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QMX Gold Corporation V.QMX

QMX Gold Corp is a junior exploration company. It is engaged in mineral exploration and evaluation properties in the province of Quebec. The Company is focusing on the exploration and evaluation of its gold and base metal projects within this region. It is also focused on the Val d'Or mining camp in the Abitibi District of Quebec. It holds the Aurbel property and holds a 100% interest in the VMS properties.


TSXV:QMX - Post by User

Post by loonietuneson May 26, 2020 6:50pm
171 Views
Post# 31075504

Excerpt from Stockwatch Gold-Today

Excerpt from Stockwatch Gold-TodayThe horses are the post!  We haven't even started yet I'm waiting to see what the River targets bring us?  From the N/R last week who would be selling before the cards are even dealt?

Current activities

QMX has reopened its exploration office in Val d'Or and has resumed drilling on the western part of the Bonnefond deposit with two drill rigs. The objective is to complete 3,800 m of drilling west of the Bonnefond intrusive. Once this drilling is completed, QMX will update the resource estimate for Bonnefond, which is expected to be released during the summer.

Once the resource update drilling has been completed later this month, QMX anticipates mobilizing one drill rig to the River target, and the other drill rig will continue to explore the trend between the Bonnefond deposit and the historical Bevcon mine. An additional drill rig will be mobilized to the Poulmaque target in the Bourlamaque zone once the drill pads have been permitted in midsummer.

Excerpt below who's holding all the cards at the moment?Jonathan Deluce's Melkior Resources Inc. (MKR) dropped nine cents to 68 cents on 312,000 shares on word that it now deems its Val d'Or gold project in northwestern Quebec to be a key asset. The project had previously been deemed a non-key asset -- a throwaway prospect in other words. Mr. Deluce, CEO, says that the change of heart has arisen from development and interest of nearby projects, which he says is expected to increase the potential for discoveries at Melkior's project. (That potential is, of course, unchanged; what has changed is the perceived likelihood of Mr. Deluce and his crew doing something about it.)

Mr. Deluce is looking at three of Melkior's rivals for his encouragement. Lee Barker's Sparton Resources Inc. (SRI), unchanged at two cents on 9,000 shares today, said over a year ago that it had drilled a six-metre zone averaging 2.84 grams of gold per tonne at its nearby Bruell gold project, a few hundred metres south of Melkior's Val d'Or property. A year earlier, Sparton encountered a 6.57-metre zone on Bruell that averaged 2.75 grams per tonne.

Neither of those hits sparked much enthusiasm from Mr. Deluce at the time, but late last year, Sparton enticed Eldorado Gold Corp. (ELD: $11.76) into an option deal covering Bruell. While that did not arouse Mr. Deluce to action at the time, his smouldering passion for the Val d'Or project has now sprung to life.

Mr. Deluce also enthuses about another new rival: In mid-March, O3 Mining Inc. (OIII: $2.65) acquired the nearby Louvem property from Monarch Gold Corp. (MQR: $0.235), a move that he interprets as O3's continuing consolidation of its Val d'Or gold camp. Further, he notes that Globex Mining Enterprises Inc. (GMX: $0.36) picked up a three-claim sliver of a property just east of Melkior's ground.

Unfortunately, Melkior's Val d'Or prospect was so non-key that Mr. Deluce does not have any assays of his own to aid his nascent promotion of the company's new priority. Further, there will be quite a wait for any new assays: For now, Mr. Deluce is promising only a full review of the historical work and a statistical treatment of the available geochemical data.

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