QMX Files Bonnefond South Technical Report on SEDAR Including 53% Increase in Indicated Resources and 100% Increase in Inferred Resources
TORONTO, Jan. 18, 2021 (GLOBE NEWSWIRE) -- QMX Gold Corporation (“QMX” or the “Company”) (TSX:V:QMX) is pleased to report the filing on SEDAR of a technical report titled "Mineral Resource Estimate Update For the Bonnefond South Intrusive Project" (the “Technical Report"). The Technical Report effective date is October 31, 2020. The Bonnefond South property is located approximately 25 km to the east of Val d'Or, Quebec (Figure 1) and was completed by BBA Inc. in accordance with National Instrument 43-101 standards and rules. The report was prepared by Mr. Pierre-Luc Richard, P.Geo.; Mrs. Charlotte Athurion, P.Geo. and Mr. Jeffrey Cassoff, P.Ing. from BBA Inc., all are "Qualified Persons" as defined by NI 43-101.
Highlights from the report include:
- An overall increase of 53% of the resources in the indicated category
- An overall increase of 100% of the resources in the inferred category
- A first underground resource of 140,600 oz @ 4.52 g/t Au, demonstrating the underground potential of the project – opening up a target zone between 350m and 1,000m depth
- A new geological model with stronger control of the mineralized envelopes
“We are extremely pleased to have completed another chapter in the success of the Bonnefond deposit,” comments Brad Humphrey, Chief Executive Officer of QMX. “The Technical Report demonstrates the open pit and underground potential of this very robust resource model. The rapid increase in ounces over a very short period of time, is both a testament to our strong team and the quality of our property.”
The report is available on SEDAR (https://www.sedar.com) and QMX website (www.qmxgold.ca). The report supports the interim update of its mineral resource estimate announced by the Company on December 2, 2020 (News release, December 2, 2020).
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5e46bf21-3019-46c9 ...
Notes to Table 1:
- The independent qualified persons for the Technical Report, as defined by NI 43-101 guidelines, are Charlotte Athurion, P,Geo., and Pierre-Luc Richard, P. Geo., both of BBA Inc. The effective date of the estimate is October 31, 2020.
- These mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported inferred resources in mineral resource estimate in the Technical Report (the “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.
- The cut-off grade used for the MRE was 0.60 g/t Au for the open pit material, 2.70 g/t for the underground material inside the V2 unit (where the mineralized orebody has a dip greater than 40°) and 3.4 g/t for the underground material outside the V2 unit (where the mineralized ore body has a dip lower than 40°). The cut-off grade was calculated using the following parameters (amongst others): Gold price = USD $1,450, CAD: vs. USD exchange rate = 1.32, Mining cost = $110-150/t for underground and $3.50/t for open-pit, Processing cost = $26.50/t processed, G&A = $4.00/t processed for open-pit and $15.00/t for underground, Transportation cost = $5.00/t processed. The cut-off grade will be re-evaluated in light of future prevailing market conditions and costs. All costs are represented in Canadian dollars unless otherwise stated.
- Resources are presented as undiluted and in situ for an open-pit and underground scenario and are considered to have reasonable prospects for economic extraction. The open‑pit resources are constrained within a pit shell that was developed via a pit optimization analysis using Hexagon’s MinePlan 3D software version 15.70. The pit optimization analysis was carried out using overall pit slopes of 50° in rock and 26.5° in overburden. A mining dilution of 5% and a mining recovery of 95% were considered. The pit shell that was selected for the MRE was the one that was run at a Revenue Factor (RF) equal to 1.2. Other parameters are the same as those that were used for the cut-off grade (see above). The open‑pit has a stripping ratio of 8.5 to 1.
- In order to determine the quantity of mineralization that shows a “reasonable prospect for eventual economic extraction” using underground mining methods, a series of clipping boundaries were created manually in longitudinal and 3D views to isolate potential mineable volume of blocks above the cut-off grades. When blocks below the cut-off grades were contained inside those volumes, they were included in the MRE as internal dilution material. Isolated blocks or groups of blocks with not enough continuity to be considered as minable shapes were then removed from the mineral resource estimate.
- The MRE was prepared using Geovia GEMS 6.8.3 and is based on 266 surface drillholes, of which 181 intercepted the block model limits, with a total of 30,639 assays. The resource database was validated before proceeding to the resource estimation. Grade model resource estimation was calculated from drillhole data using an OK interpolation method in a block model using blocks measuring 5m x 5m x 5m in size. The cut-off date for drillhole assays was October 15, 2020.
- The model comprises 16 mineralized shear zones (which have a minimum thickness of 3m), and two mineralized units (Tonalite and Diorite), each defined by individual wireframes.
- High-grade capping was done on the composited assay data and established on a per unit basis. Capping grades used are 1.5 g/t Au for the Diorite unit, 6 g/t Au for the Tonalite unit, and ranging from 2 g/t Au to 35 g/t Au for the shear zones. A value of zero grade was applied in cases of core not assayed.
- Fixed density values were established on a per unit and per mineralization type basis, corresponding to the median of the SG data of each unit ranging from 2.67 to 2.84. A fixed density of 2.00 g/cm3 was assigned to the overburden.
- 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 100m. Indicated mineral resources were defined for the mineralization contained in the constraining pit shell only where blocks have been informed by a minimum of three drillholes and where drill hole spacing is less than 50m. No indicated resource was defined for the underground resources. Where needed, some material has been either upgraded or downgraded to avoid isolated blocks.
- The number of metric tons (tonnes) was rounded to the nearest thousand.
- CIM definitions and guidelines for MRE have been followed.
- The authors are 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 MRE.
The Bonnefond deposit comprises an intrusive body and series of shear zones transecting the intrusive. The intrusive body has an elliptical shape on plan view, measuring approximately 250m by 95m and dipping at 70° to the north-east. The northern part of the intrusion is tonalitic body of 250m by 60m while the southern part of the intrusive is more dioritic in its mineral composition. The gold values are associated with free visible gold and disseminated pyrite mineralization; tension and shear quartz-tourmaline veins and stockwork.