MONTREAL, June 18, 2019 (GLOBE NEWSWIRE) -- Quebec Precious Metals Corporation (TSX.V: CJC, FSE: YXEP, OTC-BB: CJCFF) (“QPM” or the “Company”) is pleased to provide an update from its Chief Executive Officer, Normand Champigny:
“Significant progress has been made since the creation of the Company a year ago. At our 100% owned Sakami gold project, we have expanded the size of the La Pointe deposit and drilled new near-surface gold discoveries at the Simon-JR area, located 6 to 8 km of La Pointe. The drill results highlights are as follows (see September 10, 2018 press release):
La Pointe deposit
PT-18-116: 3.89 g/t Au over 14.9 m including 4.26 g/t Au over 11.9 m
PT-18-118: 3.22 g/t Au over 31.5 m including 5.11 g/t Au over 15.0 m
PT-18-120: 3.59 g/t Au over 27.0 m including 5.06 g/t Au over 15.0 m
Simon-JR area discovery
SI19-02: 14.20 g/t Au over 2.0 m including 2.34 g/t Au over 15.25 m
SI19-03: 5.05 g/t Au over 5.06 m.
The James Bay Eeyou Istchee territory is witnessing an increased level of exploration activity. This is exemplified by the drilling of the Mythril high-grade copper-gold-molybdenum-silver discovery of Midland Exploration Inc. and supported by BHP Billiton Canada Inc.’s recent investment of $5.9 M in Midland. We are in close proximity of this discovery with two 100% owned projects: Blanche and Charles.
We are now in the exploration program planning phase and will announce shortly more details on our summer and fall programs. The results of the exploration programs will provide a steady news flow over the coming months. With our excellent capital structure and support from shareholders including Newmont Goldcorp Corporation, Caisse de dépôt et placement du Québec, PE Partners and Investissement Québec, we are fully funded and in a strong position to move forward with our projects.
Recent developments with the rare earth metals market and the Kipawa project
According to recent monthly official customs data from China (see link and graph below), the world’s leading producer of rare earth metals, a reduction of its rare earth metals exports is currently taking place. This highlights the strategic importance of rare earth elements and creates opportunities to have alternate rare earths production in other jurisdictions.
https://fingfx.thomsonreuters.com/gfx/ce/7/4757/4745/RareEarthsJun32019.png
As we have stated previously, the Company has a 68% interest in the Kipawa project, located in the Témiscamingue MRC, through the Kipawa Rare Earth Joint Venture. The Government of Québec, through its agent Ressources Quebec Inc. holds the remaining 32% interest.
A feasibility study released in 2013 showed a 15- year production schedule. The project’s life could potentially be increased by the discovery of additional resources. QPM is looking to interest one or more third parties in joining the project. More information is presented in the attached document and our web site.
While focusing on Sakami, the Company intends to monetize non-core assets including the Eeyou Istchee James Bay territory gold projects Blanche and Charles, Opinaca Gold West, Annabelle and Chemin Troïlus, and the Vulcain project in southern Quebec. The Company plans to sell its interest in these projects or identify partners to pursue exploration.
We remain focused on continually improving our understanding of the gold potential of the Sakami project while operating in a safe, environmentally responsible manner and in close collaboration with the local Cree communities. This is our roadmap to generate significant shareholder value and for other stakeholders.”
Annual General Meeting
QPM will hold its Annual General Meeting of shareholders at 800 Victoria Square, Suite 3700, Montreal, Quebec, H4Z 1E9, on July 24, 2019, at 10:00 a.m. (Montreal time). The Notice of Meeting, the Management Proxy Circular and related meeting materials are now available under the Company’s profile on SEDAR at www.sedar.com and on the Corporation’s website at www.qpmcorp.ca.
Qualified Persons
The field work was under the supervision of Jean-Sébastien Lavallée (OGQ #773), Vice-President Exploration, director and shareholder of the Company. Normand Champigny, Eng., Chief Executive Officer of the Company, and Jean-Sébastien Lavallée, both Qualified Persons under NI 43- 101 on standards of disclosure for mineral projects, have prepared and approved the technical content of this release.
About Quebec Precious Metals Corporation
QPM is a new gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Goldcorp Corporation’s Éléonore gold mine. QPM’s flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM’s goal is to rapidly explore this project to advance it to the mineral resource estimate stage.
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