Toronto, Ontario--(Newsfile Corp. - August 18, 2020) - QcX Gold Corp. (TSXV: QCX) (OTC: FMGXF) (FSE: 21MA) ("QcX" or the "Company") is pleased to announce the launch of a Phase 2 exploration program on its 100% owned Golden Giant project (the "Golden Giant" or the "Project") project. Golden Giant comprises two properties, GGEast and GGWest, covering 8,865 hectares and is contiguous to Azimut Exploration Inc.'s Patwon project as shown in Figure 1. In Phase 1, prospecting resulted in the discovery of several very promising areas of interest (results pending once data compilation and analysis complete). Phase 2 will involve mechanized trenching, additional geological mapping, and prospecting, following up on promising initial results from the Phase 1 program.
Figure 1: Location of the Golden Giant project (red) with respect to neighbouring companies
To view an enhanced version of Figure 1, please visit:
The bulk of the Phase 1 work was focused on GGEast, owing to its proximity to Azimut Exploration. 426 samples out of the total of 550 grab and channel samples collected during Phase 1 were from GGEast. The remaining 124 grab and channel samples were taken from GGWest. The geochemical results from the program have identified 6 priority areas, spread across both properties, for which QcX will complete detailed follow-up work during the Phase 2 program. A team of 5 geological employees of Laurentia Exploration are currently on site and are expected to complete a three-week program focused on these high priority areas as well as prospecting additional grassroots targets. Mechanical trenching around geochemical and structural areas of interest will be a significant component of the field program, in order to determine the extent of mineralization in the target areas. Additional detailed prospecting will be completed along strike of the target areas as well.
Albert Contardi, Interim Chief Executive Officer of QcX, stated, "We are very happy to be back on the ground at Golden Giant. In the 4 months since acquisition we are already on our second phase of exploration, owing to an encouraging Phase 1 program. Following the field verification of the preliminary results, we will update the market on the Phase 1 results as well as provide an update on the Phase 2 work currently in progress."
Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752), an Independent Qualified Person ("QP") as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release.
The QP has not completed sufficient work to verify the historic information on the properties comprising the Golden Giant, particularly with respect to historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Project but may not be representative of expected results.
For further information, please contact:
Interim Chief Executive Officer
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.
This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program, the expected positive exploration results, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62019