Montreal, Quebec–(Newsfile Corp. – May 26, 2021) – QcX Gold Corp. (TSXV: QCX) (OTC: QCXGF) (FSE: 21MA) (“QcX” or the “Company“) announces the start of drilling on its inaugural drill program on the Golden Giant Project in James Bay, Québec. The program consists of 19 planned drill holes for a total of 3,075m across the Golden Giant East (“GGEast“) and Golden Giant West (“GGWest“) blocks. Four drill holes (675m) are reserved for targets on the GGWest block while the other 15 drill holes are planned for targets on the GGEast block. (Click HERE to listen to Aaron Stone, VP Exploration, provide further explanation of the target drill holes locations.)

The majority of early-stage exploration work to date has been on the GGEast block (located only 2.9km south of Azimut Exploration’s Patwon discovery), hence there are more targets to cover. The Golden Giant project covers 18,992 hectares and is contiguous to Azimut Exploration Inc.’s Elmer project containing the Patwon discovery as shown in Figure 1.

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Figure 1: Location of the Golden Giant Project (red) with respect to neighbouring companies including Azimut Exploration’s Elmer project.

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Selected drill holes have one or all of the following:

  1. Anomalous gold values from grab samples taken during last summer’s surface exploration program
  2. A magnetic geophysical feature (from airborne survey conducted in January, 2021)
  3. An induced polarisation geophysical anomaly (from ground survey conducted in February, 2021)

Aaron Stone, Vice President Exploration of QcX, stated, “After approximately a year from ground acquisition to first stage exploration, to advanced geophysical surveys, and finally drill hole targeting, the QcX team is very excited to finally see the start of our inaugural drill program. It can sometimes take many years before a project sees a drill hole, so we are very happy with the rate at which we have been able to advance the Golden Giant project. It has taken a great deal of work from several parties to get us to this stage and we are confident with our drill targets. Our excitement is shared by external geologists and geophysicists alike that have worked with our data. We look forward to seeing the drill core come out of the ground and will keep the market updated with our observations over the coming weeks and months.”

A selection of drill holes are highlighted below:

Drilling will commence at Golden Giant West (see Figure 2), where surface exploration returned the highest values from grab samples with results up to 18.9 g/t Au (see press release dated December 8, 2020). The elevated gold values are in association with an annular magnetic high anomaly in addition to a chargeability anomaly. In this area, gold is associated with continuous and concordant pyrite enriched horizons (up to 10%) hosted in an amphibolite rock. Three drill holes will target this area while the remaining drill hole to the east will target a brecciated and leached area with strong silica alteration and coarse pyrite mineralisation that showed minor gold values but also produced elevated zinc levels (3540 ppm and 4740 ppm Zn).

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Figure 2: Planned drill holes at Golden Giant West where surface grab samples taken in the vicinity of a magnetic high returned grades of up to 18.9 g/t Au.

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The first priority area for the Golden Giant East block includes six holes (see Figure 3). Two holes are planned to intercept quartz veining containing chalcopyrite and pyrite mineralisation that returned grades of up to 4.12 g/t Au, while four are designed to target magnetic and IP anomalies. As can be observed in Figure 3, local folds displaying “S” patterns are observable in the magnetical first derivative, these structures share similarities with the vertical projection of the mineralized zone at Azimut Exploration’s Patwon discovery (only 2.9km north of GGEast).

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Figure 3: Planned drill holes at Golden Giant East where surface grab samples returned up to 4.12 g/t Au and the magnetic signature displays structural similarities to the Patwon showing.

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The second priority area at Golden Giant East (see Figure 4) covers an area containing a felsic intrusion which produced values of up to 4.6 g/t Au from grab sampling. These gold values were found in quartz veinlets contained within the felsic intrusion, which in turn is found crosscutting a gabbro unit. This gabbro unit is folded on the same axis as the regional fold trend found across the GGEast property and in which anomalous background levels of gold was found in unmineralized and unaltered rock.

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Figure 4: Planned drill holes at Golden Giant East in the second priority area where grab samples returned values up to 4.6 g/t Au within quartz veinlets of a felsic intrusion.

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An additional area of interest for the drill program on GGEast is a zone of heavily folded banded iron formation (“BIF“) (see Figure 5). Folded BIF’s are very favourable environments to host gold mineralisation and this area returned anomalous gold values. It is also found within a shear zone that can be traced across the property which was observed during field operations. This adds another layer of structural complexity which can increase the chances of hosting orogenic gold mineralisation.

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Figure 5: Planned drill holes at Golden Giant East in a heavily folded BIF that returned anomalous gold values.

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Qualified Person

Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752), a Qualified Person (“QP“) as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release.

About QcX Gold

QcX Gold is exploring for gold and VMS style mineralization on its highly prospective and well-located properties in Québec, Canada. The Golden Giant Project is located in the James Bay region of Québec, only 2.9 km away from Azimut Exploration Inc.’s Patwon discovery on their Elmer gold project. The Fernet Project is located in the Abitibi Greenstone Belt in the Province of Québec and is contiguous with Wallbridge Mining Company Limited’s Fenelon/Martinière property. Both properties are in close proximity to major discoveries which bodes well for exploration.

For further information, please contact:

Aaron Stone
Vice President Exploration
[email protected]

Neither the 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.

Forward-looking statements:

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program, the expected positive exploration results, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “to earn”, “to have’, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company’s annual Management’s Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

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