million market capitalization.