QMX Gold Corporation

July 31, 2012 07:00 ET

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.

Table 1
Hole From To Core Estimated Grade
No. (m) (m) Length True Width (gAu/tonne)
(m) (m)
LH03-266 34.80 36.40 1.60 1.20 0.34
LH03-267 38.30 39.70 1.90 1.20 0.40
LH03-269 24.10 25.60 1.50 1.20 1.87
LH03-270 16.45 18.95 2.50 1.70 14.41
LH03-271 18.90 20.10 1.20 1.20 0.10
LH03-272 21.00 22.50 1.50 1.40 0.35
LH03-273 28.15 29.50 1.35 1.20 0.03
LH03-274 29.20 30.45 1.25 1.20 2.41
LH03-275 25.40 26.90 1.50 1.20 2.16
LH03-276 N.S.A.
LH03-277 N.S.A.
LH03-278 27.55 29.20 1.65 1.20 0.01
LH03-279 14.20 15.60 1.40 1.20 4.29
LH03-281 37.50 39.20 1.70 1.20 2.37
LH03-282 36.40 37.90 1.50 1.20 0.02
LH03-309 73.40 74.80 1.40 1.20 18.20
LH03-310 68.40 69.75 1.15 1.20 6.71
LH03-311 20.10 24.00 3.90 3.90 15.63
LH03-312 25.85 31.90 6.05 5.40 9.67
LH03-313 40.10 48.20 8.10 6.80 3.72
LH03-314 24.95 27.00 2.05 1.40 3.69
LH03-315 39.00 40.60 1.60 1.20 0.30
LH03-316 45.20 58.90 13.70 10.50 7.63
LH03-317 30.60 32.20 1.60 1.20 0.10
LH03-318 43.75 46.55 2.80 1.90 4.62
LH03-319 33.75 38.20 4.45 4.30 1.91
LH03-320 52.75 60.20 7.45 6.60 4.53
LH03-321 46.85 51.75 4.90 4.00 3.13
LH03-322 44.90 50.25 5.35 4.00 7.60
LH03-351 42.85 48.70 5.85 4.90 2.02
LH03-352 31.15 35.05 3.90 3.70 3.94
LH03-353 39.30 40.55 1.25 1.20 6.11
LH03-354 37.60 38.85 1.25 1.20 4.38
LH03-355 51.20 52.60 1.40 1.20 0.04
LH03-356 48.30 52.00 3.70 2.70 7.30
LH03-357 60.00 61.60 1.60 1.20 2.70
LH03-358 47.75 57.10 9.35 7.80 5.63
LH03-359 59.05 60.40 1.35 1.20 1.52
LH03-360 56.25 66.95 10.70 9.20 2.10
LH03-361 69.00 71.50 2.50 2.10 12.51
LH03-362 58.75 64.15 5.40 4.30 10.03
LH03-379 79.25 87.30 8.05 4.40 2.03
LH03-390 25.75 30.70 4.95 2.80 19.24

Qualified Person

Technical information in this press release has been compiled, reviewed and verified by Ronald G. Leber, P.Geo. Chief Geologist - Mine Lac Herbin and "Qualified Person" as defined by National Instrument 43-101. Mr. Leber is also the Qualified Person who directly supervised the drill program and all technical work conducted at the Snow Lake Mine, as summarized herein. Assaying was done by Accurassays Laboratories in Thunder Bay, Ontario by fire assay methods with AA finish, and secondary assays by fire assay with gravimetric finish if Au was greater than 3gAu/tonne. Samples with visible gold were assayed by metallic screening. In addition to Accurassays standards, blanks and duplicates, the Lac Herbin Geology Department inserts blanks and blind standards into the sample stream at a frequency of one in twenty samples to monitor quality control.

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, will trade under the symbol "QMX", and trades in the United States on the Over the Counter QX International ("OTCQX") platform under the symbol "AXSMD". 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 18,000-20,000 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 Resources of over 720,000 oz gold and is expected to produce 80,000 ounces of gold per year.

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 on the future development and mine life of the Lac Herbin project and the Company's expected future performance, 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 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.

To view the Bonanza Update Figures, please visit the following link: http://media3.marketwire.com/docs/Bonanza.pdf.

Contact Information

  • QMX Gold Corporation
    Francois Perron
    President and CEO
    (416) 309-2952

    QMX Gold Corporation
    Louis Baribeau
    Public Relations
    (514) 667-2304

    QMX Gold Corporation
    Rob Hopkins
    Investor Relations
    (416) 861-5899 or Toll free: +1 877-717-3027