Vancouver, B.C., November 20, 2019. QX Metals Corp. (TSX-V: QX) (“QX Metals”) is pleased to announce that Raiden Resources Limited (“Raiden” or the “Company”) reports on the results from a geochemical soil survey and a mapping exercise, which was recently completed over the Belopoltsi prospect, located on the eastern portion of the Kalabak project area in southern Bulgaria (Figure 1). 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.
- Raiden defines a new epithermal gold prospect on the Kalabak license in Bulgaria;
- Belopoltsi prospect defined by three distinct gold in soil anomalies ranging from 10 to 400 ppb gold and 2 to 56 ppm silver;
- Rock samples of quartz vein and breccia yielded anomalous concentrations ranging from 0.1g/t Au to 2.2 g/t Au; and
- Rock textures and low temperature chalcedony veins indicate that mineralization formed in the low sulphidation environment.
Vince Sorace, President & CEO of QX Metals commented: “The Belopoltsi gold prospect is a new discovery and provides our partner with another exciting gold target, in an ever-growing list of quality prospects on the Kalabak project. The work completed to date indicates that the prospect is most likely defined by low sulphidation gold-silver mineralization Raiden plans to carry out further work including trenching to test this exciting new target.”
The Kalabak license is located in the Haskovo Province (Kardzhali District) in southeast Bulgaria (Figure 1). District mineralization is hosted in sedimentary rocks of the Palaeocene/Mid-Eocene and which run in a north-south trend through the full extent of the Kalabak license.
The Belopoltsi prospect is interpreted to be the westerly extension of the Popsko Gold and Poly-Metallic Ore Field, which is located to the immediate east of the Kalabak license. The Popsko area is charactarized by the intersection of regional north-north-east and east-west trending fault zones and by the emplacement of Tertiary rhyolite intrusions into the metamorphic basement.
Figure 1: Location of the Belopoltsi prospect in the eastern part of the Kalabak permit (191 km2) in southern Bulgaria. Geologically, the prospect occurs in schists, amphibolite and rhyolites.
QX Metals partner, Raiden completed a soil survey on a 100 metre by 25 metre grid spacing (528 samples) over the target area. The prospect is defined by outcropping gold bearing quartz veins hosted in the metamorphic basement and brecciated zones on the contacts of the rhylolite bodies (Figure 2).
Figure 2: Hydrothermally and tectonically brecciated rhyolite from the Belopoltsi prospect
The strike and width of the quartz veins is unknown at this time, however the geochemical results defined anomalies, which extend up to five hundred metres along strike, while the thickness of the veins is infered to be between one and three metres wide. The width of the geochemical anomalies suggests the presence of multiple (possibly parallel), vein systems, which would provide an attractive drill target. Outcropping quartz veins commonly display “latice bladed” textures (Figure 3). This texture is typical of late replacement of carbonate by silica and is indicative of a low temperature, low sulphidation epithermal depositional environment.
Figure 3: Rock samples from the Belopoltsi prospect displaying typical “lattice bladed” textures. This texture is typical of late replacement of carbonate by silica and indicative of a low temperature, low sulphidation epithermal depositional environment
The soil sampling program deliniated three north-south trending zones of anomalous gold concentrations, ranging from 10 to 400 ppb (Figure 4). The strike of the zones range from 300 metres to 500 metres, while the width of the zones is up to 250 metres.
Figure 4: Results of the geochemical soil sampling survey for the elements gold (bottom), lead (top left) and silver (top right). The survey delineated three, north-south trending zones of anomalous gold concentrations, ranging from 10 ppb to 400 ppb
A limited rock sampling program (12 samples) was carried out in parallel with the mapping program, focussed on outcrops of the prospective quartz veins and on the brecciated contacts between the rhyolite intrusions and their metamorphic host rocks. Three of the 12 sampled outcrops yielded anomalous gold concentrations ranging from 0.1 g/t to 2.2 g/t.
Follow up work will include further soil sampling to define the extent of the anomalies, which remain open along strike; further mapping of the anomalous areas and trenching, which will hopefully allow the team to define the exact nature and size of the mineralised veins and alteration system.
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.