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QMX gains on high-grade gold ahead of resource

Abitibi explorer QMX Gold (TSXV: QMX) has intersected 1.4m at 114.48g/t gold as it nears an initial resource for Bonnefond at its Val d’Or project in Quebec.
QMX gains on high-grade gold ahead of resource QMX gains on high-grade gold ahead of resource QMX gains on high-grade gold ahead of resource QMX gains on high-grade gold ahead of resource QMX gains on high-grade gold ahead of resource

QMX is expecting near-term cashflow from a custom milling agreement at its Aurbel mill in Quebec

Staff reporter

The past producer has slated the resource release for early in the northern hemisphere summer.

The headline result, part of a broader 4.3m at 41.69g/t, was from the Val d'Or East Zone and was 55m south of a hole last year that cut 6.9m at 25.7g/t.

President and CEO Brad Humphrey said 2019 was an exciting year for QMX with both the resource and custom milling imminent.

QMX is expecting cashflow from mid-year through a four-year custom milling programme at its Aurbel mill, 15km east of Val d'Or, with restart costs to be funded by Gowest Gold as part of the agreement.

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

The company closed an upsized private placement at C9c per unit that raised $1.8 million (US$1.3 million) in November.

QMX counts Osisko Gold Royalties (11.6%) and Probe Metals (7.5%) as major shareholders.

Its shares, which were trading at 13.5c a year ago, gained 22% or 1c to 5.5c yesterday to capitalise it at $7.8 million (US$5.8 million).

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