Vancouver, B.C., May 5, 2020. QX Metals Corp. (TSX-V: QX.V) (“QX Metals” or the “Company”) announces that Raiden Resources Limited (“Raiden”), an Australian Securities Exchange-listed company, that has an option to earn into an initial 51% interest, and up to a 75% interest in the mineral exploration licenses covering the Kalabak and Zlatusha projects (“Kalabak License”, “Zlatusha License”) has defined multiple magnetic anomalies associated with the copper-gold- molybdenum geochemically anomalous alteration zones at the Sbor porphyry target.
- QX partner Raiden completes reinterpretation of magnetic survey and historical gravity data from the Kalabak project
- Multiple large magnetic anomalies spatially associated (below) with the copper-gold-molybdenum geochemically anomalous alteration zones
- Survey provides further indication of a potentially large gold-copper system which has not been drill tested so far and;
- QX partner Raiden is advancing drill access permitting and expects to commence with drill testing as soon as practical
Vince Sorace, President & CEO of QX Metals commented: “The methodical exploration approach on the Kalabak property has yielded a high value drill target, where multiple data sets correlating with field observations has provided us with an exciting drill target. This data set continues to support our view that a significant mineralized system remains untested at Sbor. Raiden is in the process of completing access permits and plans to drill test the target as soon as practical. ”
Regional Porphyry Potential
The Kalabak project is located within the Dinaride-Aegean Tertiary volcanic-igneous belt that has demonstrated porphyry and epithermal potential through several recent exploration discoveries in neighbouring countries including Serbia, Greece and Macedonia (Figure 1). The Company believes that the same Tertiary aged rocks in Bulgaria are also prospective for porphyry and epithermal mineralization and a relative lack of exploration in the country presents an opportunity for future discoveries at projects like Kalabak.
Figure 1: Kalabak project location within the Dinaride-Aegean region (Tertiary porphyry/epithermal belt), in the Western Balkans and porphyry deposits/prospects.
Sbor Magnetic Survey
A ground magnetic survey was conducted over the key geochemical anomalies and associated zones of alteration. The survey area covered 14 km2, consisting of 30 lines spaced at 200 meters apart and 15 lines spaced at 100-meters apart. The survey has delineated several anomalies (both magnetic highs and magnetic lows).
The most prominent magnetic anomalies are associated with the Sbor alteration zones and geochemical anomalies. To gain a better understanding of the potential depth to the magnetic body, inversion modelling of the data with 3D UBC inversion code has been applied.
The Cu-Mo-Au-Te geochemical anomalies and outcropping mineralization and veining observed at the Sbor prospect are spatially associated with the M4 weak magnetic high shown in Figure 2. The inverted magnetic susceptibility high at M4, may be interpreted as a potential NW trending porphyry associated alteration zone.
Figure 2 - Reduced to pole (RTP) magnetic map over the Sbor prospects.
Figure 3 - 3D UBC magnetic susceptibility inversion models over the Sbor prospect depicting the size and vertical extent of M4 magnetic high, which is interpreted as a potential porphyry type (potassic) alteration zone. The magnetic anomaly at Sbor coincides with the outcropping mineralization and the copper-gold-molybdenum soil anomalies.
Based on the inverted magnetic data the M4 magnetic high target has a vertical extent of over 700 meters from the surface and a significant lateral extent at depth. The magnetic survey data suggests that the anomaly is significantly larger than the overlying geochemical anomaly.
The Company is excited by these results, which provide additional information to guide future drilling activities. Raiden has informed QX, that it may consider executing an IP survey over Sbor to further refine the drill target, prior to commencement of drilling activities. Raiden has indicated drilling is pending finalizing access permits and the lifting of the current, COVID-19 related, travel restrictions.
Rory Kutluoglu, B.Sc. P.Geo., a Qualified Person as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Mr. Kutluoglu is the Company’s Vice President Exploration.
About QX Metals Corp.
QX Metals Corp. is a discovery-focused mineral exploration company that strives to make high-reward discoveries in regions with proven mineral wealth. We leverage our proven technical skills and extensive corporate network to de-risk our exploration process, increase our probability of success and enhance shareholder value. The Company is focused on precious and base metal projects located in top-tier mineral districts that contain significant historical production, existing mining infrastructure and an established mining culture.
President and CEO, QX Metals Corp.
For further information regarding QX Metals, please visit our website at www.qxmetals.ca.
Cautionary Note Regarding Forward-Looking Statements
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 certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although QX Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.