Montreal, Quebec – January 23, 2023 (Newsfile Corp.) (Investorideas.com Newswire) QcX Gold Corp. (TSXV: QCX) (OTCQB: QCXGF) (FSE: 21MA) (“QcX” or the “Company”) has received assays results from the 51 grab samples collected from the Kali East Block of its Golden Giant Project, located in the James Bay region of Qu?bec. This was the initial prospecting for QcX on the most easterly block of claims at Golden Giant since acquiring Kali East in 2020 (QcX release September 9, 2020). The Kali East Block of the Golden Giant Project lies only 6 km to the northwest of Allkem Limited’s James Bay Lithium project (also known as the Galaxy project) (see Figure 1 & 2), which is the largest lithium pegmatite deposit in Canada and currently being advanced to production. The project’s lithium potential is further discussed below. In addition, numerous anomalous results were obtained for both copper, zinc and silver, details of which can be found below in Table 1. The Kali East Block (see Figure 1) is located directly adjacent to the Billy Diamond Highway, making for easy access and low-cost exploration.
Lithium potential was identified on the property after the discovery of pegmatitic boulders scattered across the Kali claims during the field program. This is geologically significant for the block’s lithium potential, as it is located in close proximity to greenstone belt – granitic pluton contacts, which are known to be highly prospective zones for Li2O-bearing pegmatite dikes (see Figure 2). There exists an excellent potential for the block to hold pegmatite dikes directly under the thin layer of overburden that covers the majority of the property. Assay results from the regional prospecting program returned anomalous results for LCT-type pegmatite mineralization with up to 48.4 ppm Li and 96.6 ppm Rb (see Figure 3). Further work is required to determine the source location of the pegmatitic boulders found on the project.
In addition to the lithium potential identified, gold and base metals remain highly prospective. A highly anomalous result of 1,500ppm Cu and 0.68 g/t Ag was obtained from a “heavily altered amphibolite, with heavy gossan staining, 1-2% pyrite” in the northeast corner of the block, only a few hundred metres from the Billy Diamond Highway. This was surrounded by other anomalous Cu and Zn results (see Figures 4 and 5).
The majority of the Kali East Block remains unexplored and the Company has much further work to complete for follow up on structurally controlled geophysical targets that were discovered during QcX Gold’s 2021 work program (see Figure 6). This work is in addition to further analysis on results from the Company’s inaugural drill program at Golden Giant across the West and East Blocks.
The Golden Giant project comprises three packages of claims, 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 1.
Figure 1: Regional map of the James Bay area showing the proximity of the Golden Giant property to important lithium projects in the region.
Figure 2: Geology of the Kali East Block at the Golden Giant Project. Note proximity to the James Bay Lithium Deposit held by Australia’s Galaxy Resources directly southeast.
Figure 3: Lithium results from the northeastern corner of the Kali East property, directly adjacent to the Billy Diamond Highway.
Figure 4: Anomalous copper results obtained from northeastern corner of the Kali East property, directly adjacent to the Billy Diamond Highway.
Figure 5: Anomalous zinc results obtained from northeastern corner of the Kali East property, directly adjacent to the Billy Diamond Highway.
Figure 6: Map of geophysical based target areas across the Kali East Block, superimposed on interpreted structures.
Aaron Stone, P.Geo. (OGQ 2170), Vice President Exploration of QcX Gold and 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 Qu?bec, Canada. The Golden Giant Project is located in the James Bay region, only 2.9 km from Azimut Exploration Inc.’s Patwon discovery on their Elmer gold project. The Fernet Project is located in the Abitibi Greenstone Belt and is contiguous with Wallbridge Mining Company Limited’s Fenelon/Martini?re property. Both properties are in close proximity to major discoveries which bodes well for exploration.
On behalf of the Board of Directors:
Aaron Stone, P.Geo.
Vice President Exploration
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.
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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