EXPLORATION & DEVELOPMENT

QMX gains on high-grade gold ahead of resource

Hits 1.4m at 114.48g/t gold at Bonnefond

Staff reporter
QMX is expecting near-term cashflow from a custom milling agreement at its Aurbel mill in Quebec

QMX is expecting near-term cashflow from a custom milling agreement at its Aurbel mill in Quebec

The past producer has slated the resource release for early in the northern hemisphere summer.

The headline result, part of a broader 4.3m at 41.69g/t, was from the Val d'Or East Zone and was 55m south of a hole last year that cut 6.9m at 25.7g/t.

President and CEO Brad Humphrey said 2019 was an exciting year for QMX with both the resource and custom milling imminent.

QMX is expecting cashflow from mid-year through a four-year custom milling programme at its Aurbel mill, 15km east of Val d'Or, with restart costs to be funded by Gowest Gold as part of the agreement.

Aurbel had processed gold from QMX's Lac Herbin underground mine from 2008 until it was shuttered in 2015.

The company closed an upsized private placement at C9c per unit that raised $1.8 million (US$1.3 million) in November.

QMX counts Osisko Gold Royalties (11.6%) and Probe Metals (7.5%) as major shareholders.

Its shares, which were trading at 13.5c a year ago, gained 22% or 1c to 5.5c yesterday to capitalise it at $7.8 million (US$5.8 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.