MONTREAL, QC / ACCESSWIRE / November 26, 2024 / Quebec Precious Metals Corporation (TSXV:QPM)(FSE:YXEP)(OTCQB:CJCFF) ("QPM" or the "Corporation") is pleased to announce that it recently completed the maiden drilling campaign totalling 825 m in 5 holes on its Ninaaskumuwin project in the Eeyou Istchee James Bay region of Quebec, Canada (see press releases dated October 21, 2024 and October 30, 2024).

Highlights (Table 1, Figures 1, 2 and 3)

• +20 m thick spodumene-bearing pegmatite was intersected in three holes with visually estimated spodumene ranging from 3 to 50%;

• These holes confirm the vertical continuity up to 150 m deep of the mineralized pegmatite dipping -57 degrees to the north; and

• This maiden drill program demonstrates that the pegmatite body remains open along strike and to depth and more drilling will be required to more precisely determine its geometry and extension.

The drilling campaign's main objective was to test the extension at depth and along the strike of the discovery outcrop and the presence of potential stacked sills. Assay values from the nine samples from the discovery outcrop range from 1.10% to 3.92% Li₂O.

The five holes intersected highly fractionated pegmatite dyke(s). The pegmatite dyke intersected in the first three holes were mineralized in spodumene. The spodumene is concentrated almost continuously throughout the width of the dyke. The pegmatite dykes were systematically sampled and sent for assay and metallurgical testing (assay pending).

The pegmatite is composed essentially of quartz, plagioclase, potassic feldspar and spodumene with lesser proportion of muscovite, tourmaline and garnet. The spodumene is light greenish-white colour and occurs as large and elongated crystals averaging 2 x 5 cm and up to 2 x 15 cm. A portion of the pegmatite shows albite alteration in which spodumene is concentrated in bands of fine-grained crystals. The pegmatite is hosted in metasedimentary units, mainly matrix-supported conglomerate in alternance with wacke and coarse-grained sandstone.

"We are very pleased with the results of this first drill program. We look forward to seeing the assay results and to plan the next phase of drilling." commented Normand Champigny, CEO.

The Ninaaskumuwin lithium prospect is easily accessible from the paved Billy Diamond highway located about 60 km north of the ‘km 381' rest stop that can provide accommodation, catering, fuel and power. It is also about 50 km north of the Galaxy project, which is being acquired by Rio Tinto plc as part of their recently announced acquisition of Arcadium Lithium plc for USD 6.7 billion.

GeoVector Management Inc., based in Ottawa, supervised the drilling program, which includes core logging and sampling of the drill core. The QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. Drilling was performed by RJLL Drilling, based in Rouyn-Noranda.

Qualified Persons

Normand Champigny, Eng., Chief Executive Officer of the Company, and Dr. Éric Hebert, P.Geo., Senior Geological consultant, member (#0842) of the Ordre des Géologues du Québec, are both qualified persons within the meaning of National Instrument 43-101 on standards of disclosure for mineral projects. They have reviewed and approved the technical information contained in this press release.

About Quebec Precious Metals Corporation

QPM has a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation's Éléonore gold mine. The Corporation focuses on advancing its Sakami gold project and its newly discovered, drill-ready Ninaaskuwin lithium showing on the Elmer East project. In addition, the Corporation holds a 68% interest in the Kipawa rare earths project located near Temiscaming, Quebec.

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Table 1 - Summary of drillhole coordinates from the fall 2024 program, Elmer East project - Press release of November 26, 2024

SOURCE: Quebec Precious Metals Corporation