QcX Gold Corp (QCX.V) is a gold junior explorer exploring for gold in James Bay and Abitibi Quebec. The company has two highly prospective projects which are near past discoveries.
The Golden Giant project is 2.9km away from Azimut’s discovery site, the Elmer Gold project. QcX’s Fernet Project is contiguous with Wallbridge Mining’s Fenelon/Martinière property.
Here is a summary of the exploration work done at Golden Giant:
Today, the stock is up 80% with over 1.2 million shares traded. Average volume on the stock is 18,998 per day.
QcX has announced that it has received assay results from 51 grab samples collected from the Kali East Block of the Golden Giant project. This was initial sampling from this easterly block of the project since acquiring Kali East in 2020.
The Kali East Block of the Golden Giant Project lies only 6 km to the northwest of Allkem Limited’s James Bay Lithium project, which is the largest lithium pegmatite deposit in Canada and currently being advanced to production.
Silver, zinc and copper anomalous results were obtained from these samples, but the markets are excited about the lithium potential.
Lithium potential was identified on the property after the discovery of pegmatitic boulders scattered across the Kali claims during the field program. This is geologically significant for the block’s lithium potential, as it is located in close proximity to greenstone belts which are known to be highly prospective zones.
Assay results from the regional prospecting program returned anomalous results for LCT-type pegmatite mineralization with up to 48.4 ppm Li and 96.6 ppm Rb. Further work is required to determine the source location of the pegmatitic boulders found on the project.
In addition to the lithium potential identified, gold and base metals remain highly prospective. A highly anomalous result of 1,500ppm Cu and 0.68 g/t Ag was obtained from a “heavily altered amphibolite, with heavy gossan staining, 1-2% pyrite” in the northeast corner of the block, only a few hundred metres from the Billy Diamond Highway.
The majority of the Kali East Block remains unexplored and the Company has much further work to complete for follow up on structurally controlled geophysical targets that were discovered during QcX Gold’s 2021 work program. This work is in addition to further analysis on results from the Company’s inaugural drill program at Golden Giant across the West and East Blocks.
The stock is popping as stated earlier, and is now breaking above a major zone.
We have been in a downtrend since September 2021, and the stock began to range from Summer 2022 to now. Volume is lacking, but today’s news has caused some excitement for a potential discovery. We are now breaking above the $0.035 resistance zone which will be a breakout of the range.
This is a very bullish development for the stock, and technically, means a new uptrend is in play as long as the stock remains above $0.035.