Lac Herbin's Bonanza Zone Expanded With Definition Drilling Returning Up to 7.6 g/t Au Over 10 Metres TORONTO, ONTARIO--(Marketwire - July 31, 2012) -
QMX GOLD CORPORATION (TSX:QMX)(OTCQX:AXSMD) ("QMX Gold" or the "Company") is pleased to report encouraging results from the 2012 definition diamond drill hole ("DDH") program at the Bonanza Zone of its wholly- owned Lac Herbin Mine.
The 2012 definition DDH program, which started at the end of February, has completed 43 holes for 2,561 metres of core from three different underground platforms on level 22 of the Lac Herbin Mine. The best assay results are from:
Hole LH03-316, returning 7.63 g/t Au over 10.50 metres (true width)
Hole LH03-390, returning 19.24 g/t Au over 2.80 meters (true width)
The western block 2010 Inferred Resource Contour (shown in Figure 1) was based on a mineralized structure 30 metres high by 58 metres long and 1.5 metres wide.
The drilling has substantially increased the size of the Western 2012 Mineralized Contour (shown in Figure 1), which is now based on a mineralized structure 50 metres high by 80 metres long with an average thickness of 3.27 meters.
Overall, the mineralized structure now extends over a footprint that is twice the original estimate as demonstrated in Figure 1. The zone is still open to the east, above and below. Drilling is ongoing to determine the dimensions of the western and eastern sectors.
Mineralization of the Bonanza Zone consists of quartz and quartz-carbonate veins and stockwork with free gold, patchy massive pyrite and disseminated pyrite hosted in a massive diorite. Results of the drilling are summarized in the table below.
The underground access to reach the Bonanza Zone was completed during the fourth quarter of 2011. Underground workings are focusing on the development of diamond drill platforms on the east side of the zone for continued definition drilling. On the west side of the zone lateral and vertical development is underway in order to start production in early 2013. Development progress towards the Bonanza Zone is shown in figure 2.
Francois Perron, President and CEO comments "We are very pleased with the ongoing work at the Bonanza Zone.
While we are still drilling and preparing the resource for a year end mineral resource, the mineralized area in the Bonanza Zone appears to be potentially larger than we had previously believed.
This new zone, combined with the previous work at the FL zone and the upcoming work on the S1 Zone, is expected to contribute to our objective of being able to extend the mine life at Lac Herbin by increasing our ability to replace the ore as mined."
All holes on the longitudinal section have been composited to 1.20 metres true width or greater to coincide with the minimum mining width of 1.20 metres. Assay results are included in Table 1.
QMX Gold Corporation (TSX:QMX)(OTCQX:QMXGF) ("QMX" or the "Company") is pleased to announce results from recent drilling activities at its wholly owned Lac Herbin mine in Val D'Or, Quebec.
Results from the exploration and definition diamond drilling program have allowed the Company to generate outlines of the FL Zones. Locations of the Zones are shown in Figure 1 below.
This drilling activity, completed in the fourth quarter of 2011, has been focused on in-fill drilling of the inferred resource envelope with the goal of expanding the zone. The FL Zone is located less than 150 metres from surface and extends over a lateral distance of 225 metres.
Highlights from the drill results from the FL Zones include:
25.9 g/t Au over 1.5 metres from hole AMAR-226 22.2 g/t Au over 1.6 metres from hole AMAR-220 21.5 g/t Au over 1.5 metres from hole AMAR-176 QMX Gold targeted the FL Zones with definition drilling of 66 holes for a total of 8,190 metres. From the 66 holes, 61 (or 92%) intersected anomalous gold mineralisation and associated alteration in the target area. Of these, 32 holes (or 48 %) show mineralization above 0.9 g/t Au and 15 holes (23%) return grades above 5.0 g/t Au. These characteristics are typical of areas with economic gold mineralization throughout the Lac Herbin mine.
Development to access the upper sector, named 6 FL and shown in Figure 2, was initiated in August 2011. Development which finished in April 2012 sent 1806 tonnes at 6.37 g/t Au to the mill for a total of 370 ounces. Production from this zone is forecasted to begin during the first quarter of 2013.
The lower part of the FL zone, named 11 FL and shown in Figure 3, similarly returned positive drill results and mining of this area will be integrated into the Company's 2013 mining plan.
The FL Zone is a ductile shear that varies from a few centimeters to 2.0 meters wide, locally reaching up to 7 meters wide, all located within the massive diorite of the Bourlamaque Batholith. The shear is injected with 5 to 80% quartz and quartz-carbonate-chlorite veining which varies from 10cm to 2.0m in width. The veining contains trace to 5% patchy, massive, and disseminated pyrite with rare, trace chalcopyrite. Gold in this region is associated with pyrite.
Data from 15 exploration holes, which include seven West block 6FL diamond drill holes for a total of 2399 metres are found at the bottom of the table. One hole returned values above 5.0 g/t Au and two intersected mineralisation above 0.9 g/t Au.
Francois Perron, the President and CEO of QMX Gold, commented: "Surface drilling of inferred resources in the FL Zone at the beginning of the year has confirmed the mineralization. The development required to access and define this new sector was undertaken shortly after its potential was recognized. These drilling results will be incorporated into the mineral resource and reserve estimate which will be disclosed in the first quarter 2013.
The mine exploration program for 2012 continues to define other nearby zones including the Bonanza, LH, S1 and other flat vein swarms. The Company's objective is to add reserves at a greater rate than they are mined."
The following table summarizes the recent drill results:
The technical and scientific information in this press release has been compiled, reviewed and verified by Chief Geologist Ronald G. Leber, P.Geo., and Senior Exploration Geologist Claude Savard, P.Geo., Lac Herbin Mine, QMX Gold Corporation; Qualified Persons (QP's) as defined by National Instrument 43-101. Mme. Savard was the QP who directly supervised the drill program and all technical work conducted at Mine Lac Herbin, as summarized herein. Diamond drill core was logged and sampled by company personnel at the Lac Herbin mine. NQ size exploration core was cut in half using a diamond saw with one half bagged and submitted for assaying and the remaining half sample retained and archived. BQ size definition core is entirely bagged and submitted for assay. A strict QA/QC program is followed that includes mineralized standards, blanks and field duplicates for each batch of samples. Analyses are performed by Techni-Lab of Ste-Germaine Boulé, Québec an ISO/IEC 17043 accredited assay facility. The Laboratory is certified by the Standards Council of Canada for gold analyses utilizing instrumental or gravimetric finish.
The economic potential and forecast results from mining activities in the FL Zones targeted by the drilling described above has not been proven nor is it subject to any feasibility study. There is no guarantee that production activities from such areas will be profitable.
About QMX Gold
QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and Manitoba. The Company is listed on the Toronto Stock Exchange ("TSX") and effective July 5, 2012 began trading under the symbol "QMX". QMX Gold trades in the United States on the Over the Counter QX International ("OTCQX") platform under the symbol "QMXGF". QMX Gold continues to be a dynamic and aggressive mining company operating in Canada's richest mining regions: Val-d'Or, Quebec, and Snow Lake, Manitoba. QMX Gold continues to operate in the mineral rich Val-d'Or area with production estimated at 18,500-20,500 ounces of gold per year. The Company has also begun to ramp-up pre-production activities at its property at the Snow Lake Mining Camp which has a Measured and Indicated Mineral Resources of over 720,000 oz gold and is expected to produce 80,000 ounces of gold per year as identified in the Technical Report of December 10, 2010 titled Snow Lake Mine Re-activation Project prepared by: Andre Roy (Eng.) Jamie Lavigne (P.Geo), David West (P.Eng), Ian Ward (P.Eng), Matthew Parfitt (P.Eng), Mark Bednarz (P.Geo).
Forward-looking information :
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the impact of these drill results and the timing and amount of future exploration and development of the property, the timing and amount of future production, and the future financial or operating performance of QMX Gold and its projects. 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 to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company 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.
QMX GOLD DELIVERS CONSISTENT PRODUCTION FROM LAC HERBIN MINE
Mine Produces 5,200 Ounces of Gold in the Third Quarter of 2012 TORONTO, ONTARIO--(Marketwire - Oct. 25, 2012) -
QMX GOLD CORPORATION (TSX:QMX)(OTCQX:QMXGF) ("QMX Gold" or the "Company") has produced approximately 5,200 ounces of gold from its Lac Herbin Mine in Val D'Or, Quebec in the third quarter of 2012. This brings total year to date production to over 16,000 ounces of gold.
Production Summary:
Year-to-Date Production for 2012 Quarter Q1 Q2 Q3 YTD Tonnes Milled (t) 43,582 43,788 30,548 117,918 Grade (g/t) 4.55 4.19 5.70 4.72 Average Recovery 86.7% 90.7% 93.5% 90.2% Recovered Gold (oz) 5,529 5,352 5,221 16,103 These results are in line with 2012 budget numbers and the Company is confident in achieving the 2012
QMX GOLD CORPORATION (TSX:QMX)(OTCQX:QMXGF) ("QMX Gold" or the "Company") announces that Mark Eaton has resigned as a director on the board of directors of the Company effective December 31, 2012 (the "Resignation") to comply with internal governance standards with respect to the number of boards on which certain officers should sit.
The Company would like to thank Mr. Eaton for his contribution to the Company's board of directors during his tenure.
About QMX Gold
QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and Manitoba. The Company is listed on the Toronto Stock Exchange and effective July 5, 2012, began trading under the symbol "QMX", and trades in the United States on the Over the Counter QX International platform under the symbol "QMXGF".
QMX Gold continues to operate in the Val-d'Or area with production estimated at 18,000-20,000 ounces of gold per year.
The Company has also begun to ramp-up pre-production activities at its property at the Snow Lake Mining Camp which has a Measured and Indicated Mineral Resource of 5.4 million tonnes grading 4.45 g/t Au for approximately 720,000 oz of gold.
Snow Lake Mine is expected to produce 80,000 ounces of gold per year.
Full details are outlined in the Technical Report titled "Snow Lake Mine Re-activation Project" dated December 10, 2010 and prepared by: Andre Roy (Eng.) Jamie Lavigne (P.Geo), David West (P.Eng), Ian Ward (P.Eng), Matthew Parfitt (P.Eng), Mark Bednarz (P.Geo), which is available on the SEDAR profile of the Company at www.sedar.com.
Qualified Person
Technical programs and scientific and technical information included in this release have been supervised, compiled, reviewed and approved by David Rigg, P.Geo., the Chairman of the Company and a Qualified Person as defined under NI 43-101.
Forward-looking information:
This press release contains "forward-looking information"---- forward-looking information, except in accordance with applicable securities laws.