2019 News Releases

Vancouver, B.C., November 22nd, 2019. QX Metals Corp. (TSX-V: QX) (“QX Metals” or the “Company”) is pleased to announce that Raiden Resources Limited (“Raiden”) has reported on the results from an infill soil sampling program over the Sbor prospect on the Kalabak project in Bulgaria.  As detailed in the Company’s 15 July, 2019 TSX-V announcement, the Company has an option to earn up to a 75% project interest in the Kalabak project. 

Highlights:

  • QX partner, Raiden delineates copper-gold porphyry target at Sbor
  • Infill geochemistry and mapping defines a classic multi-element porphyry footprint
  • Second epithermal gold prospect defined on southern Sbor prospect margin
  • Ground Magnetic survey over the Sbor prospect completed and interpretations pending

Vince Sorace, President & CEO of QX Metals commented: “The results of the follow up work by our partner Raiden Resources validates our view that the Sbor prospect, in addition to hosting gold potential, has potential for new porphyry-copper mineralization at depth.”

Mapping and soil sampling programs defined significant anomalies and large alteration systems that are indicative of near surface epithermal gold mineralization and porphyry copper mineralization at depth at Sbor. Follow up infill soil sampling, mapping and geophysical surveys over Sbor, are now providing the resolution to progress this target to a drill ready stage.

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 Prospect

Recent mapping and infill sampling on a 50x 50-meter grid, which was undertaken as a result of anomalies defined by the 200 x 200-meter soil sampling survey, has provided further resolution and detail at the Sbor Prospect. The prospect is now defined over a 2500m by 800m, north east to southwest trending alteration zone. The alteration trend consists of silica caps at the core with concentric halos of sericitic, argillic and propylitic mineral assemblages defining the main Sbor target. The 2.2km2 alteration zone overprints all host lithological units, including metamorphic basement, sedimentary and volcanoclastic rocks. In the centre of the system several subvolcanic quartz-diorite porphyritic intrusions and dykes have been located. At least 3 different phases of porphyritic rocks have been observed in the field, some with disseminated pyrite and chalcopyrite.

The highly altered quartz-diorite porphyry intrusions are cut by a stock work of quartz- magnetite- pyrite veinlets (Figure 2). Trace chalcopyrite has been observed within the veinlets.

Figure 2 - Outcrop and float in the main part of the Sbor Prospect. Photograph on the left shows a quartz diorite porphyry outcrop.  Photograph on the right is of a rock sample of intensely quartz-pyrite-magnetite vein stock work in altered quartz diorite.

The recent in-fill sampling was completed to provide a 50 x 50-meter density of soil samples over the main Sbor alteration complex. The in-fill grid is divided into a northern and a southern portion. The two grids cover the entire alteration zone and are separated by a steep north east trending valley, which follows the trend of a main fault structure.

The northern grid is the site of the well-developed argillic alteration which is over printed by the intense quartz-magnetite-pyrite stockwork zone. These zones are coincident with well-defined soil anomalies of gold, copper and molybdenum (Figures 3 to 5). Gold is elevated from 10 ppb to 590 ppb and copper ranges from 50 ppm to 723 ppm in the soil samples.

Figure 3 - Gold in soil anomaly over the northern portion of the Sbor prospect.



Figure 4 - Copper in soil anomaly on the Sbor prospect

Figure 5 - Molybdenum values in soil over the Sbor prospect

Figure 6 - Galena veins have been observed at some outcrops within the Sbor prospect, which is typical for near porphyry environments.

The pattern and foot print of alteration and anomalous geochemical patterns are all indicative of a mineralized porphyry system. The program of detailed ground magnetics over the target areas; systematic sampling of key exposures and road cuts and the review of government gravity data is expected to lead to the definition of drill targets for testing in the future.

Figure 7 - Stockwork quartz veining within an altered diorite on the northern Sbor porphyry anomaly.

The southern half of the infill soil grid in figure 8 returned an intense tellurium anomaly in an area with a well-developed and extensive silica cap. This response and alteration are interpreted to represent alteration relatively higher up in the system, than the responses and alteration observed in the north. The north west trending fault potentially caused significant vertical displacement with the northern block moved up and now closer to the porphyry source, while the southern block has been moved down, with the porphyry source located deeper. Alternatively, the two responses could be from two separate porphyry intrusions that intruded to different levels.

The on-going geophysical work will help to define drill targets on both the northern and southern segments of the Sbor target.

Figure 8 - Tellurium in soil anomaly on the southern segment of the Sbor prospect

Qualified Person

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.

Vince Sorace
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.