TORONTO, ONTARIO--(Marketwired - March 15, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
QMX Gold Corporation ("QMX" or the "Company") (TSX VENTURE:QMX) is pleased to announce Jules Riopel has joined as Director of Exploration. Mr. Riopel is a seasoned exploration professional with more than 2 decades of experience at all stages of exploration from grassroots through to production. Prior to joining QMX Gold, Mr. Riopel was Vice-President Exploration and Acquisition for Adventure Gold (acquired by Probe Metals Inc.) where he was directly involved with the recent discovery on the Pascalis-Colombiere property adjacent to the QMX Gold land package. Mr. Riopel has spent the majority of his career in the Abitibi with several major mining companies including Richmont, Noranda and Cambior.
"We are very happy to welcome Jules to the team. We believe his leadership, extensive experience and past successes in the Abitibi region will further complement our talented exploration team and will prove invaluable as we continue to explore our extensive land package in the heart of the Val d'Or mining camp," commented Brad Humphrey, President and CEO of QMX Gold.
Exploration Activities Update
The Phase I reconnaissance program across the southwestern segment (Southwestern Zone, figure 1) of the Val d'Or Mining Camp property has recently been completed. This program included an OreVision Induced Polarity (IP) Survey over the western boundary of the property to the immediate East of Integra Gold Corp's Lamaque-Sigma Deposits and the new discoveries south of the Lamaque mine. The survey covered approximately 3.4 sq.km. Phase I included five diamond drill holes testing IP anomalies entering the QMX property from the West. Total drilling during Phase I was approximately 5,400 meters in 16 drill holes. Core logging and sampling is expected to be completed shortly, and despite a recent increase in turn-around times at the laboratory, all assay results are anticipated by the end of March or early April.
Recent exploration success, by Integra, to the southeast of the Lamaque Mine appears to be related to northeast trending and south-dipping faults cutting through competent intrusive plugs or sills. Phase I of QMX's exploration program tested for potential intrusive plugs and sills within the intermediate to felsic rocks of the Val d'Or Formation between the synvolcanic Bourlamaque Batholith and the syntectonic Poste Intrusion (figure 2). Targets were selected on the basis of geophysics and both structural and lithological settings. Most of the historical drilling in this area was shallow and drilled north to south, which appears to be poorly oriented to test for south dipping structures. Several holes in Phase I also targeted untested gaps along established gold trends indicated by the shallow historical drilling.
Compilation and interpretation of the new data continues. The results from Phase 1 drilling and the proposed follow-up drill program will be released once all results have been received and evaluated.
The company also completed a 900-meter drill program on the Beacon Zone (figure 1). This drilling is part of a Phase II program to follow-up on favourable trenching results from prior mapping and stripping campaigns. We anticipate results in the coming weeks.
QMX continues to take a methodical and systematic approach towards exploration on its extensive 200 sq.km property in the core of the Val d'Or mining camp. The structural model being developed in Phase 1 provides new insight into potential controls on gold mineralization throughout the camp. This structural model may apply to the Bonnefond Plug and Bevcon deposit on the eastern side of the property. Compilation and reinterpretation of these zones is currently underway.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/qmx0315fig1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/qmx0315fig2.pdf.
About QMX Gold Corporation
QMX Gold Corporation is a Canadian based resource company traded on the TSX-V under the symbol "QMX". The Company was recently restructured and is now systematically exploring its extensive property position in the Val d'Or mining camp in the Abitibi District of Quebec. In addition to its extensive land package, QMX owns the Aurbel gold mill.
David Rigg is a qualified person under National Instrument 43-101 and Senior Vice President, Exploration of QMX. He has reviewed the scientific and technical information in this press release.
This press release contains or may be deemed to contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the future plans, operations and activities, proposed use of proceeds, receipt of required permits, obtaining necessary financing, and the ability of the Company to continue as a going concern. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, its properties and/or its projects to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the disclosure documents of the Company filed under the Company's profile on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.