EXPLORATION & DEVELOPMENT

QMX rises on 'outstanding' gold hits near new resource

QMX Gold (TSXV: QMX) has described “outstanding” results from its Bevcon target, 4km from its new, plus-400,000 ounce Bonnefond resource at its Val d’Or project in Quebec.

Staff reporter
 QMX is focused on its Val d’Or gold project in Quebec

QMX is focused on its Val d’Or gold project in Quebec

Assay highlights from drilling at Bevcon included 137.5g/t gold over 3.7m, within a wider 6m at 84.8g/t from 567m.

"These are outstanding results, confirming our confidence in our strategy to follow up the right targets outside our Bonnefond mainstay … and it encourages us in our strive to expand our total resource to include the Bevcon region," exploration vice president Dr Andreas Rompel said.

The property hosts the former Bevcon mine which was said to produce 438,250oz grading 4.3g/t between 1951-1965.

The past-producing company had announced an initial openpit-constrained resource for Bonnefond in July, comprising an indicated 4.76 million tonnes at 1.69g/t for 258,700oz and an inferred 2.4Mt at 1.87g/t for 145,100oz.

Bonnefond is about 25km from QMX's Aurbel mill, where it plans to start custom milling before the end of this year under a four-year deal with Gowest Gold.

Aurbel had processed gold from QMX's Lac Herbin underground mine from 2008 until it was shuttered in 2015.

QMX counts Osisko Gold Royalties (8.6%) and Probe Metals (5.5%) among its major shareholders.

It raised C$3.96 million at 10c per flow-through share in July.

Its shares closed 7.7% or half-a-cent higher to 7c, capitalising QMX about $14 million (US$10.6 million).

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