Quebec Precious Metals Corporation - Progressing Sakami to the resource estimation stage

Quebec 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 Eeyou Istchee territory is witnessing and increased level of exploration activity. This is exemplified by the drilling of the Mythril high-grade copper-gold-molybdenum-silver discovery of Midland Exploration Inc. QPM is in close proximity of this discovery with two 100 per cent owned projects: Blanche and Charles.

While focusing on Sakami, the company continues to monetize non-core assets, including the Eeyou Istchee James Bay territory gold projects Blanche and Charles, Opinaca Gold West, Annabelle and Chemin Troïlus, and the Kipawa rare earths and Vulcain nickel projects in southern Quebec. The company plans will sell its interest in these projects or identify partners to pursue exploration.

Recent monthly official customs data from China, the world’s leading producer of rare earth metals, shows a reduction of rare earth metals exports. This highlights the strategic importance of rare earth elements and creates opportunities to have alternate rare earths production in other jurisdictions. QPM has a 68 per cent interest in the Kipawa project, located in the Témiscamingue MRC, through the Kipawa Rare Earth Joint Venture. The Government of Québec, through its agent Ressources Quebec Inc., holds the remaining 32 per cent interest. A feasibility study released in 2013 showed a 15-year production schedule. The project’s life could potentially be increased by the discovery of additional resources. QPM is looking to interest one or more third parties in joining the project.

QPM focuses on continually improving its understanding of the gold potential of the Sakami project while operating in a safe, environmentally responsible manner, and in close collaboration with the local Cree communities. This is the roadmap to generate significant shareholder value and for other stakeholders.