QC reported 138m at 0.48% copper-equivalent, including 76.5m at 0.78% Cu-eq and 27.8m at 1.4% Cu-eq; plus 40.1m at 0.71% Cu-eq and 39.6m at 0.5% Cu-eq.

"It is hard to overstate the significance of these results," director and VP exploration Charles Beaudry said.

He said the absence of mined veins in the Saddle Zone meant QC's previous model had not attributed any value to the area.

"However, [the] prospect of excavating the Saddle Zone is significant as it impacts the strip-ratio but also allows the modelled pit(s) to go deeper," he said.

QC's 20,000m drilling programme has finished and the company is aiming for a resource in August.

The Opemiska copper mine complex was previously mined by Falconbridge, producing 23 million tonnes at 2.4% copper and 0.3g/t gold between 1953-1991.

QC can acquire 100% of Opemiska under a 2019 deal with Ex-In.

It also acquired 50% of the Roger copper-gold project, in Quebec's Chibougamau Mining District as well, last week.

QC had changed name from PowerOre in September.

The company had about C$6.8 million in cash at the end of January, having raised $5 million in November at 15c per unit and 18c per flow-through unit.

QC Copper and Gold shares (TSXV: QCCU), which have spanned 5c-35c over the past year, closed up 16.2% yesterday to 21.5c, valuing it at $24.4 million (US$20.3 million).