QcX Gold Corp (QCX-V) Harfang Exploration Inc. (HAR-V) QcX Gold acquires the Kali Project, James Bay-Eeyou Istchee, NW Québec

Event: QcX acquires the Kali Project from Harfang Exploration and increase the footprint of its Golden Giant Project.

Impact: Positive: Win, win transaction for both parties as it consolidates land position allowing for better investigations of potential gold targets in the Elmer area of the James Bay. 

Analysis

·        QcX announced on September 9, 2020 that it has acquired a 100% interest in the Kali Project from Harfang Exploration Inc. (HAR-V), a James Bay project generator. The Kali Project consists of 193 mining claims covering ~10,127 ha in 3 blocs, located in the James Bay lowlands area (Eeyou Istchee) of NW Québec. The newly acquired land package considerably expands and consolidates QcX's 100% owned Golden Giant Project to 18,992 ha (see: https://www.dhirubhai.net/pulse/qcx-gold-corp-qcx-v-initiates-phase-2-work-program-golden-lemieux/). Recall on August 18, 2020, QcX had announced the launch of a Phase 2 exploration program on its Golden Giant project. The Golden Giant project (GGEast and GGWest blocs) is in the general area of Azimut Exploration (AZM-V) Patwon discovery (see: https://www.dhirubhai.net/pulse/azimut-exploration-inc-azm-v-more-interesting-results-eric-lemieux/).

·        Fair transaction: The arm’s-length mining claim acquisition agreement dated September 6, 2020, between Harfang and QcX shall see QcX issue an aggregate of 1,750,000 common shares, and grant in favour of Harfang a 2.5% NSR royalty, with no buyback option, in respect of the Kali Project. Recall Harfang had staked the Kali Project claims around January 21, 2020.

·        Assembling a good land package: The Kali Project is comprised of the Kali West property (7,226 ha), the Kali East property (2,848 ha) and the Kali Island property (53 ha) to the south of the WI Target on the K2 project of Dios Exploration (see: https://www.dhirubhai.net/pulse/dios-exploration-inc-dos-v-active-elmer-area-its-k2-project-lemieux/). They are underlain by Archean felsic to mafic volcanic rocks of the Wabamisk and Komo Formations as well as tonalitic gneisses which may be favourable hosts to gold mineralization. Recall Midland Exploration (MD-V) is exploring the area with its 100% owned Komo gold project of 393 claims (2,070 ha) (see: https://www.dhirubhai.net/posts/eric-lemieux-9468715_quebec-jamesbay-gold-activity-6707295691464564736-Nl-d).   The Kali East property is located on the SE margin of the kilometric-scale Kasapawatish batholith, which may be related to the structural framework at Azimut's Patwon discovery which is found to the NW of this intrusion. The Kali East property is contiguous with properties of O3 Mining Inc. and Les Explorations Carat Inc. which include several historic showings of gold and zinc.

·        Win, win transaction for both parties: QcX, continues to expand diligently its presence in Québec with the expanded Golden Giant Project and its Fernet Project along the Québec Detour Trend (see: https://www.dhirubhai.net/posts/eric-lemieux-9468715_qcx-gold-corp-qcx-v-qcx-announced-on-activity-6699672794415812608-zeH3) while Harfang remains astutely focused in the Sakami area and advancing its Serpent property (see: https://www.dhirubhai.net/pulse/harfang-exploration-inc-har-v-new-gold-land-james-bay-eric-lemieux/ and https://www.dhirubhai.net/pulse/harfang-exploration-inc-har-v-go-full-throttle-serpent-eric-lemieux/). Both QcX and Harfang continue to remain active in Québec by exploring for gold on their respective highly prospective portfolio of properties. Again, recall the Province of Québec offers supportive exploration funds with ‘Québec Inc’ (i.e.: SIDEX, SDBJ, FTQ, CDPQ and Desjardins Capital) as well as offering competitive tax incentives including tax rebates for hard dollars spent for exploration and super flow through tax incentives.

Important Disclosures

QcX Gold Corp.                                                                                                                    R

Harfang Exploration Inc.                                                                                         D, V, P, R

D            The Mining Analyst, in his own account or in a family related account, owns securities in excess of 50,000 shares of the issued and outstanding equity securities of this issuer.

V            The Mining Analyst has visited material operations of this issuer. 

P            This issuer paid a portion of the travel-related expenses incurred by the Mining Analyst to visit material operations of this issuer.

R            This issuer has indirectly paid the Mining Analyst. 

Update - September 14, 2020:

QcX Gold Discovers Kilometric Anomalous Gold Trend During Phase 1 Work Program on Golden Giant East, Québec

QcX announced on September 14, 2020 that it has received results from its Phase 1 exploration program on its 100% owned Golden Giant project The overall Golden Giant project now comprises 3 properties, Golden Giant East ("GGEast"), Golden Giant West ("GGWest") and the recently acquired Kali East properties, covering 18,992 ha. This land package is contiguous to Azimut Exploration Inc.'s Patwon project discovery ((https://www.dhirubhai.net/pulse/azimut-exploration-inc-azm-v-more-interesting-results-eric-lemieux/). The Phase 1 exploration program on GGEast resulted in the discovery of a kilometric anomalous gold trend, spanning over 5 km, with results of up to 1.71 g/t Au from grab samples.

Gold mineralization occurs in a variety of settings. Of particular note is the identification of a NE-trending zone of anomalous gold samples, spanning ~5 km and roughly following the southern portion of a cherty banded iron formation unit. Anomalous gold values of 425 ppb, 215 ppb, 160 ppb, 149 ppb, and 143 ppb were obtained from quartz-chlorite veins of up to 15 cm containing trace amount to 1% pyrite. In addition, Phase 1, prospecting resulted in the discovery of several other promising areas of interest on both the East and West blocks.

During April of 1986 a 149m diamond drill hole (W86DH005) was completed on grid A-16 by Westmin Resources Ltd. The hole consisted of a sequence of intermediate tuffs and oxide and silicate facies iron formation (garnet amphibolite with pyrrhotite and magnetite). A total of 8 m of core was split and assayed with the highest gold value being 45ppb. 

Update - September 28, 2020:

QcX Gold Reports up to 3.87 g/t Au from Phase 1 Work Program on Golden Giant West, Québec

https://www.newsfilecorp.com/release/64716

QcX reported on September 28, 2020 up to 3.87 g/t Au from Phase 1 Work Program on Golden Giant West in the James Bay lowlands area (Eeyou Istchee) of NW Québec. The Golden Giant Project comprises 3 properties, Golden Giant West (GGWest), Golden Giant East (GGEast), and the recently acquired Kali East, covering 18,992 ha. The Golden Giant Project is proximal and locally contiguous to Azimut Exploration Inc.'s Patwon project (see: https://www.dhirubhai.net/posts/eric-lemieux-9468715_azimut-exploration-inc-azm-v-azm-provided-activity-6711634389199020032-dPG9). Saliently, Golden Giant West growing claims are to the west of Dios Exploration WI Target on the K2 project (https://www.dhirubhai.net/pulse/dios-exploration-inc-dos-v-active-elmer-area-its-k2-project-lemieux/).

Phase 1 exploration program on its 100% owned Golden Giant West project resulted in the discovery of grab samples returning up to 3.87 g/t Au, 0.8 g/t Ag, and 0.02% Cu, within a sheared amphibolite associated with up to 3% pyrite.  Other anomalous samples of interest are in the area.    Notable, an angular quartz vein boulder containing 5-7% pyrite and traces of chalcopyrite returned 37 ppb Au. Follow-up work during a Phase 2 exploration program identified interesting mineralized samples for which assays are pending.

Recall the a Phase 1 exploration program on GGEast resulted in the discovery of a kilometric anomalous gold trend, spanning over 5 km, with results of up to 1.71 g/t Au from grab samples ((https://www.dhirubhai.net/pulse/qcx-gold-corp-qcx-v-initiates-phase-2-work-program-golden-lemieux/). 

Update - March 24, 2021:

QcX Gold Identifies Multiple High Priority Targets from Magnetics Survey and Completes IP Program

https://www.newsfilecorp.com/release/78369/QcX-Gold-Identifies-Multiple-High-Priority-Targets-from-Magnetics-Survey-and-Completes-IP-Program

On March 24, 2021, QCX reported results from its structural analysis of results of a high-resolution magnetics survey, that identified several high priority targets on its Golden Giant East and West blocks ("GGEast" and "GGWest") on the Golden Giant project in the James Bay-Eeyou Istchee, Québec. Recall on February 9, 2021, QCX reported that it had completed high-resolution magnetic geophysical surveys (https://www.dhirubhai.net/posts/eric-lemieux-9468715_quebec-jamesbay-activity-6765083897521811456-ed4J). QcX also announced that the targeted ~37 km IP (Induced Polarisation) geophysical survey on the Golden Giant Project has been completed. Data is being analyzed and results should be obtained within the coming weeks.

The use of high-resolution magnetic survey coupled with gold samples from last summer’s exploration program are helping vectoring into key gold targets. In total, 25 targets have been identified across GGEast and GGWest. Up to 10 targets (3, 13, 14, 15, 16, 18, 19, 20, 23, 25) have been marked as high-priority due to the existence of a geophysical anomaly combined with existing gold values found at surface. The combining of airborne magnetics program with the several gold showings discovered last summer and the upcoming IP results have provided a dataset for the ‘drill-ready’ targets.

Recall the Golden Giant project comprises 3 properties, Golden Giant East, Golden Giant West and the Kali East block, covering 18,992 ha contiguous to Azimut Exploration Inc.'s Elmer project and the Patwon Zone (Please see: https://www.dhirubhai.net/pulse/azimut-exploration-inc-azm-v-more-interesting-results-eric-lemieux/ as well as https://www.dhirubhai.net/pulse/qcx-gold-corp-qcx-v-initiates-phase-2-work-program-golden-lemieux/).

Update - April 27, 2021:

QcX Gold Solidifies its High Priority Targets at Golden Giant with the Addition of Positive IP Results

https://qcxgold.com/qcx-gold-solidifies-its-high-priority-targets-at-golden-giant-with-the-addition-of-positive-ip-results/

On April 27, 2021, QCX announced results from its targeted IP (Induced Polarisation) geophysical surveys on the Golden Giant Project in the James Bay-Eeyou Istchee, Québec. QCX completed 4 IP grids across the property, 3 on Golden Giant East (GGEast) and one on Golden Giant West (GGWest) blocks. The Golden Giant project comprises 3 properties, GGEast, GGWest and the Kali East block, covering a total of 18,992 ha largely contiguous to Azimut Exploration Inc.'s Elmer project. The grids cover areas where significant gold values were discovered at surface during 2020's summer exploration program (https://www.dhirubhai.net/pulse/qcx-gold-corp-qcx-v-initiates-phase-2-work-program-golden-lemieux/).

We understand that several strong IP anomalies were identified by the dipole-dipole IP program by Geophysics TMC (https://geotmc.com/index.php/en/) and correlated well with already existing targets. With the previously announced high priority targets based on i) surface gold values from grab sampling ii) magnetic anomalies and the new iii) IP anomalies; all these datasets vector into drill ready targets. QCX is finalizing the drill hole plans and expect an inaugural drill program in the course of summer 2021.  

Update - May 4, 2021:

QcX Gold Secures Diamond Drill Rig for Inaugural Drill Program at Golden Giant, James Bay-Eeyou Istchee

https://www.newsfilecorp.com/release/82751

On May 4, 2021, QCX reported that it has secured a diamond drill rig for its upcoming inaugural drill program on the Golden Giant Project in the James Bay-Eeyou Istchee, Québec. A drill of G4 Drilling (https://g4drilling.com/en/) is expected to mobilize to site by the end of May 2021 and ~3,000m drill program is planned on the Golden Giant East and Golden Giant West blocks. With drill hole planning on final review stages after compiling of information in regards to the last 2 geophysical surveys with surface exploration data-sets; we highlight that the areas of Golden Giant East and Golden Giant West blocks have never been drilled. The program is to follow up on i) grab samples with gold mineralization taken during the summer 2020 surface exploration program; ii) newly defined magnetic geophysical features; and iii) the recent induced polarisation geophysical anomalies.

The Golden Giant project comprises 3 properties, Golden Giant East, Golden Giant West and the Kali East block, covering 18,992 ha and is contiguous to Dios Exploration (DOS-V) K2 project, where drill results are anticipated on the Attila target https://www.dhirubhai.net/pulse/dios-exploration-inc-dos-v-more-results-from-drill-program-lemieux/) and to Azimut Exploration Inc.'s Elmer project and the Patwon Zone where metallurgical test results have been recently disclosed (https://www.dhirubhai.net/pulse/azimut-exploration-inc-azm-v-more-interesting-results-eric-lemieux/?published=t).

QcX Gold is exploring for gold and VMS style mineralization on its highly prospective and well-located properties in Québec, Canada. The Golden Giant Project is located in the James Bay- Eeyou Istchee region of NW Québec to the west of the SDBJ Relais routier Km 381 (https://www.sdbj.gouv.qc.ca/en/roadhouse/about/) and the Fernet Project is located in the Abitibi Greenstone Belt, contiguous with Wallbridge Mining Company Limited's (WM-T) Fenelon property (https://www.dhirubhai.net/pulse/qcx-gold-corp-qcx-v-initiates-phase-2-work-program-golden-lemieux/).

Update - May 26, 2021:

QcX Gold Commences Drilling Program at Golden Giant, James Bay-Eeyou Istchee, Québec

https://www.newsfilecorp.com/release/85275

On May 26, 2021, QCX reported the commencement of a 19-hole (3,075m) drilling program on the Golden Giant East ("GGEast") and Golden Giant West ("GGWest") blocks of the Golden Giant project. The project covers 18,992 ha and up to 15 drill holes (2,400m) are planned on targets at the GGEast block and 4 drill holes (675m) are reserved for targets on the GGWest block. The majority of early-stage exploration work to date has been on the GGEast block as it is located ~3 km south of Azimut Exploration’s Patwon Zone on the Elmer project (see: https://www.dhirubhai.net/pulse/azimut-exploration-inc-azm-v-more-interesting-results-eric-lemieux/).

QcX, has after a year from ground acquisition, vectored into a first stage exploration drill program, following diligent prospecting campaigns and advanced geophysical surveys (see: https://www.dhirubhai.net/pulse/qcx-gold-corp-qcx-v-initiates-phase-2-work-program-golden-lemieux/). Selected drill holes have the following: i) anomalous gold values from grab samples taken during last summer’s surface exploration program; ii) magnetic geophysical feature (from airborne survey conducted in January, 2021) and iii) induced polarisation geophysical anomaly (from ground survey conducted in February, 2021).

Drilling shall commence at GGWest block where surface exploration returned the highest values from grab samples with results up to 18.9 g/t Au. The elevated gold values are in association with an annular magnetic high anomaly in addition to a chargeability anomaly. In this sector, gold is associated with continuous and concordant pyrite enriched horizons (up to 10%) hosted in an amphibolite rock. 3 drill holes are set to investigate this area while the remaining drill hole to the east shall target a brecciated area with strong silica alteration and coarse pyrite mineralisation that showed elevated zinc levels (3540 ppm and 4740 ppm Zn) with minor gold values.

The first priority area for the GGEast block includes 6 holes where 2 holes are planned to intercept quartz veining containing chalcopyrite and pyrite mineralisation that returned grades of up to 4.12 g/t Au. 4 holes are designed to target magnetic and IP anomalies with local folds displaying “S” patterns with certain similarities with the vertical projection of the mineralized enveloppe at Azimut Exploration’s Patwon Zone. The second priority area covers a sector containing a felsic intrusion which produced values of up to 4.6 g/t Au from grab sampling. These gold values were found in quartz veinlets contained within the felsic intrusion, which in turn is found crosscutting a gabbro unit. This gabbro unit is folded on the same axis as the regional fold trend found across the GGEast property and in which anomalous background levels of gold was found in unmineralized and unaltered rock. An additional area of interest for the drill program on GGEast is a zone of heavily folded banded iron formation (BIF) with anomalous gold values. It is also found within a shear zone that can be traced across the property which was observed during the 2020 field operations.

à suivre!