TORONTO, April 5, 2021 /CNW/ - QC Copper and Gold Inc.
("QC Copper" or the "Company") (TSXV: QCCU) is
pleased to announce that it has signed a definitive agreement to
acquire a 50% ownership interest in the Roger Gold-Copper project
("Roger" or the "Project") in the Chibougamau District of Quebec.
"This is a strategic asset acquisition that fits into our vision
for a consolidated Chibougamau
District. The Roger is a sizable NI 43-101 pit constrained
gold-copper resource with plenty of expansion potential and is
proximate to our flagship Opemiska project. The Opemiska and its
ongoing drill program remains our core focus however we felt
compelled to act when Roger opportunity presented itself. When
shareholders evaluate this pit constrained resource relative to the
consideration paid, I believe they will see the value of this
accretive acquisition," said Stephen Stewart, QC Copper's CEO.
View QC Copper's Webinar Detailing the Roger
Transaction
Acquisition Terms of Roger
QC Copper acquired its 50%
interest in Roger from Pasofino Gold Ltd. ("Pasofino") (VEIN:TSXV).
The other 50% interest remains with SOQUEM,a subsidiary of
Investissement Québec. Upon closing, QC Copper will issue Pasofino
$1 million in cash and 5.5 million
shares. This represents a total consideration paid to Pasofino, as
at QC Copper's April 2, 2021 closing
price, of $2 million. This
transaction is subject to TSXV approval and Soquem waiving its
right of first refusal. The Roger Gold-Copper project is a royalty
free property.
Exploration Potential on Roger Gold-Copper Project
The
Roger deposit has been interpreted as a reduced-type
intrusion-related porphyry gold-copper deposit that shows both
lithological and structural controls. The principal host is a
felsic porphyry intrusion with sericite-chlorite (phyllic)
alteration in the core of the deposit and chlorite-carbonate
(propylitic) on the periphery. The deposit is bounded to the south
by the east-northeast trending McAdam fault that juxtaposes the
mineralization against the ultramafic Roberge sill to the
south. Faults parallel to the McAdam are present on the north side of the
deposit and are associated with the North gold mineralized
zone. Gold and copper distribution is low grade but forms
wide intersections that could be amenable to open pit
exploitation. Moreover the lower cut-off grade used (0.45 gpt
gold-equivalent) suggests that a much larger in-pit resource could
be present if higher gold and copper metal prices, and hence lower
cut-off grades are considered.
At the regional scale the Roger gold-copper deposit is located
immediately southeast of the Gwillim fault which we have
interpreted as contemporaneous with the copper-gold mineralization
on the Company's Opemiska project at Chapais and possibly the same age as the
deposits in the Chibougamau Camp. Moreover the Gwillim gold
mine, located on the northwest side of the Gwillim Fault and on the
property immediately adjacent to the west of Roger, suggests that
the nearby segment of the Gwillim fault may have been particularly
favourable to gold and copper mineralization. In this model
the McAdam Fault and its parallel structures hosting the Roger
deposit is a low angle splay off the Gwillim fault and the Gwillim
Mine, is a local conjugate fault structure analogous the northeast
and northwest trending mineralized shear-vein systems Chibougamau and the east-west to northwest
trending shear-vein systems at Chapais. Given this structural
interpretation we believe the Roger Property has considerable
exploration potential for discovery between the McAdam and Gwillim Faults.
About Roger Gold-Copper Project
Roger is an
advanced-stage exploration project containing the Roger gold-copper
deposit. In total, 58.000 m of
diamond drilling have been completed on the property.
Underground exploration undertaken in 1988 included
1,177 m of development, 1,433 m of underground drilling and over
1,000 m of chip sampling.
The 987-hectare Roger project is located in the Chibougamau
Mining District within the prolific Abitibi greenstone belt. It is
situated 5 km from the historic mining center of Chibougamau, Quebec and has all-season road
access. A power line that serviced the past-producing Troilus
copper-gold mine crosses the property and connects to the Obalski
electoral distribution station located 4 km south of Chibougamau.
An updated mineral resource estimate on the Roger gold-copper
deposit was completed in August 2018.
This resource estimate is constrained in a conceptual open pit
shell. The 2018 updated mineral resource estimate was prepared by
GéoPointCom of Val-d'Or, Quebec.
At a cut-off grade of 0.45 g/t gold-equivalent, the Indicated
Resource is estimated at 10,900,000 metric tonnes at a grade of
0.85 g/t of gold, 0.80 g/t of silver and 0.06% of copper for a
total of 333,000 ounces of gold-equivalent, while the Inferred
Resource is estimated at 6,569,000 metric tonnes at a grade of 0.75
g/t of gold, 1.18 g/t of silver and 0.11% of copper for a total of
202,000 ounces of gold equivalent. The following metal prices
were used in the calculation of gold-equivalent: 1,240 US$ for Au (ounce), 16.528 US$ for Ag (ounce) and 6.549 US$ Cu (Kg). The Technical Report is
available on Sedar under the profile of Pasofino Gold Ltd at
www.sedar.ca.
About the QC Cooper & Gold Opemiska Copper
Complex
The Opemiska Copper Complex is located adjacent to
Chapais, Quebec, within the
Chibougamau region. Opemiska is
also within the Abitibi Greenstone belt and within the boundaries
of the Province of Quebec's Plan Nord, which promotes and
funds infrastructure and development of natural resource projects.
The Opemiska property covers 12,782 hectares and covers the past
producing Springer, Perry, Robitaille and Cooke mines, owned and
operated by Falconbridge. The project has the ideal in-place
infrastructure, including a power station and direct access to
Highway 113 and the Canadian National Railway.
QP Statement
The technical information contained in
this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director and
Vice President Exploration for QC Copper and Gold Inc., and a
Qualified Person as defined in "National Instrument 43-101,
Standards of Disclosure for Mineral Projects."
Forward-Looking Statements
Neither 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.
Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. QC Copper and Gold Inc. assumes no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to QC Copper and Gold Inc. Additional information
identifying risks and uncertainties is contained in filings by QC
Copper and Gold Inc. with Canadian securities regulators, which
filings are available under QC Copper and Gold Inc. profile
at www.sedar.com.
SOURCE QC Copper & Gold Inc.