QcX Gold Identifies Multiple High Priority Targets from Magnetics Survey and Completes IP Program
Montreal, March 24, 2021 - QcX Gold Corp. (TSXV: QCX) (OTC: QCXGF) (FSE: 21MA) ("QcX" or the "Company") is pleased to announce its targeted Induced Polarisation "IP" geophysical program on the Golden Giant Project in James Bay, Québec, has been completed. Data is being analysed and results should be obtained within the coming weeks. The Company is also pleased to share that after conducting a full structural analysis of results from its high-resolution magnetics survey, it has identified several high priority targets on its Golden Giant East and West blocks ("GGEast" and "GGWest"). These are highlighted below in Figures 1 and 2. Geophysical analysis work will continue with full structural analysis of the Kali East (Golden Giant Project) and Fernet West (Fernet Project) blocks, that were also flown during the same airborne magnetics survey. Aaron Stone, VP Exploration, explains how the team has used a high-resolution magnetic survey coupled with gold samples from last summer's exploration program to locate key gold targets. See brief video https://youtu.be/3jtrfe2L9Rc
In total, 25 targets have been identified across GGEast and GGWest. These target areas were generated based on gold occurrences from surface sampling together with the structural architecture that characterises the GGEast and GGWest Areas of Interest as interpreted from magnetic data and available geological constraints (e.g. structural observations and field measurements). All targets warrant follow-up exploration work, with 10 targets (3, 13, 14, 15, 16, 18, 19, 20, 23, 25) marked as high-priority due to the existence of a geophysical anomaly combined with existing gold values found at surface. Magnetics data from the airborne program together with targets areas and major faults can be viewed in Figures 1 and 2, while the full list of generated targets can be seen in Table 1.
Aaron Stone, Vice President Exploration of QcX, stated, "The QcX Gold team is very excited about our upcoming inaugural drill program on the Golden Giant Project. By combining the data from our airborne magnetics program with upcoming IP results and the several gold showings produced last summer, we have armed ourselves with an excellent initial dataset that gives us the best chance of making a discovery. Once we receive our IP results, we will be able to turn these high-priority targets into 'drill-ready' targets. We will update the market as soon as these results have been obtained and compiled."
The Golden Giant project comprises 3 properties, Golden Giant East, Golden Giant West and the Kali East block, covering 18,992 hectares and is contiguous to Azimut Exploration Inc.'s Patwon project as shown in Figure 3.
Figure 1: Map of proposed target areas for Golden Giant East Areas of Interest. Shown with interpreted major faults and mineralized samples (ppb Au), underlain by total magnetic intensity.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1791/78369_fb71838154edd829_001full.jpg
Figure 2: Map of proposed target areas for Golden Giant West Areas of Interest. Shown with interpreted major faults and mineralized samples (ppb Au), underlain by total magnetic intensity.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1791/78369_fb71838154edd829_002full.jpg
Table 1: Full list of generated targets on the Golden Giant East and West blocks.
| id | Rank | Commodity | Comments |
| 1 | 2 | Au | Enhanced magnetism at intersection between magnetic trend and second-order faults within splay zone of major NE-trending shear structures |
| 2 | 1 | Au | Significant positive magnetic anomaly localized within an interpreted folded zone and cut by oblique second-order faults that intersect a major shear zone to the north |
| 3 | 1 | Au | High grade Au from sampling (18.9g/t); Au localized in interpreted hinge zone; associated with high amplitude magnetic anomaly; intersecting NW fault/dyke |
| 4 | 3 | Au | Intersecting major faults; interpreted fault-parallel folding |
| 5 | 2 | Au | Magnetic anomaly along strike from Au occurrences ~1km to the west |
| 6 | 1 | Au | Magnetic anomaly overprinting structural grain; mapped contact zone between mafic and felsic rocks; asymmetric fold hinge; releasing bend on shear zone intersected by oblique faults |
| 7 | 1 | Au | Significant positive magnetic anomaly localized within an interpreted fold hinge; mapped contact between gabbro and felsic tuff |
| 8 | 1 | Au | Significant positive magnetic anomaly localized within an interpreted east-facing fold hinge, linked by oblique NE-trending faults; mapped contact between gabbro and felsic tuff |
| 9 | 3 | Ni, Cu | Clear positive magnetic anomaly overprinting low mag tonalitic rocks. Possible intrusion/plug? |
| 10 | 3 | Au | Splayed/intersecting major shears; interpreted axial planar, NE-trending magnetic intrusions |
| 11 | 2 | Au | Major magnetic sulfide? Zone in hinge of fold adjacent to ENE-trending shear |
| 12 | 2 | Au | Folded shear contact between magnetic and non-magnetic rocks; major hinge zone |
| 13 | 2 | Au | Oblique NW trending fault splay from major E-W shear zone to south; anomalous Au within zone |
| 14 | 1 | Au | Early shear at magnetic contact folded by NE-trending F2?; axial trace-parallel and oblique minor faults prospective for veining; anomalous Au values in area. |
| 15 | 1 | Au | Major asymmetric fold hinge zone at major geological contact/shear; anomalous Au in samples near interpreted anti-form fold |
| 16 | 2 | Au | Major hinge zone with numerous interpreted lower-order folded magnetic anomalies; zone intersects a significant magnetic gradient/shear; cross-cutting ~E-W fault; nearby low-grade Au from sampling to the south |
| 17 | 1 | Au | ~400m along strike from Au occurrence to the SW; area of elevated magnetics (potential magnetic intrusions); interpreted NE-trending fold hinge zone; interpreted major NE-trending fault cross-cut by oblique fault |
| 18 | 1 | Au | Significant Au occurrence from sampling (up to 4.1 g/T) within a NE-trending structural corridor adjacent to mapped Fe-formation/Tuff contact; untested continuation of magnetic feature to the SW |
| 19 | 3 | Au | Anomalous Au (0.9 g/T) from sampling; zone characterized by locally high amplitude magnetic anomalies; intersected by NE-trending faults; NW and NE trending folds interpreted |
| 20 | 2 | Au | Major magnetic anomaly with mineralized samples on margin; oblique, NE-trending faults intersecting contact |
| 21 | 2 | VMS, Au | Conspicuous major WNW-trending fault with network of NNW-trending, dextral-extensional structures intersecting elliptical magnetic anomaly in east -> possible primary structures? |
| 22 | 1 | Au | Interpreted fold zone linked to reoriented/splayed major shear; anomalous Au within shear corridor; mapped contact zone between different tuffaceous rocks |
| 23 | 2 | Au | Au occurrence from sampling (up to 1 g/t) coincident with the intersection between NE-trending magnetic feature and NW-trending fault; adjacent N-S magnetic dyke; possible Au upgrading/reworking system |
| 24 | 1 | Au, VMS | Complex zone of splayed faults and magnetic features; ~800m along strike to SW from major Au occurrence; mapped contact between mafic and felsic rocks |
| 25 | 1 | Au | Major Au occurrence (4.6 g/t) from sampling associated with a NE-trending magnetic feature that increases in magnetic amplitude to SW. Adjacent N-S magnetic dyke; possible Au upgrading/reworking system |
Figure 3: Location of the Golden Giant Project (red) with respect to neighbouring companies.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/1791/78369_fb71838154edd829_003full.jpg
Qualified Person
Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752), a 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.
About QcX Gold
QcX Gold is exploring for gold and VMS style mineralization on its highly prospective and well-located properties in Québec, Canada. The Golden Giant Project is located in the James Bay region of Québec, only 2.9 km away from Azimut Exploration Inc.'s Patwon discovery on their Elmer gold project. The Fernet Project is located in the Abitibi Greenstone Belt in the Province of Québec and is contiguous with Wallbridge Mining Company Ltd.'s Fenelon/Martinière property. Both properties are in close proximity to major discoveries which bodes well for exploration.
For further information, please contact:
Aaron Stone
Vice President Exploration
aaron.stone@qcxgold.com
514-235-6012
Neither the 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.
Forward-looking statements:
This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program, the expected positive exploration results, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
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