Vancouver, B.C., October 21, 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 review of historical data and a reconnaissance field visit to the Rosoman prospect located on the Zlatusha 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 Zlatusha project.
- Initial review and field visit confirm a porphyry copper and epithermal gold alteration system;
- Historical rock sampling indicates elevated Cu-Au values, which are coincidental with a large alteration zone at the Rosoman prospect; and
- Rosoman prospect located in Cretaceous ‘elephant country’ of Western Tethyan Metallogenic Belt
Dusko Ljubojevic, Managing Director of Raiden commented “Guided by historic data and QX Metals previous work, the Company is excited to present the data in relation to a large area of outcropping quartz-sericite-pyrite alteration, with coincident elevated gold and copper values from rock chip sampling. It is shaping up to be an important addition to our growing pipeline of quality gold and copper targets. The Rosoman target is located in the prolific Cretaceous geology within Western Tethyan Metallogenic Belt, which hosts Tier one deposits within Serbia and Bulgaria, and is therefore highly significant for the Company.”
Work Program Status
The Company’s geologists reviewed geological maps and exploration data from a historical outcrop sampling program, followed up with a reconnaissance visit to the Zlatusha project area. Information in this announcement is based on this work. As follow up, the Company plans to investigate the availability of further historical exploration data and reports housed by the Bulgarian Ministry of Energy. Field mapping and geochemical sampling will commence, as soon as the exploration agreement is signed by the Bulgarian Minister of Energy (The Zlatusha license has been awarded to Zelenrok, a 100% subsidiary of QX Metals and Zelenrok is awaiting the execution of the ‘Exploration Agreement’ by the Minister of Energy. The Exploration Agreement defines the rights and responsibilities of the exploring party).
The Rosoman Prospect lies in the central part of the Zlatusha Project area northwest of Sofia, and was first defined when Bulgarian State agencies mapped a 1.4 km2 zone of intense hydrothermal alteration in andesitic aglomerate, tuff and ash, coinciding with a conspicuous copper and gold stream sediment anomaly. The alteration zone occurs adjacent to sub-volcanic porphyritic andesites and diorites, referred to in the literature as “Timocite” and shown in Figure 1. Notably, all major copper and gold deposits along strike to the northwest and southeast of Zlatusha in the prolific Timok Magmatic Complex and in the Panagyrishte Belt are spatially associated with Timocite rocks. Extensions of the Rosoman hydrothermal systems may exist to the west and east, where soil cover may conceal extensions of this alteration system.
QX Metals, the holder of the Zlatusha licence, previously conducted a limited (14 samples) reconnaissance outcrop sampling program over a small portion of the prospect and mapped the alteration zone in more detail (Figure 2). The program mapped out an epithermal alteration system consisting of argillic and phyllic (quartz-sericite-pyrite) alteration. Outcrop samples taken from the area returned elevated concentrations of gold (from trace to 1.3 ppm) and copper (from trace to 549 ppm).
A recent visit by Raiden’s technical team to the Zlatusha area confirmed that the Rosoman Prospect contains geological features typically associated with mineralised porphyry systems. Outcrops of silicified porphyritic diorite stocks and volcano-clastic rocks in the area of interest exhibit large scale pervasive phyllic alteration with stockwork, quartz-pyrite veining and abundant anhydrite (Figures 3 and 4). The altered rocks also contain 1% to 3% disseminated sulphides, mainly in the form of pyrite, but also containing chalcopyrite. On the basis of these observations the Company believes that this alteration system is prospective for both high-sulphidation epithermal gold mineralisation and porphyry copper mineralisation.
Raiden’s near-term exploration program over the Rosoman Prospect will commence as soon as the exploration agreement has been signed by the Minister of Energy and will include a soil geochemical survey and geophysical evaluations, with the objective of advancing the prospect to a drill decision as soon as possible.
Figure 1: The location of the Rosoman Prospect in the Zlatusha permit area. The prospect was first defined when Bulgarian State agencies mapped a 1.4 km2 zone of intense hydrothermal alteration. The zone occurs adjacent to sub-volcanic porphyritic andesites and diorites, referred to in the literature as “Timocite” and shown in red. It is important to note that in the Timok Magmatic Complex and the Panagyrishte Belt (see also Figure 6) along strike to the northwest and southeast of Zlatusha, all major copper and gold deposits are spatially associated with Timocite
Figure 2: Rosoman Prospect quartz-sericite-pyrite (phyllic) alteration mapping and the results of QX’s limited reconnaissance outcrop sampling program. The diagrams show gold (top) and copper (bottom) concentrations. The prospect is defined by a 1.5 km x 1 km zone of intense alteration. The results demonstrate that the phyllic alteration zone coincides with elevated concentrations of gold and copper.
Figure 3: Rosoman Prospect (Left) Anhydrite is an abundant mineral component of the altered rocks at Rosoman. (Right) Large scale intense and pervasive phyllic alteration outcropping in the Rosoman Prospect area
Figure 4: Outcrops in the Rosoman prospect. Top: Limonite (likely after pyrite) stockwork. Bottom: Quartz-pyrite veining and disseminated pyrite in porphyritic diorite
Location, Geological Setting and Belt Potential
The Zlatusha license (195 km2) is northwest of Sofia and lies within an established copper porphyry and epithermal gold belt, between the Timok Magmatic Complex in Serbia and the Panagurishte District in Bulgaria (Figures 5 and 6), both of which are considered world class Cu-Au districts. The project was selected for application based on the presence of prospective geology, consisting of Cretaceous arc magmatic rocks and epithermal and porphyry related alteration systems. Several separate magmatic-hydrothermal centres with outcropping copper-gold mineralization have been identified within the permit area.
The project area lies within a post-collisional pull-apart basin, comprising Cretaceous volcanic and sedimentary rocks intruded by later porphyritic diorite stocks and dykes. This geological setting is similar to the settings of the Cukaru Peki deposit, 165 kilometres to the northwest in eastern Serbia, and the Chelopech mine, 45 kilometres to the east in Bulgaria’s Panagurishte trend.
Figure 5: Locations of the Company’s projects in the Tethyan orogenic belts and relative to known porphyry and epithermal gold and copper deposits
Figure 6: Location of the Donje Nevlje project (100% Raiden) and the Zlatusha joint venture project. Raiden has a commanding position within the Western Srednogorie belt. In comparison to the Panagurishte and the Timok districts, the middle belt remains under-explored and presents the Company with an opportunity to make a considerable discovery
The Company cautions that the sampling results are historical in nature and have not been verified by the Company. Data from the QX program has not been independently verified and no original pulps are available to the Company for assay verification. The Company therefore only considers the historical data as an indication of prospectivity and presence of gold and copper mineralisation within the Zlatusha permit
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.