QMX Gold Reports Strong Results From Bonnefond Shear Zones

TORONTO, July 09, 2020 - QMX Gold Corp. (“QMX” or the “Company”) (TSX:V:QMX) is pleased to release further assay results from the Winter 2020 infill drilling program from the Bonnefond Deposit (Table 1). The Bonnefond Deposit is located in the Val d’Or East Zone of QMX’s extensive land package in Val d’Or, Quebec (Figure 1).

Highlights include (Grades are uncut; lengths are measured along the holes, Table 1):

• DDH 17315-20-109 returned 6.02g/t Au over 4.0m in a shear zone south of the Bonnefond intrusive
• DDH 17315-20-110 returned 21.29g/t Au over 4.5m in a shear zone south of the Bonnefond intrusive
• DDH 17315-20-113 returned 4.75g/t Au over 7.0m and 3.73g/t Au over 4.5m in two distinct shear zones to the north of the Bonnefond intrusive

“We are very happy to present fantastic results to the public again,” says Dr. Andreas Rompel, Vice President Exploration, “and we will continue to build on the already existing resource at Bonnefond. We are very excited to continue drilling at Bonnefond’s extensive shear zone, and will extend our exploration effort to the previously drilled River target, which was highly successful, and the newly defined Poulmaque target along a newly defined shear zone.”

“It is important to reiterate the exceptionally strong position QMX is in, with a solid balance sheet, multiple highly prospective gold targets across its extensive land package, and the updated Bonnefond resource estimate which is expected in the coming months,” stated Brad Humphrey, President and CEO of QMX Gold. “Currently we have three drill rigs turning, which should lead to a lot of positive news flow over the summer and into the fall.”

The six drill holes included in this batch of assays are located in the eastern half of the Bonnefond deposit and targeted the series of shear zones located to the south and north of the tonalite. The drilling campaign successfully achieved its objective to test the extension and grade continuity of the mineralized shears east of the intrusive.

All of the drill holes intersected mineralization close to surface. Drill holes 109, 110 and 112 tested only shear zones located south of the intrusive and returned grades of 6.02g/t Au over 4.0m, 3.54g/t Au over 6.0m and 21.29g/t Au over 4.5m. Drill holes 113, 115 and 118 intersected shear zones located to the north of the intrusive and within the current pit-shell, returning 4.75g/t Au over 7.0m, 3.73g/t Au over 4.5m and 3.48g/t Au over 2.6m. In all shears, gold grades are associated with quartz veins and sericite–albite–fuschite alteration. These new results support the grade continuity and the prospectively of the Bonnefond shear system, which remains open to the east and west.

Table 1: Highlights from the Bonnefond Deposit - DDH 17315-20-109; 110 and 113.

^{* Reported length measured along the hole.
** Au uncut}

Figure 1: QMX’s extensive and target-rich land package
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Current Exploration Drilling

With the Bonnefond Deposit infill drilling campaign complete, QMX is now in the process of updating the 2019 43-101 resource estimate and has commenced a 10,000m exploration program on Bonnefond to test for new mineralized shear zones north of the current pit shell. Drilling results, compilation and close-by projects suggest the currently known series of shear zones could extend further north on the Bonnefond property.

QMX has also launched a follow up exploration drilling program on the River Target as a result of its highly successful reconnaissance program, which returned 39.83g/t Au over 2.0m in DDH 17421-19-046 (See Press Release January 26, 2020) and 38.69g/t Au over 3.5m in DDH 17421-19-048 (See Press Release February 24, 2020).

This first phase of drilling on the River Target will consist of at least 5,000m.

The planned reconnaissance drilling program on the Poulmaque Target, located on the eastern side of the Bourlamaque batholith, will begin in the coming weeks, once the drill pads are permitted.

Poulmaque is a highly prospective target located 3km west of Probe Metals “Courvan gold trend” and 5km from the “Pascalis gold trend”. The northern end of the target area hosts the F-Zone and the southern end the Callahan deposit on QMX Gold’s Beacon property. The F-Zone has returned 10.93g/t Au over 1.4m and 28.45g/t Au over 1.6m according to the MERN Sigeom database and the Callahan deposit was drilled by QMX in 2017 returning quartz veins grading 32.6g/t Au over 1.0m and 7.6g/t Au over 3.0m in drill hole DDH 17319-17-005 (See Press Release May 23, 2017).

During the summer of 2020, QMX will conduct an initial reconnaissance drilling program of at least 3,000m. The objective of this program is to narrow the target area.

Figure 2: QMX 2020 Drill Target Areas
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Quality Control

During the drilling program, assay samples were taken from the NQ core and sawed in half. One half is sent to Swaslab Ltd., a certified commercial laboratory. The other half of the core is retained for future reference. A strict quality assurance and quality control program was applied to all samples, which included insertion of mineralized standards, blank samples and duplicates inside each batch of 20 samples. The gold analyses were completed by fire-assay with an atomic absorption finish on 50 grams of material. Repeats were carried out by fire-assay with a gravimetric finish on each sample containing 5.0 g/t Au or more. The gold analyses were undertaken by fire-assay on 50 grams of pulp with an atomic absorption finish. Repeats were carried out by fire-assay with a gravimetric finish on each sample containing 5.0 g/t Au or more.

Qualified Persons

The scientific and technical content of this press release has been reviewed, prepared and approved by M?lanie Pichon, P.Geo, M.Sc, Exploration Manager, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

About QMX Gold Corp.

QMX Gold Corp. is a Canadian based resource company traded on the TSX Venture Exchange under the symbol “QMX”. The Company is systematically exploring its extensive property position in the Val d’Or mining camp in the Abitibi District of Quebec. QMX Gold is currently drilling in the Val d’Or East portion of its land package focused on the Bonnefond Deposit and in the Bourlamaque Batholith. In addition to its extensive land package QMX Gold owns the strategically located Aurbel gold mill and tailings facility.

Cautionary Note Regarding Forward-Looking Information:

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 future plans, operations and activities, planned drilling programs, projected mineralization, timing of assay results, 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.

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.

Figure 3: Results from DDH 109, 110, 112, 113, 115, 116 and 118 - Bonnefond Deposit
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Table 2: Results from DDH 109, 110, 112, 113, 115 and 118 - Bonnefond Deposit

^{* Reported length are measured along the hole.
** Au uncapped}