Quebec Precious Metals Corporation Progressing Sakami to the resource estimation stage
Q
uebec Precious Metals Corporation (QPM) was created in mid 2018 to find the next Éléonore mine in the Eeyou Istchee James Bay territory of Quebec, with the support of its largest shareholder, Newmont Goldcorp (13.5 per cent), Caisse de dépôt et de placement du Québec (9.8 per cent), and other shareholders. The company and its team has made considerable progress to advance exploration and progress its 100 per cent owned flagship Sakami project and the La Pointe deposit to the resource estimation stage. During the summer of 2019, surface work continued, including soil geochemistry, prospecting, rock sampling, trenching, and channel sampling combined with heli-borne magnetic and radiometric, and groundinduced polarization surveys. This work will help develop targets for the next drill program scheduled to begin in the fall. In addition, soil geochemistry, prospecting/ rock sampling, and reconnaissance geological mapping are being carried out on other projects of a large land package (Figure 1) to better assess the exploration potential with the objective of inviting other parties to form partnerships or acquire these projects. Following a successful fall 2018/winter 2019 campaign, QPM’s team continues to extend the size of the mineralized system at La Pointe (Figure 2), where a significant gold system with a total of 100 diamond drill holes have intercepted the deposit and new near-surface gold discoveries were drilled at the Simon-JR area, located six to eight kilometres of La Pointe. This confirms the district size potential of the Sakami project. This year’s program will have the vast majority of the meterage to be drilled at La Pointe. The James Bay
Géochimie du projet Sakami La Pointe. / Sakami LaPointe geochem.
Eeyou Istchee territory is witnessing an
elements and creates opportunities to
increased level of exploration activity. This
have alternate rare earths production in
is exemplified by the drilling of the Mythril
other jurisdictions. QPM has a 68 per cent
high-grade copper-gold-molybdenum-
interest in the Kipawa project, located
silver discovery of Midland Exploration
in the Témiscamingue MRC, through the
Inc. QPM is in close proximity of this
Kipawa Rare Earth Joint Venture. The
discovery with two 100 per cent owned
Government of Québec, through its
projects: Blanche and Charles.
agent Ressources Quebec Inc., holds the
While focusing on Sakami, the company
remaining 32 per cent interest. A feasibility
continues to monetize non-core assets,
study released in 2013 showed a 15-year
including the Eeyou Istchee James Bay
production schedule. The project’s life
territory gold projects Blanche and
could potentially be increased by the
Charles, Opinaca Gold West, Annabelle
discovery of additional resources. QPM
and Chemin Troïlus, and the Kipawa rare
is looking to interest one or more third
earths and Vulcain nickel projects in
parties in joining the project.
southern Quebec. The company plans
QPM focuses on continually improving
will sell its interest in these projects or
its understanding of the gold potential of
identify partners to pursue exploration.
the Sakami project while operating in a
Recent monthly official customs data
safe, environmentally responsible manner,
from China, the world’s leading producer
and in close collaboration with the local
of rare earth metals, shows a reduction of
Cree communities. This is the roadmap to
rare earth metals exports. This highlights
generate significant shareholder value and
the strategic importance of rare earth
for other stakeholders. u Quebec Mining Review 2019/2020
21
