QMX Gold (TSXV: QMX) has drilled 44.4 grams gold per tonne over 2 metres from 170 metres downhole at its River Target, 1 km west of the past-producing Herbin mine and 16 km northwest of the junior’s Bonnefond deposit. The Lac Herbin underground mine produced about 172,650 oz. gold between 2008 and 2016.
The interval came from a second mineralized zone within drill hole 17421-20-056, which also returned 11 metres of 2.78 grams gold per tonne starting from 115 metres, including 18 metres over 1 metre.
Drill hole 17421-20-059 cut 5 metres grading 3.93 grams gold starting from 146 metres, including 4.78 grams gold over 1 metre and 11.01 grams gold over 1 metre.
The assays are from this year’s first round of results from the company’s 8,500-metre drill program (27 drill holes) at the River target.
River was originally discovered in 2011 by Alexis Minerals, but QMX didn’t start its reconnaissance program (1,000 metres in seven drill holes) until late 2019.
QMX Gold plans to focus on the western extension of the River target, as drilling on the eastern extension intersected the targeted sheer zone structure but did not hit significant mineralization, the company said in a statement on Oct. 22.
The mineralization at the River target is hosted by quartz-tourmaline veins with pyrite in shear zones in the Bourlamaque batholith.
This year, QMX plans to drill a total of 45,000 metres on its 200-sq.-km. land package in Val d’Or, which includes the Bonnefond deposit and the River and Poulmaque target areas, both in the Bourlamaque zone. The Poulmaque target is situated along trend of the past-producing Courvan mine and the Pascalis Beliveau deposit.
Two of its four rigs are in the Bourlamaque zone (one completing the River target campaign and the other in the Poulmaque area), and the other two are in the Eastern Zone, one undertaking a third deep hole in the Bonnefond intrusive and the other exploring west of the New Louvre sill and south of the Bonnefond intrusive.
Since 2017, QMX has completed more than 90,000 metres of drilling on the Bonnefond South deposit led to a first resource estimate in July 2019 of 4.76 million tonnes grading 1.69 grams gold for 258,700 contained oz. gold and 2.41 million inferred tonnes grading 1.87 grams gold for 145,100 ounces. The company says it plans to update the resource by year-end.
QMX also owns the Aurbel gold mill and tailings facility, 15 km east of Val d’Or, and is pursuing custom milling opportunities.
O3 Mining (TSXV: OIII) has an option to acquire the mill for a period of six years for $5 million and the assumption of environmental liabilities of $3 million. If O3 Mining exercises its option, QMX maintains access to 650 tonnes per day.
Significant shareholders include Eldorado Gold (TSX: ELD; NYSE: EGO) (18%); Osisko Gold Royalties (TSX: OR; NYSE: OR) (6%); and Probe Metals (TSX: PRB; US-OTC: PROBF) (4%).
In the last year, QMX Gold has traded in a range of 4¢ and 37.5¢ and at press time was trading at 18¢.
The company has 381 million common shares outstanding for a $69-million market capitalization.