TORONTO, ONTARIO--(Marketwire - Jan. 17, 2013) - QMX GOLD CORPORATION (QMX.TO)(QMXGF) ("QMX Gold" or the "Company") is releasing results from the 2011 and 2012 drill campaign at its wholly-owned Lac Herbin mine for the S1 Deep Sector. Definition diamond drilling results have increased the outline of the S1 zone, shown in Figure 1.
Highlights from the drill results from the S1 Deep zone include:
- 14.9 g/t Au over 3.2 metres from hole LH-07-009
- 13.5 g/t Au over 2.0 metres from hole LH-07-010
- 11.1 g/t Au over 4.5 metres from hole LH-07-014
Full Results can be found in Table 1.
The drilling of the S1 Deep Sector, below level 37, was started in the third quarter of 2011 and was completed in the second quarter of 2012 and analysis occurred in the third quarter. Exploration work focused on definition drilling of the resource envelope with the goal of expanding the zone. Drilling confirms the extension of the S1 zone at depth.
QMX targeted the S1 Deep Zone with definition drilling of 42 holes for a total of 4,589 metres. Of the 42 holes, 14 holes (or 33%) returned values above 3g/t Au, 8 holes (or 19%) have intersected values from 1g/t Au to 3g/t Au and 20 holes (or 48%) intersected the shear zone but returned values lower than 1g/t Au. These characteristics are typical of Lac Herbin economical mineralization throughout the mine.
Ramping down and development to reach the S1 Deep sector was started in the fourth quarter of 2012. Production from this zone is forecast to begin during the third quarter of 2013.
The S1 Deep Zone is hosted in the massive diorite Bourlamaque Batholith and is a sheared structure with an azimuth of 80° ENE dipping towards the south at 70°. The shear varies in thickness from a few centimeters to 2.0 meters wide and is injected with quartz and quartz-carbonate-tourmaline-chlorite veining. The veining contains 1% to 10% patchy massive and disseminated pyrite with trace chalcopyrite and rare pyrrohotite. Gold is associated with pyrite.
Francois Perron, the President and CEO of QMX Gold, commented: "Our exploration program at Lac Herbin continues to provide very positive results and I am pleased to see that the S1 zone is delivering. The goal of the definition drill program was to extend the mine life at Lac Herbin and these new drilling results are being incorporated into the new reserves. I look forward to the announcement of the updated resources and reserves currently expected before the end of the first quarter."
|Hole #||From||To||Core |
|LH07-004||89.25||94.60||5.35||3.70||14.31||8.40||7%Py, 2.15m QV|
|LH07-011||77.60||80.10||2.50||1.50||5.09||5.09||2%Py, Tr Cpy|
|LH07-012||73.75||76.35||2.60||1.60||1.61||1.61||Tr Py, 1%Cpy|
|LH07-014||62.60||67.40||4.80||4.50||15.02||11.13||VG. 2%Py, 1%Cpy|
|LH07-044||60.90||62.40||1.50||1.50||3.88||3.88||2%Py, Tr Cpy|
|LH07-046||63.55||67.75||4.20||1.90||3.89||3.89||VG. 2%Py, 1%Cpy|
|LH07-047||107.00||112.75||5.75||1.50||4.97||4.97||VG. 2%Py, TrCpy|
|LH07-049||71.95||74.80||2.85||1.80||1.43||1.43||2%Py, Tr Cpy|
|LH07-050||113.00||121.50||8.50||1.50||4.43||4.43||3%Py, Tr Cpy|
Note: All diamond drill holes have been composited to a minimum of 1.5 meters true width or greater to coincide with the minimum mining width of 1.5 meters presently planned for this sector.
Qualified Persons and Quality Control
The technical and scientific information in this press release has been compiled, reviewed and verified by Ronald G. Leber, P.Geo. Chief Geologist - Mine Lac Herbin, QMX Gold Corporation and Qualified Person as defined by National Instrument 43-101 guidelines. Mr. Leber is also the Qualified Person who directly supervised the drill program and all technical work conducted at Mine Lac Herbin, as summarized herein. Diamond drill core was logged and sampled by company personnel at the Lac Herbin mine. LTK-48 size definition core is entirely bagged and submitted for assay. Assaying was done by Accurassays Laboratories in Thunder Bay, Ontario by fire assay methods with AA finish, and secondary assays by fire assay with gravimetric finish if Au was greater than 3g Au/tonne. Samples with visible gold were assayed by metallic screening. In addition to Accurassays standards, blanks and duplicates, the Lac Herbin Geology Department inserts blanks and blind standards into the sample stream at a frequency of one in twenty samples to monitor quality control.
About QMX Gold
QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and Manitoba. The Company is listed on the Toronto Stock Exchange and effective July 5, 2012, began trading under the symbol "QMX", and trades in the United States on the Over the Counter QX (OTCQX) International platform under the symbol "QMXGF".
QMX Gold continues to operate in the Val-d'Or area with production estimated at 18,000-20,000 ounces of gold per year. The Company has also begun to ramp-up pre-production activities at its property at the Snow Lake Mining Camp which has a Measured and Indicated Mineral Resource of 5.4 million tonnes grading 4.45 g/t Au for approximately 720,000 oz of gold. The Snow Lake Mine is expected to produce 80,000 ounces of gold per year. Full details of the Snow Lake Project are outlined in the Technical Report titled "Snow Lake Mine Re-activation Project" dated December 10, 2010 and prepared by: Andre Roy (Eng.) Jamie Lavigne (P.Geo), David West (P.Eng), Ian Ward (P.Eng), Matthew Parfitt (P.Eng), Mark Bednarz (P.Geo), which is available on the SEDAR profile of the Company at www.sedar.com.
Cautionary Note Regarding Forward-Looking Information and Mineral Resources:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements (express or implied) relating to production results and/or the impact of such production results with respect to the mine at Lac Herbin, the timing, cost and/or amount of future exploration and development of the property, the timing, cost and/or amount of future production, the future price of gold or other minerals, the successful implementation of development plans at any of the Company's properties and/or the future financial or operating performance of QMX Gold, its properties and/or its projects. 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 annual information form of the Company, which is available under the profile of the Company 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. It should also be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/qmx0117fig1e.pdf.