Montreal, Quebec–(Newsfile Corp. – April 27, 2021) – QcX Gold Corp. (TSXV: QCX) (OTCQB: QCXGF) (FSE: 21MA) (“QcX” or the “Company“) is pleased to share results from its targeted Induced Polarisation “IP” geophysical program on the Golden Giant Project (the “Project” or the “Property“) in James Bay, Québec. Four IP grids were completed across the property, three on Golden Giant East (“GGEast”) and one on Golden Giant West (“GGWest“). The grids cover areas where significant gold values were discovered at surface during 2020’s summer exploration program. Many strong anomalies were identified by the IP program and correlated well with already existing targets. Previously announced high priority targets (please see release dated March 24, 2021) on the GGEast and GGWest blocks are now ‘drill ready’ targets. These targets have a combination of the following: 1) surface gold values from grab sampling 2) a magnetic anomaly and 3) an IP anomaly. IP results can be viewed below in Figures 1 and 2.
Aaron Stone, Vice President Exploration of QcX, stated, “Now that we are armed with these fantastic IP results, the Company now has an established dataset to plan for our inaugural drill program on Golden Giant. It’s exciting when you have multiple indicators pointing to very specific locations. Our targets have gold values from our 2020 summer surface exploration work, combined with one or both of a magnetic anomaly and IP anomaly. We are currently finalising our drill hole plan and we expect to be underway on the property in mid-May.”
Induced polarization (IP) is a geophysical imaging technique used to identify the electrical chargeability of subsurface materials, such as sulphides. The dipole-dipole electrode array was used for this induced polarisation survey. The 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.
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 3.
Figure 1: Satellite imagery of the Golden Giant East block overlain by IP anomaly strengths.
To view an enhanced version of Figure 1, please visit:
Figure 2: Satellite imagery of the Golden Giant West block overlain by IP anomaly strengths.
To view an enhanced version of Figure 2, please visit:
Figure 3: Location of the Golden Giant Project (red) with respect to neighbouring companies.
To view an enhanced version of Figure 3, 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.
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:
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81827