QcX Acquires Kali Project Expanding Golden Giant Project in James Bay Lowlands, Quebec
Toronto, Ontario--(Newsfile Corp. - September 9, 2020) - QcX Gold Corp. (TSXV: QCX) (OTC: QCXGF) (FSE: 21MA) ("QcX" or the "Company") is pleased to announce the acquisition (the "Acquisition") of a 100% interest in the Kali project (the "Kali Project") held by Harfang Exploration Inc. ("Harfang"), located in the James Bay lowlands area of Quebec. The Kali Project consists of multiple prospective land parcels covering approximately 10,127 hectares. The newly acquired land package expands QcX's Golden Giant project ("Golden Giant Project") to 18,992 hectares as shown in Figure 1.
Figure 1: QcX Gold Corp's James Bay Properties with respect to regional exploration activities
To view an enhanced version of Figure 1, please visit:
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The Kali Project is comprised of the Kali West property (7,226 hectares) ("Kali West Property"), the Kali Island Property (53 hectares), and the Kali East property (2,848 hectares) ("Kali East Property") (together referred to as the "Properties"). The Properties are underlain by Archean felsic to mafic volcanic rocks of the Wabamisk and Komo Formations as well as tonalitic gneisses, as shown in Figure 2, which are favourable hosts to gold mineralization in the James Bay region. The Kali West Property is contiguous with QcX's Golden Giant West Property and Dios Exploration Inc.'s K2 gold project; and shows similar structures and geology to those claims hosting gold showings in the surrounding area, including Azimut's Patwon discovery from which drill results include up to 3.15 g/t Au over 102.0 m (see Azimut press release dated January 14, 2020).
The Kali East Property is located on the southeastern margin of the kilometric-scale Kasapawatish batholith, which may be related to the structural framework at Azimut's Patwon which is found to the northwest of this intrusion. The Kali East Property is contiguous with properties of O3 Mining Inc. and Les Explorations Carat Inc. which include several historic showings of gold and zinc.
Figure 2: QcX James Bay Properties underlain by regional geology and structure
To view an enhanced version of Figure 2, please visit:
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Transaction Terms
The Acquisition is being carried out pursuant to the terms of an arm's-length mining claim acquisition agreement (the "Agreement") dated September 6, 2020, between the Company and Harfang. In order to complete the Acquisition and in accordance with the terms of the Agreement, QcX will issue to Harfang 1,750,000 common shares in the capital of the Company, and grant in favour of Harfang a 2.5% net smelter returns royalty in respect of the Kali Project.
The Acquisition remains subject to receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.
Qualified Person
Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752), an Independent 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 QP has not completed sufficient work to verify the historic information on the properties comprising the Golden Giant Project, particularly with respect to historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Kali Project but may not be representative of expected results.
For further information please contact:
Albert Contardi
Interim Chief Executive Officer
acontardi@qcxgold.com
416-361-2832