Toronto, Ontario–(Newsfile Corp. – September 28, 2020) – QcX Gold Corp. (TSXV: QCX) (OTC: QCXGF) (FSE: 21MA) (“QcX” or the “Company“) is pleased to announce the results from its Phase 1 exploration program on its 100% owned Golden Giant West project (“Golden Giant West” or “GGWest“). The overall Golden Giant project (“Golden Giant Project“) comprises 3 properties, Golden Giant East (“GGEast“), GGWest and the recently acquired Kali East (“Kali East“), covering 18,992 hectares and is contiguous to Azimut Exploration Inc.’s Patwon project as shown in Figure 1. The Phase 1 exploration program on Golden Giant West resulted in the discovery of grab samples returning up to 3.87 g/t Au along with other anomalous samples of interest as shown in Figure 2 and Table 1. In addition, follow-up work on these areas of interest during the Phase 2 exploration program identified interesting mineralized samples for which assays are pending.
Albert Contardi, Interim Chief Executive Officer of QcX, stated, “These results confirm the gold potential of the Golden Giant West property, and support our recent acquisition of Kali East, which expands the GGWest block significantly in the vicinity of the highest grade sample taken to date on this grassroots project. We await the set of assay results from our Phase 2 follow-up program where we have identified similar mineralization and will update the market as they are received and compiled.”
Figure 1: Location of the Golden Giant Project (red) with respect to neighbouring companies.
To view an enhanced version of Figure 1, please visit:
In Phase 1, 125 samples out of the total of 550 grab and channel samples collected were taken from GGWest. Ten samples returned gold value over the limit of detection. The more significant gold mineralization identified to date occurs as:
- Sheared amphibolite associated with up to 3% pyrite returned the highest gold value of 3.87 g/t Au, along with 0.8 g/t Ag, and 0.02% Cu;
- Angular quartz vein boulder containing 5-7% pyrite and traces of chalcopyrite returned 37 ppb Au;
- Block of in-situ amphibolite containing 5-8% pyrite and quartz chlorite veins returned 16 ppb Au.
Future work will continue to advance the Company’s geological understanding of the property as well as continued exploration to determine the possible extension of this new gold anomaly.
Table 1: Results over 15 ppb Au from Phase-I on Golden Giant West property.
|UTM-E||UTM-N||Zone||Au ppb||Ag ppm||Cu ppm||Zn ppm||As ppm||Sb ppm|
|Y375054||689245||5791619||17||37||0.1||1190||12||< 2||< 2|
Figure 2: Results from the Phase 1 prospecting program on Golden Giant East, underlain by geology. Labelled values are > 15 ppb Au.
To view an enhanced version of Figure 2, please visit:
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. The QAQC protocol used during the prospecting program consist of the insertion of blank or standard every 20 samples on average in addition to the regular insertion of blank, duplicate, and standard samples accredited by ACTLABS. Analytical work was completed at ACTLABS at the Ancaster facility. Gold values were analyzed with the fire assay method with finish by atomic absorption and values over 10 ppm Au are reanalyzed by fire assay with finish by gravimetry.
Grab samples are selective by nature and are unlikely to be representative of average grades. Field work and sampling were completed by Laurentia Exploration.
About QcX Gold
QcX Gold is exploring for gold and VMS style mineralization on its highly prospective and well located properties in Quebec, Canada. The Golden Giant Project is located in James Bay only 2.9 km away from Azimut Exploration Inc.’s discovery site – the Elmer gold project. The Fernet Project is located in the Abitibi Greenstone Belt and is contiguous with Wallbridge Mining Company Limited’s Fenelon/Martiniere property. Both properties are in close proximity to major discoveries which bodes well for exploration.
For further information, please contact:
Interim Chief Executive Officer
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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