Quebec Precious Metals (QPM-TSXV) released assays from the final 7 holes of its 2020 drill program, which included two of the best holes to date for the company's flagship Sakami project, 90km NE of Elenore in James Bay, QC.
A total of 7 drill results were released, 3 of which showed high grade intervals. Two of the holes (PT-21-177 & PT-21-182) had high-grade intercepts over impressive widths and look to be two of the best holes released to date at Sakami:
1.83 g/t Au over 58.6 m including 2.40 g/t over 30.9 m
2.15 g/t Au over 42.2 m including 5.17 g/t over 14.5 m
Overall, we see these results along with the previous drilling advancing QPM closer to the 2M+ oz resource estimate that would be a key milestone and catalyst to move forward on a PEA.
QPM raised a total of $3.25M through a private placement in April and is well financed beyond the proposed 2021 exploration program. QPM is now up 40% from the $0.22 financing price in April vs the GDXJ which has returned ~11% over the past 2 months and gold up ~8%.
The Sakami project continues to get both bigger and better, with these results clearly validating management's geological interpretation of the deposit. We are encouraged to see some of the best holes come out just as the company kicks off its 2021 drilling campaign.
If you have any questions regarding the drill results or would like to book a meeting with management, please contact me.
Jeffrey White
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