Montreal, Quebec–(Newsfile Corp. – February 9, 2021) – QcX Gold Corp. (TSXV: QCX) (OTCQB: QCXGF) (FSE: 21MA) (“QcX” or the “Company“) is pleased to announce it has completed a high-resolution magnetic geophysical survey across the Golden Giant project and the West Block of the Fernet Project, both located in Quebec, Canada. Preliminary results, including imagery, are expected over the coming days and final reports in the next weeks. QcX Gold is also pleased to announce the commencement of an Induced Polarisation (IP) Geophysical Program on the Golden Giant Project. Line-cutters are on site clearing the way for equipment, with the geophysical team to follow shortly after. The program is expected to be completed towards the end of February, with results to follow in March.
These two geophysical surveys examine very different geological features. The airborne magnetics survey is useful to pinpoint geological contacts and structures including faults, shear zones and unconformities. The IP program aids in detecting the presence of sulphide mineralization below the earths surface as well as areas of increased or decreased resistivity which may indicate hydrothermal activity. Disseminated sulphides, including pyrite, chalcopyrite, and arsenopyrite, are associated with gold mineralization found in grab samples at Golden Giant. Information from both surveys will be key inputs for the upcoming drill program.
Albert Contardi, President and CEO of QcX, stated, “We are pleased to see the airborne magnetics survey completed on-time. We have covered an extremely vast land package with this survey, totalling 23,472 hectares, at a high resolution of 50 metre spacings. With these results, we will be able to advance our understanding of the structural layout at Golden Giant and Fernet West. We look forward to updating the market with our findings.”
Aaron Stone, Vice President Exploration of QcX, added, “Following the completion of the magnetics survey, work has now begun on a focused 37km IP program on our Golden Giant East and Golden Giant West blocks. This ground-based survey will hone-in on areas where we discovered new gold showings during last summer’s first pass exploration work. The majority of our gold showings discovered last year were associated with disseminated sulphides ranging between 2-10%. On the Golden Giant West, gold mineralization is associated with silicification and presumably increased resistivity. On the Golden Giant East, gold mineralization is commonly associated with shear zones and phyllic alteration which should have a lower resistivity signature. Our IP program, following interpretation and inversion, will provide us with definitive drill targets for our upcoming fully-funded diamond drilling campaign.”
The Golden Giant project comprises 3 properties, Golden Giant East, Golden Giant West and the Kali East block, covering 18,992 hectares and is contiguous to Azimut Exploration Inc.’s Patwon project as shown in Figure 1. The Fernet project comprises two properties, Fernet West and Fernet East, covering 7,195 hectares and is contiguous to Wallbridge Mining’s Fenelon and Martinière projects as shown in Figure 2.
Figure 1: Location of the Golden Giant Project (red) with respect to neighbouring companies.
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Figure 2: Location of the Fernet Project (red) with respect to neighbouring companies.
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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.
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Vice President Exploration
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.
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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