QMX Gold (QMX-V) Nov 10, '16 is pleased to provide an update on the exploration program currently underway on its 217 km² land package in the prolific mining region of Val d'Or, Quebec. The Company's exploration team has outlined multiple prospective targets in the southwestern area of the property, bordering Integra Gold's Lamaque South property, based on the extensive review of existing geological data. An initial 4,000 metre drilling program is planned to commence once permits are received, with the first set of results issued before year-end. Drilling permits for this program have been submitted and QMX is in the process of requesting tenders from drill contractors. Based on results from this program, QMX intends to design a subsequent drilling program in early 2017.
QMX continues to develop additional targets on its large land package. A particular focus is being placed on prospective diorite and gabbro plugs and sills, as well as favourable IP anomalies, in order to test the potential eastward extension of gold mineralization from the adjacent Lamaque South property on to the QMX property, between the Bourlamaque Batholith and the Poste Intrusion (see figure 1).
Brad Humphrey, President and CEO of QMX Gold, commented, "Recent exploration successes on the properties adjacent to ours have been very encouraging and we are eager to begin drilling our initial set of targets. We are maintaining a strong systematic exploration approach to our large land package, with the priority set on targets that fall between and to the west of the Bourlamaque Batholith and Poste Intrusion."
Further Settlement of Payables
QMX has completed additional share for debt settlements with various trade payables, as previously announced on October 27, 2016, and has issued 315,028 common shares of QMX at a deemed price of $0.10 per share. The common shares are subject to a statutory hold period of four months and one day that expires on March 9, 2017. The Company has made substantial progress strengthening its financial position and may now recommence the systematic exploration of its large land package in Val d'Or, Quebec.
David Rigg is a qualified person under National Instrument 43-101 and Senior Vice President, Exploration of QMX. He has reviewed and approved the scientific and technical information in this press release.
About QMX Gold Corporation
QMX Gold Corporation is a Canadian resource company traded on the TSX-V under the symbol "QMX". The Company is exploring its 217 km2 property position in the Val d'Or mining camp in the Abitibi District. In addition, QMX owns the Aurbel gold mill in Val d'Or Quebec.
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QMX Gold Corporation
Brad Humphrey
President and CEO
(416) 861-5887
QMX Gold Corporation
Louis Baribeau
Public Relations
(514) 667-2304
QMX Gold Corporation
Toll free: +1 877-717-3027
info@qmxgold.ca
www.qmxgold.ca |
