Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Drill results from Quebec Precious Metals’ wholly-owned 140-sq.-km Sakami project, 570 km north of Val d’Or, Quebec, 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 80.1 metres of 1.15 g/t gold and 7.6 metres of 2.91 g/t gold from La Pointe Extension as well as 11 metres of 1.04 g/t 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 release. “We look forward to drilling again and demonstrat(ing) the very significant exploration potential of the project.”
QPM 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
Additional assays are pending – the company expects drilling at the site to restart 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.
QPM 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 Éléonore gold mine.
Quebec Precious Metals was formed in 2018 from the combination of Canada Strategic Metals, Matamec Explorations and Sphinx Resources.
(This article first appeared in the Canadian Mining Journal)
