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QM GOL
TSXV-listed junior embarks journey in Québec’s V
MX LD
on a remarkable exploration Val d’Or mining camp
MINING | QMX GOLD CORPORATION
QMX Gold has been working in Québec’s famous Val d’Or Mining Camp since around 2003, when it acquired several land packages from Aur Resources and focused on developing the Lac Herbin deposit, which came into commercial production in 2008. Over the next decade or so, QMX utilised its 100% owned, fully permitted Aurbel mill and tailings site while running down the life of the Lac Herbin mine. After coming into some financial difficulties during the nadir of the commodity price cycle in 2015-16, the company decided to restructure with a sole focus on its current exploration property package in the heart of the Val d’Or Mining Camp.
“From 2017 until now, we
The bustling mining camp – the name of which means ‘valley of gold’ in French – is a 20 million ounce production centre within the legendary Abitibi Greenstone Belt, which itself is the world’s third largest gold district and is yet still underexplored in large swathes, including in Val d’Or. This makes the region one of the most attractive settings in the world for exploration firms, and QMX has been advancing a systematic programme of evaluation, targeting and drilling across a massive 200 km² land package over the last three years.
yet, so it’s a really exciting time.
have been going through the historic data, picking high priority targets and getting into drilling,” says QMX CEO and president Brad Humphrey. “We’ve developed a resource at our most advanced project called Bonnefond and that continues to expand. We also have a number of really exciting targets we’ve been drilling this year including River and Poulmaque. This winter, we will have another large programme where we’ll get on to additional targets that we haven’t been able to drill We have four rigs turning at the moment and we’re going to add an additional three going into the winter programme.” QMX’s post-2016 strategy was dependent on it being able to raise funds for exploration campaigns, which seemed like a tough ask at a time when investors were not warming to the junior segment of the market.
MINING | QMX GOLD CORPORATION
MINING | QMX GOLD CORPORATION
However, Humphrey has been
at that time when the markets
thrilled to receive consistent
weren’t necessarily all that
support from capital raises
open to funding exploration
and corporate investors over
companies,” says Humphrey.
the last three years. Several neighbouring mining firms
Equipped with healthy doses
in Val d’Or jumped at the
of capital funding, QMX
opportunity to build a stronger
has been able to complete
understanding of the regional
a remarkable 90,000 metres
geology by investing in QMX’s
of drilling between 2017 and
exploration work.
2019, with an additional 45,000
Neighbours lend a hand Strategic investors in QMX
metres planned in 2020. These metres have contributed to the development of a new geologic understanding of the region.
include Eldorado Gold (18%), Osisko Gold Royalties
In a nutshell, the drilling has
(6.1%), Probe Metals (4%)
indicated the presence of gold
and more recently O3 Mining
across the entire property,
and renowned Canadian
with the Bonnefond Deposit
gold bull Eric Sprott have
acting as the centre piece. In
come on board following the
the East Zone, the company
publication of several excellent
has received high grade
drill results earlier this year.
intercepts at Bevcon and to the West of Bonnefond, similar
“Even though this is one of
results have been achieved at
the least expensive places
River.
on the planet to do drilling, we still needed to raise
“Everywhere we put on a drill
money. We got good support
programme, we have come
from individuals and these
back with a lot of success. This
corporates. It’s been great to
is a spectacular land position
have that support, particularly
and this year was really the
BRAD HUMPHREY - QMX GOLD CEO AND PRESIDENT
first time we were funded
the inferred into the indicated
Humphrey ensures that the
enough to have multiple
while also attempting to
results will be released to the
programmes going on, so it’s
expand inferred resources
market in the near future but
been a really exciting time.”
within the higher grade
cannot put an exact timescale
section of the shear zones.
on when that will be as the
Growing Bonnefond
company has been hit with “I think we’ve been successful
delays stemming from the
The July 2019 maiden resource
in doing that and we do
COVID-19 pandemic, which
for Bonnefond estimated that
expect our next resource
have impacted all levels of the
there were 258,000 ounces of
update at Bonnefond to be a
supply chain in the exploration
gold in the indicated category
fairly meaningful percentage
sector.
and 145,000 ounces in the
increase across both
inferred, but QMX has since
categories.”
“I’m super excited to see
conducted further drilling at
this resource, but perhaps
the deposit to move more of
underestimated the delays that
MINING | QMX GOLD CORPORATION
RGN editor Jacob Ambrose Willson interviews QMX Gold CEO and President Brad Humphrey, October 20, 2020
QMX G O LD AT A G L A N C E
STOCK TICKER
were going to impact us from
the result will be and I do hope
COVID. The increase in work
to see that shortly.”
in the local area has expanded
access to engineering because
Adding more rigs and crew members
there are so many projects
In a period of unprecedented
going on.
difficulty for people and
turnaround times on assay labs and there are delays on
organisations around the
TSXV:QMX
“We are in constant
world and across the mining
MARKET CAPITALISATION
communication with our third
industry, QMX has been able
party working on the resource
to press on with its planned
and they have assured us that
45,000 metres drilling
it is progressing. We are as
programme this year, and has
eager as everybody to see what
even been lucky enough to
US$44.25 million (as of October 30, 2020)
aj
MINING | QMX GOLD CORPORATION
attract additional staff to work
drill in the winter, particularly
on the campaign in a COVID-
to the East of Bonnefond and
safe environment.
there’s a number of really interesting targets in that 5
And for the upcoming 35,000
km trend that we’ll be drilling
metres winter programme,
on this winter. We hope to
QMX is adding three more rigs
continue our great success at
along with additional crews to
the drill bit and further show
work on follow up drilling at
the true underlying value of
the New Louvre and Bevcon/
this property.”
Buffadison deposits. QMX is also actively pursuing “There are areas on our
custom milling opportunities
property which are easier to
in and around a wider perimeter surrounding the
We’ve developed a resource at our most advanced project called Bonnefond and that continues to expand. We’ve also got a number of very exciting targets we’ve been drilling this year” – Brad Humphrey, QMX Gold CEO and president
MINING | QMX GOLD CORPORATION
Aurbel mill and tailings
advanced neighbours gives a
see that whole Eastern side
facility, although Humphrey
sense of the value proposition
growing to be quite significant
emphasises that this is not a
inherent within the company.
in the future.”
“Probe is a couple years ahead
Then there are the
“In the meantime, we’ve
of us and you can see what
reconnaissance programmes
worked out an agreement
their valuation is. O3 put their
taking place in the
with 03 Mining whereby they
property package together
Bourlamaque Zone at the River
have the option to acquire that
not too long ago and their
and Poulmaque targets, which
asset, but we maintain our
valuation speaks for itself. I
have the potential to grow into
access to 650 tonnes per day.
believe that is where we are
significant resources along
They have the opportunity
going too.
with several other targets
primary focus of the business.
to use and expand it, but
across the property.
we would retain our right to
“I believe we will be able to
process material through that
show that Bonnefond is much
“Although there have been
milling facility, should we get
bigger in the coming years,
delays across the entire
a deposit into production in
starting with this upcoming
industry, we have lots of
a short period of time. It’s a
interim update. Ever since
drilling going on, lots of assays
great agreement and a nice
we’ve been working on the
pending and our resource
asset to have.”
resource, we’ve continued to
estimate is progressing, all
drill. We’ve shown its growing
of which would be positive
to the East and West, we’ve had
catalysts for the story,”
some assays pending from the
Humphrey concludes.
The start of something big With an enviable land package
North, we’ve shown it grows at
right in the centre of the
depth and we’re drilling to the
highly prospective Val d’Or
South as well.”
Mining Camp, QMX is in the right postcode to grow
In particular, Humphrey
substantially via exploration
mentions the 5 km trend
alone in the coming years. In
between Bonnefond and
fact, a cursory glance at the
Bevcon as being a top target
valuations of some of its more
for further drilling. “We can
Published by Anderson Murray Media Ltd
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