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Quebec Precious Metals Provides Update on Sakami drilling and Outlines Plans for 2021

27.01.2021  |  DGAP
Quebec Precious Metals Provides Update on Sakami drilling and Outlines Plans for 2021

MONTREAL, QC / ACCESSWIRE / January 27, 2021 / Quebec Precious Metals Corp. ("QPM" or the "Company") (TSXV:QPM)(OTCQB:CJCFF)(FSE:YXEP) is pleased to provide an update on the drilling program on its Sakami Project (the "Project") in Quebec's Eeyou Istchee James Bay territory and an outline of its exploration plans for 2021.

Normand Champigny, CEO of QPM, stated: "2020 was a very significant year for QPM with the discovery of the La Pointe Extension which redefines the Sakami Project. With drills turning again at Sakami, we expect to discover new areas of mineralization both along strike and at depth along the La Pointe deposit trend. This work will assist us in our goal of the preparation of a maiden resource estimate. In addition, our new Lloyd surface discovery on the Elmer East project, illustratres the high exploration potential of the James Bay gold camp. We plan to advance our entire project portfolio this year. Of critical importance in these challenging times is to continue to apply a rigorous COVID protocol to protect the health of our employees, contractors and communities. We hope for a gradual return to normalcy during the course of this year."

Sakami Project (Table 1, Figures 1 to 5)
  • Discovery at La Pointe Extension significantly increased the mineralized strike length from
    950 m to 3,450 m and suggests the possibility to further expand to 4,450 m
  • Mineralization from surface up to a depth of 500 m and open in all directions
  • 12,361 m of drilling completed in 2020 and 25,778 m since the creation of QPM in 2018
Since the creation of the Company in 2020, drilling continues to focus on areas in and around the La Pointe deposit. Our technical team reviewed and interpreted data from soil geochemical, airborne magnetometer and surface geophysical surveys as well as surface rock sampling programs. This resulted in the discovery of the La Pointe Extension where drilling started in early 2020. Drilling at La Pointe and La Pointe Extension progressed until the fall of 2020, producing some of the best drill results as follows:

La Pointe Extension
PT-20-173 - 0.30 m at 60.80 g/t Au
PT-20-162 - 42.0 m at 1.31 g/t Au
PT-20-159 - 80.0 m at 1.10 g/t Au
PT-20-155 - 53.8 m at 1.03 g/t Au
PT-20-154 - 70.3 m at 1.14 g/t Au
PT-20-153 - 35.4 m at 1.45 g/t Au
PT-20-151 - 80.1 m at 1.15 g/t Au
PT-20-148 - 7.6 m at 2.91 g/t Au

La Pointe
PT-20-147 - 7.0 m at 2.69 g/t Au
PT-20-145 - 4.0 m at 1.31 g/t Au
PT-20-141 - 11.0 m at 1.04 g/t Au
PT-20-139 - 3.5 m at 4.15 g/t Au
Table 1 presents the results of the 2020 drilling and Figures 1 to 5 show:
  • Drill results and contoured metal factors (estimated true thickness in metres x grade in g/t Au) from all holes reported to date in plan, 3D view and longitudinal section; and
  • Areas to be drilled in 2021.
The updated corporate presentation on the Company's web site includes the recent drill results. Complete drill results and calculated drill hole composites are also available (https://www.qpmcorp.ca/en/projects/sakami-technical-information/ ).

The drilling results indicate to date that gold-bearing mineralization at the La Pointe Extension discovery and at La Pointe has a similar geological character: hosted within a volcano-sedimentary sequence of the Yasinski Group (La Grande Subprovince), which is metamorphosed to amphibolite facies and is strongly deformed by a regional WSW to ENE event. This sequence is in contact with sedimentary rocks of the Laguiche Group (Opinaca Subprovince) to the east. The lithologies are composed mainly of 1) biotite-rich and silicified paragneiss with intrusions of granodiorite, tonalite and pegmatite, and 2) amphibolite (metamorphosed sedimentary iron formation and mafic volcanic rock). The gold mineralization is accompanied by disseminated arsenopyrite, pyrite and pyrrhotite and cross-cutting quartz-carbonate veinlets.

The Project provides the Company with a controlling position over a 23-kilometre-long segment of a favourable geological contact and comprises 259 claims (131.1 km2). It is located 570 km north of Val d'Or, Quebec, 120 km east of the municipality of Wemindji, 90 km from the Éléonore gold mine and 47 km northeast of the paved James Bay Road. Good infrastructure is present including major access roads, a hydro-powered electric grid and airports. Drilling can be carried out throughout the year.

Elmer East project (see press release of January 20, 2021)
  • Lloyd Discovery made at surface during the 2020 summer
  • Channel sampling confirmed gold mineralized area approximately 60 m long by 10 m open in all directions.
  • The most significant composite grades are as follows:
Channel R4 - 4.06 g/t Au, 38.9 g/t Ag, 1.72 % Zn, 1.88 % Pb over 2.0 m
Channel R9 - 1.77 g/t Au, 12.3 g/t Ag, 0.30 % Zn, 0.78 % Pb over 1.0 m
Channel R8 - 1.73 g/t Au, 10.3 g/t Ag, 1.00 % Zn, 0.49 % Pb over 1.0 m
Channel R7 - 1.18 g/t Au, 10.2 g/t Ag, 0.52 % Zn, 0.71 % Pb over 1.0 m
Channel R3 - 0.96 g/t Au, 19.5 g/t Ag, 1.66 % Zn, 0.51 % Pb over 2.0 m

The Lloyd discovery consists of a 1 to 2 m wide SW-NE shallow dipping oxidized quartz vein with various amounts of sulphides (galena, sphalerite and chalcopyrite). Mineralization is hosted in an extensional vein in a weakly chloritized wacke and paragneiss near the contact with a polygenic conglomerate of the Wabamisk formation. The Elmer East project consists of 929 claims
(488 km2).

2021 Exploration Plans
Winter and summer
  • Sakami (La Pointe, La Pointe Extension): drilling program (14,000 m, 40+ holes, 2 rigs) based on the drill 2020 results combined with the recently interpreted target areas from geological and structural information and induced polarization survey data; metallurgical testing; and surface detailed geological mapping.
Summer
  • Elmer East: geological mapping, sampling and trenching along the Lloyd discovery.
  • Cheechoo- Éléonore Trend: Prospecting work on anomalous gold in till samples.
  • Blanche and Charles: geological mapping, sampling and prospecting
Quality Assurance/Quality Control

For the Sakami project, the drilling contract was awarded to Forage Val-d'Or Inc. based in Val-d'Or, Quebec. The hole diameter is NQW. Quality assurance and quality control procedures have been implemented to ensure best practices in sampling and analysis of the core samples. The drill core was logged and then split, with one-half sent for assay and the other retained in the core box as a witness sample. Duplicates, standards and blanks were inserted regularly into the sample stream. The samples were delivered, in secure tagged bags, directly to the ALS Minerals laboratory facility in Val-d'Or, Quebec. The samples are weighed and identified prior to sample preparation. All samples are analyzed by fire assay with AA finish on a 30 g sample (0.005-10 ppm Au), with a gravimetric finish for assays over 10 ppm Au.

Qualified Person
Normand Champigny, Eng., Chief Executive Officer of the Company, Qualified Person under
NI 43- 101 on standards of disclosure for mineral projects, has prepared and approved the technical content of this release.

About Quebec Precious Metals Corporation

QPM is a gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corp.'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 the project to advance it to the mineral resource estimate stage.
For more information, please contact:
Jean-François Meilleur
President
Tel.: 514 951-2730
jfmeilleur@qpmcorp.ca
Normand Champigny
Chief Executive Officer
Tel.: 514 979-4746
nchampigny@qpmcorp.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Table 1: Sakami Project - Summary of 2020 significant drill results
Notes:
  1. All widths are drill indicated core length.
  2. Drilholes are generally planned to intersect mineralization as close to perpendicular to strike as possible.
  3. True widths are estimated to range from 75% to 90% of the down-hole length when drillhole inclination and dip of the mineralized horizons are considered.
  4. All gold values presented are not capped.
Hole # UTM E UTM N Length (m) Azimuth
(°)		 Dip
(°)		 Number of samples From
(m)		 To
(m)		 Interval (m) Au
(g/t)
La Pointe Deposit
PT-20-138 375462 5895042 141 135 -50 94 No significant values
PT-20-139 375532 5895041 60 135 -50 59 36.50 40.00 3.50 4.15
PT-20-140 375496 5895077 174 135 -63 149 118.00 119.00 1.00 1.17
173.00 174.00 1.00 1.68
PT-20-141 375536 5895107 132 135 -54 109 54.00 65.00 11.00 1.04
Including 54.00 55.50 1.50 3.41
Including 62.30 65.00 2.70 1.66
79.40 80.50 1.10 1.13
105.00 106.00 1.00 1.23
PT-20-142 375496 5895008 60 135 -50 62 39.00 40.00 1.00 1.31
PT-20-143 375623 5895020 201 0 -50 183 83.00 84.00 1.00 1.99
PT-20-144 375602 5894893 276 330 -50 209 69.00 72.00 3.00 1.68
163.50 164.00 0.50 1.17
193.80 195.00 1.20 1.15
PT-20-145 375650 5894909 216 335 -50 182 22.10 26.10 4.00 1.31
45.30 96.90 51.60 0.60
Including 60.00 63.00 3.00 1.33
Including 72.50 79.00 6.50 2.14
PT-20-146 375695 5894940 270 0 -50 235 60.50 64.70 4.20 1.55
PT-20-147 375812 5894959 276 0 -50 214 22.00 29.00 7.00 2.69
125.90 137.00 11.10 0.31
Including 125.90 127.40 1.50 1.09
171.00 175.50 4.50 1.38
PT-20-152 374632 5894963 729 27 -53 130 700.50 714.00 13.50 0.52
La Pointe Extension
PT-20-148 374470 5894276 345 145 -50 316 54.00 55.20 1.20 1.06
241.20 241.60 0.40 5.61
279.00 280.50 1.50 4.06
288.90 296.50 7.60 2.91
PT-20-149 374202 5894096 348 145 -50 280 241.45 242.15 0.70 2.19
252.50 253.20 0.70 5.06
287.00 333.00 46.00 0.25
PT-20-150 374263 5894016 270 145 -50 210 189.50 221.00 31.50 0.49
PT-20-151 373962 5893849 336 145 -50 300 231.90 312.00 80.10 1.15
Including 269.00 293.95 24.95 2.21
Including 288.00 293.95 5.95 4.63
PT-20-153 374019 5893767 267 145 -50 222 152.10 187.50 35.40 1.45
Including 175.00 179.10 4.10 3.65
PT-20-154 374017 5893857 366 145 -50 296 74.80 81.60 6.80 2.74
Including 80.10 81.60 1.50 11.75
196.40 266.70 70.30 1.14
Including 196.40 233.30 36.90 1.66
PT-20-155 373935 5893799 294 145 -50 244 225.10 278.90 53.80 1.03
PT-20-156 373906 5893749 303 145 -50 278 220.70 248.00 27.30 0.29
PT-20-157 373865 5893720 375 145 -50 340 216.90 258.00 41.10 0.47
333.05 354.00 20.95 0.39
PT-20-158 373917 5893646 264 145 -50 227 151.00 175.50 24.50 0.52
227.30 235.90 8.60 0.46
PT-20-159 373962 5893849 429 145 -50 342 291.00 392.00 101.00 0.93
Including 291.00 371.00 80.00 1.10
Including 303.50 371.00 67.50 1.21
PT-20-160 373963 5893671 219 145 -50 213 148.00 165.00 17.00 0.28
Including 148.00 161.00 13.00 0.31
PT-20-161 373995 5893714 207 145 -50 166 84.80 88.60 3.80 0.67
135.50 166.50 31.00 0.62
PT-20-162 374079 5893773 208.5 145 -47 200 98.00 99.00 1.00 5.11
124.00 166.00 42.00 1.31
Including 133.70 150.50 16.80 1.95
182.40 187.80 5.40 0.97
PT-20-163 374160 5893827 189 145 -50 111 95.30 163.80 68.50 0.70
Including 119.60 136.50 16.90 0.78
Including 153.40 163.80 10.40 1.85
Including 160.30 161.40 1.10 10.30
PT-20-164 374160 5893827 249 145 -47 181 60.40 66.40 6.00 1.34
Including 60.40 61.00 0.60 10.60
91.60 94.20 2.60 2.94
108.20 172.70 64.50 0.62
Including 139.00 153.50 14.50 1.32
190.00 194.20 4.20 0.49
PT-20-165 374117 5893902 363 145 -70 190 40.50 43.00 2.50 0.93
229.30 230.80 1.50 3.52
237.00 240.00 3.00 1.04
244.50 252.80 8.30 0.92
267.00 270.00 3.00 0.33
303.00 307.50 4.50 1.14
PT-20-166 374239 5893899 234 145 -47 172 34.50 36.00 1.50 2.92
90.00 97.20 7.20 1.92
111.50 132.50 21.00 0.61
123.50 132.50 9.00 1.11
PT-20-167 374239 5893899 312 145 -70 216 28.90 30.40 1.50 1.17
50.50 51.80 1.30 1.01
117.00 164.80 47.80 0.53
PT-20-168 374592 5894282 306 145 -57 275 46.90 47.60 0.70 2.77
103.60 116.15 12.55 0.44
182.00 194.00 12.00 1.03
Including 182.00 190.00 8.00 1.44
PT-20-169 374619 5894235 264 145 -45 167 139.80 178.00 38.20 0.60
PT-20-170 374540 5894163 234 145 -47 206 31.50 39.00 7.50 0.35
112.00 126.00 14.00 0.68
including 113.00 115.00 2.00 2.22
147.00 184.50 37.50 0.82
including 164.00 165.00 1.00 8.56
PT-20-171 374464 5894106 225 145 -47 152 67.10 69.70 2.60 1.20
including 68.60 69.70 1.10 2.17
109.50 115.50 6.00 1.07
143.50 179.30 35.80 0.32
PT-20-172 374464 5894106 291 145 -65 200 86.50 94.50 8.00 0.55
109.50 112.50 3.00 1.17
221.50 232.00 10.50 0.42
242.50 250.00 7.50 0.70
PT-20-173 374369 5894068 288 145 -47 221 41.20 42.60 1.40 15.01
including 41.60 41.90 0.30 60.80
175.50 190.50 15.00 0.60
including 183.00 190.50 7.50 0.93
PT-20-174 374369 5894068 348 145 -65 270 187.50 200.80 13.30 1.13
106.50 108.00 1.50 1.01
121.10 122.40 1.30 1.23
171.00 172.50 1.50 1.00
257.70 264.80 7.10 0.46
PT-20-175 374715 5894264 222 145 -47 165 48.00 49.50 1.50 1.26
76.50 78.00 1.50 1.87
94.50 99.00 4.50 0.76
PT-20-176 374715 5894264 21 145 -65 13 NSV
PT-20-176A 374715 5894264 303 145 -65 230 13.40 15.40 2.00 1.29
111.40 120.80 9.40 0.86
144.00 151.50 7.50 0.29

Simon area
Hole ID UTM E UTM N Length (m) Azimuth
(°)		 Dip
(°)		 Number of samples From (m) To
(m)		 Interval (m) Au (g/t)
SI-20-06 376176 5897593 165 315 -60 148 7.50 11.50 4 0.37
23.60 31.50 7.90 0.30
48 105.30 57.30 0.52
Including 48 66 18 0.90
Including 84.50 105.30 20.80 0.57
SI-20-07 376442 5897352 150 330 -60 121 No significant values
SI-20-08 376232 5897427 126 135 -75 39 78.50 80.30 1.80 0.72
SI-20-09 376143 5897503 146.20 315 -50 124 30.50 31.60 1.10 1.31
SI-20-10 376338 5897569 150 315 -50 48 No significant values
SI-20-11 376555 5897372 159 315 -50 70 No significant values
SI-20-12 376759 5897593 129 315 -75 48 No significant values
SI-20-13 377064 5897440 201 315 -75 22 No significant values
SI-20-14 377005 5897500 150 315 -50 24 No significant values
SI-20-15 376934 5897308 150 315 -50 5 No significant values
SI-20-16 376176 5897593 219 315 -72 150 54 108 54 0.73
Including 55 79.50 24.50 0.91










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Quebec Precious Metals Corp.

Quebec Precious Metals Corp.
Bergbau
Kanada
A2NB6R
CA7481401007
www.qpmcorp.ca
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