MONTREAL, April 03, 2024 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. ("Harfang") (TSX.V: HAR) and Quebec Precious Metals Corporation ("QPM") (TSX.V: QPM, OTCQB: CJCFF, FSE: YXEP) are pleased to announce the results of a joint targeting study (the "Study") conducted on adjacent and wholly-owned Serpent-Radisson and Sakami projects (the "Projects") (see Figure 1). The Projects demonstrate significant potential for high-grade gold and more recently for lithium (see Harfang's press releases dated October 5, 2022, September 13 and December 6, 2023, and QPM's press releases dated September 20, 2023, and February 29, 2024).
The Study was designed to identify additional gold and lithium drill targets on the western portion of the Sakami project and on the eastern portion of the Serpent-Radisson project. The close collaboration between the two companies resulted in:
- The identification of 12 priority gold and lithium targets including 3 high-priority targets that can be drill-ready following a field inspection later this year (see Figure 2); and,
- An improved geological understanding and confirmation of the structural and lithological controls on gold and lithium mineralization.
Normand Champigny, QPM's Chief Executive Officer, stated "The collaboration with Harfang has been very beneficial to demonstrate the stronger exploration potential for both gold and lithium at our respective projects. We look forward to the follow-up in the field, drill the best targets and continue our collaboration with Harfang."
"These types of collaborations are exactly what this industry needs more of," Rick Breger, Harfang's President & Chief Executive Officer, stated. "Not only were we able to more efficiently deploy our capital by pooling and sharing resources, but we also now have a much better technical understanding of our respective projects. Afterall, the geology does not change on the other side of the claim boundary."
Using both company and publicly available data, the Study generated a comprehensive geological and structural lineament map of the Sakami-Serpent-Radisson area. Highlights of the Study are as follows:
- Mafic to ultramafic slivers extend to the SW along shears in the Sakami project area, deflecting to the WSW along splays in the Serpent-Radisson project area;
- Mafic gabbroic dyke swarms that were previously unrecognized occur within tonalitic gneiss and felsic intrusions at Sakami. Additional gabbroic material occurs at the Serpent project, mainly along interpreted structures;
- Several untested pegmatites, potentially lithium-bearing bodies, are present; and,
- Anastomosed shear zones are present with reverse movement and/or primarily sinistral-strike slip component, in a Riedel-like system associated to a N-S compression.
Both projects exhibit the presence of high-grade gold:
- Sakami: the discovery of 29 showings with up to 62.92 g/t Au (grab sample), up to 48.93 g/t Au over 1.0 m (channel sample), and up to 120.4 g/t Au over 0.45 m (drillhole) along a 23-km mineralized corridor, and including more than 50,000 m of drilling on two well-defined deposits (La Pointe and La Pointe Extension) with intercepts up to 1.15 g/t Au over 80.1 m including 2.21 g/t Au over 24.85 m.
- Serpent-Radisson: the discovery of more than 50 showings with up to 340 g/t Au (grab sample), up to 7.78 g/t Au over 6.15 m (channel sample), and up to 2.52 g/t Au over 19.65 m and 1.64 g/t Au over 22.40 m (drillhole) along an interpreted 20-km long mineralized corridor.
Both projects exhibit lithium potential:
- Sakami: several interpreted pegmatite bodies to be field-tested to determine their potential to contain lithium.
- Serpent-Radisson: the discovery of spodumene and tantalite showings in the eastern part of the project with up to 4.56% Li2O (grab sample) over a favourable zone that is greater than 15 km2.
The Study was performed by ALS GoldSpot Discoveries Ltd. with the assistance of GeoVector Management Inc. and under the guidance of QPM and Harfang.
Qualified Persons
Normand Champigny, Eng., Chief Executive Officer of QPM, and Ludovic Bigot, P.Geo., VP Exploration of Harfang, are both qualified persons within the meaning of National Instrument 43-101 on standards of disclosure for mineral projects. They have reviewed and approved the technical information contained in this press release.
About Harfang Exploration Inc.
Harfang Exploration Inc. is a well-financed technically driven mineral exploration company with the primary mission to discover ore deposits in Québec and Ontario. The Company is managed by an experienced team of industry professionals with a proven track record of success and controls a portfolio of highly prospective projects. Harfang is dedicated to best practices through engagement with all stakeholders and commitment to the environment.
About Quebec Precious Metals Corporation
QPM is an exploration company with a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation's Éléonore gold mine. The company focuses on advancing its Sakami Gold project and its newly discovered, drill-ready Ninaaskuwin lithium showing on the Elmer East project. In addition, the Company holds a 68% interest in the Kipawa/Zeus rare earths project located near Temiscaming, Quebec.
For further information, please contact:
Rick Breger, P.Geo.
President and CEO
info@harfangexploration.com
Normand Champigny
Chief Executive Officer
+1 (514) 979-4746
nchampigny@qpmcorp.ca
Cautionary Statement Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Harfang believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Harfang disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 1 – Location map of the Projects
Figure 2 – Location map of the targets
