TORONTO, Sept. 17, 2019 (GLOBE NEWSWIRE) -- QMX Gold Corporation (“QMX” or the “Company”) (TSX:V:QMX) is pleased to report the filling on SEDAR of a technical report titled "Mineral Resource Estimate For the Bonnefond South Intrusive Project, Val d'Or, Québec, Canada" ("the report"). The report effective date is September 12, 2019. It was prepared by BBA Inc. in accordance with National Instrument 43-101 standards and rules. The report was prepared by Mr. Pierre-Luc Richard, P.Geo. and Mrs. Charlotte Athurion, P.Geo. from BBA Inc., both are "Qualified Persons" as defined by NI 43-101.

Highlights:

Using a 0.75 g/t Au cut-off, the current mineral resource estimate is (Table 1):

  • Indicated resource of 4,755,000 tonnes at 1.69 g/t Au for 258,700 ounces,
  • Inferred resource of 2,410,000 tonnes at 1.87 g/t Au for 145,100 ounces.

The report is available on SEDAR (www.sedar.com) and QMX website (www.qmxgold.ca). The report supports the maiden mineral resource announced on the company's news release of July 30th, 2019.

Fall drilling program:

Based on the recommendations of the report authors, QMX Gold is starting a 6,000m fall drilling campaign on the Bonnefond property. The objective is to extend and explore the lateral extensions of the deposit and bring the inferred resources in the intrusive to an Indicated confidence level.

Qualified Persons

The scientific and technical content of this press release has been reviewed, prepared and approved by Mélanie Pichon, P.Geo, Exploration Manager for QMX Gold, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

About QMX Gold Corporation

QMX Gold Corporation is a Canadian based resource company traded on the TSX-V under the symbol “QMX”. The Company is systematically exploring its extensive property position in the Val d’Or mining camp in the Abitibi District of Quebec. QMX is currently drilling in the Val d’Or East portion of its land package focused on the Bonnefond plug and in and around the Bevcon Intrusive. In addition to its extensive land package QMX owns the strategically located Aurbel gold mill and tailings facility, which is expected to commence custom milling in 2019.

Contact Information:
Brad Humphrey                                                                     Louis Baribeau
President and CEO                                                               Public Relations
Tel: (416) 861-5887                                                               Tel: (514) 667-2304
Toll free: +1 877-717-3027    Email: info@qmxgold.ca       Website: www.qmxgold.ca

Cautionary Note Regarding Forward-Looking Information:

This press release contains or may be deemed to contain “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes. but is not limited to. statements regarding future plans. operations and activities. projected mineralization. timing of assay results. and the ability of the Company to continue as a going concern. 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 disclosure documents of the Company filed under the Company’s profile 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Table 1: Bonnefond South Intrusive Project Indicated and Inferred Mineral Resource and cut-off grade sensitivity table:

 Indicated resourcesInferred resources
Cut-off
grade
Tonnage
(000 t)
Grade
(g/t)
Ounces Au
(oz)
Tonnage
(000 t)
Grade
(g/t)
Ounces Au
(oz)
> 1.00 g/t3,8521.88233,1001,9782.09133,000
> 0.90 g/t4,2461.80245,1002,1522.00138,300
> 0.80 g/t4,5951.72254,7002,3181.92142,800
> 0.75 g/t4,7551.69258,7002,4101.87145,100
> 0.70 g/t4,9081.66262,2002,5161.82147,600
> 0.60 g/t5,1611.61267,6002,7641.72152,700
> 0.50 g/t5,3611.57271,1003,0561.61157,900
> 0.40 g/t5,4851.55272,9003,4451.48163,500

Notes to table 1:

1. The independent qualified person for the 2019 MRE, as defined by NI 43-101 guidelines, is Pierre-Luc Richard, P. Geo., of BBA Inc. The effective date of the estimate is July 18, 2019.

2.These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred and Indicated resources as Measured, however It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

3. A cut-off grade of 0.75g/t Au was used for the MRE. The cut-off grade was calculated using the following parameters (amongst others): gold price = 1,300USD, CAD:USD exchange rate = 1.31, Mining cost = 3.50 CAD$/t mined, Processing cost = 26.50 CAD$/t processed, G&A = 4.00 CAD$/t processed, Transportation cost = 8.00 CAD$/t processed. The cut-off grade will be re-evaluated in light of future prevailing market conditions and costs.

4. Resources are presented as undiluted and in situ for an open-pit scenario and are considered to have reasonable prospects for economic extraction. The pit optimization was done using Hexagon’s MineSight Version 15.10. The constraining pit shell was developed using pit slopes of 50 degree in hard rock and 26.5 degree in overburden. Other parameters are the same that were used for the cut-off grade (see above).

5. The MRE was prepared using Geovia® GEMS 6.8.2.2 and is based on 94 surface drillholes, of which 83 intercepted mineralization, with a total of 7,334 assays. The resource database was validated before proceeding to the resource estimation. Grade model resource estimation was calculated from drillhole data using an Ordinary Kriging interpolation method in a block model using blocks measuring 5 m x 5 m x 5 m in size. The cut-off date for drillhole assays was June 10, 2019.

6. The model comprises 12 mineralized shear zones (which have a minimum thickness of 3 m), 2 lithological units and 1 mineralized body included in the tonalite intrusive unit each defined by individual wireframes.

7. High-grade capping was done on the composited assay data and established on a per unit basis. Capping grades used are 2.0 g/t Au for the Diorite unit, 2.5 g/t Au for the Tonalite unit, 25 g/t Au for the Shear Zones and 35 g/t Au for the Mineralized Tonalite. A value of zero grade was applied in cases of core not assayed.
8. Fixed density values were established on a per unit basis, corresponding to the median of the SG data of each unit ranging from 2.69 to 2.81. A fixed density of 2.00 g/cm3 was assigned to the overburden.

9. The MRE presented herein is categorized as an Inferred and Indicated resource. The Inferred mineral resource category is defined for blocks that are informed by a minimum of two drillholes where drill spacing is less than 100 m for the mineralized intrusive-related mineralization and less than 80 m for the shear zones. Indicated Mineral Resources were defined for the mineralization contains in the altered tonalite where blocks have been informed by a minimum of three drillholes and where drill spacing is less than 50 m. No indicated resource was defined for the shear zones, the unaltered tonalite, and the diorite. Where needed, some material have been either upgraded or downgraded to avoid isolated blocks.

10. The number of metric tons was rounded to the nearest thousand.

11. CIM definitions and guidelines for Mineral Resource Estimates have been followed.

12. The author is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issues not reported in this Technical Report, that could materially affect the Mineral Resource Estimate.