Quebec Precious Metals (QPM) trading on the TSX Venture exchange as QPM and OTCQB as CJCFF, is a Quebec-focused mineral exploration company with a large land package in the Eeyou Istchee James Bay Territory. While “precious metals” is in the company name, the company’s projects offer prospective investors exposure to multiple commodities including gold, rare earth metals, and lithium.
Background
The proposed formation of QPM was announced in an April 26, 2018 press release with the combination of three other exploration companies and the financial backing of Goldcorp Inc (now Newmont Corporation), who owned the nearby Éléonore gold mine [1]. The resulting transaction would create a James Bay-focused gold exploration company with the Sakami gold project (Sakami) as the flagship asset in addition to several other projects depicted in Figure 1. At the time of the proposed transaction, gold mineralization at Sakami was noted to cover a 700 m by 300 m area down to 450 m with a true thickness of 35 m and gold grades ranging between 1 g/t and 5 g/t [1]. As noted in the business combination press release, QPM would “seek to monetize non-gold assets” upon completion of the transaction.
Figure 1: Location of QPM’s mining claims upon completion of the business combination from the April 26, 2018 press release [1].
On June 28, 2018 the proposed transaction to create QPM closed where Goldcorp would own 19.2% of the company upon exercising all warrants and Caisse de dépôt et placement du Québec (an institutional investor which manages several public pension and insurance plans in Quebec) would own 9.6% of the company if all warrants were to be exercised [2], [3].
After closing the transaction to form QPM, the company continued with publishing press releases on the drilling success at the La Pointe deposit (La Pointe) of the Sakami project as per the September 10, 2018 press release [4]. Grassroots exploration at the Sakami project led to the identification of anomalous gold in soil west of the main La Pointe deposit as announced from QPM’s December 5, 2018 press release and visualized in Figure 2 below [5].
Figure 2: Gold in Soil Anomalies West of the La Pointe Deposit, from the December 5, 2018 press release [5].
In 2019, QPM started off the year announcing more drill results from La Pointe at Sakami and extended gold mineralization along strike [6]. On March 26, 2019 and April 23, 2019 press releases were published containing drilling results between 3 km to 8 km north of La Pointe indicating additional gold mineralization at the Sakami project [7], [8]. Mineralization at La Pointe continued to increase the deposit footprint down to a depth of 600 m and up to a 900 m strike length as per the June 5, 2019 press release [9].
On May 23, 2019, QPM updated the market on the status of their monetization process of non-core assets. Within this press release, the company noted that they have a 68% interest in the Kipawa rare earths project where Ressources Quebec Inc. (the business unit of Investissement Québec, affiliated with the Québec government) holds the remaining 32% interest [10], [11]. Other projects QPM identified in the press release were either optioned to other companies in exchange for cash and shares or were available for option or sale.
Going into 2020, on January 28, 2020, QPM increased their land package within the James Bay Territory with the acquisition of claims by map designation (staking of claims) on trend with Azimut Exploration’s Patwon prospect discovery, named Elmer East (see Figure 3 below) [12] . QPM also continued to expand gold mineralization at Sakami as per the April 21, 2020, June 18, 2020, July 22, 2020, September 10, 2020, November 9, 2020, November 24, 2020, and December 15, 2020 press releases which highlighted drill intercepts and the discovery of the La Pointe Extension situated 2 km away from the La Pointe deposit see Figure 4 below [13], [14], [15], [16], [17], [18].
Figure 3: Location of QPM’s Elmer East Claim (in red) in relation to Azimut Exploration’s Patwon Prospect Discovery from the January 28, 2020 press release [12].
Figure 4: Map of La Pointe deposit and La Pointe Extension discovery as per the April 21, 2020 press release [13].
On September 16, 2020, QPM announced the discovery of a new gold and base metals occurrence at the recently acquired Elmer East property, named Lloyd [19]. Through a prospecting campaign and working in consultation with GoldSpot Discoveries, grab samples at Elmer East identified a gold and silver discovery with additional anomalous copper, zinc, and lead at the Lloyd discovery. This discovery was expanded upon with assay results from a channel sample as per the January 20, 2021 press release [20].
Going into 2021, QPM continued to focus on the advancement of its gold projects specifically on Sakami with the expansion of gold mineralization at the La Pointe Extension (see Figure 5) and at Elmer East [21]. During the calendar first quarter of 2021, QPM successfully continued its monetization process of non-core assets notably from the January 13, 2021 press release where QPM acquired $300,000 in connection with the sale of two non-core assets [22]. On February 1, 2021, QPM received $1.125 million plus 1 million shares from the sale of its remaining 20% interest in a third non-core project [23]. The CEO of QPM, Normand Champigny, noted in the February 1, 2021 press release that the proceeds from non-core assets would assist with funding Sakami and other gold projects within the James Bay region without diluting existing shareholders. On August 10, 2021, QPM and Vital Metals (VML on the ASX) announced the signing of a binding term agreement where QPM would sell their 68% in the Kipawa and Zeus rare earth metals projects to Vital Metals in exchange for $8 million over a four-year period [24]. On October 18, 2021, QPM announced the sale of a royalty which was acquired during the sale of a non-core asset for $2 million [25].
On August 9, 2021, a NI 43-101 technical report was published for the Sakami project [26]. Within this report, QPM noted the importance for success of Sakami in relation to developing strong partnerships with the local Cree community of Wemindji. These partnerships could lead to the creation of a pre-development agreement with the local Cree community.
Figure 5: Footprint of the La Pointe Deposit and La Pointe Extension and projection of interpreted mineralized trend at the Sakami project as per the January 27, 2021 press release [21].
Drilling results from Sakami in 2021 continued to increase the gold mineralized footprint of the La Pointe Extension as per the press release from June 9, 2021 [27]. Additionally, QPM continued to expand the mineralization of the Lloyd discovery at Elmer East to 4.2 km and made an additional discovery on the project named Georgekish as per the September 8, 2021 press release [28].
On December 15, 2021, QPM announced that the company became UL ECOLOGO Certified for mineral exploration [29]. This 3rd party verified certification recognizes responsible environmental, social, and economic practices and is currently only available to Quebec-focused mineral exploration companies [30]. It is a certification which signifies company adherence to standards related to environmental, social, and economic parameters, an important consideration for modern mineral exploration and development companies.
At Sakami, QPM announced new results from an Induced Polarization (IP) survey which suggest that the La Pointe Extension deposit extends to the south by 2.5 km with an approximate total projected mineralized trend distance of 6.25 km as per Figure 6 and from the February 24, 2022 press release [31]. QPM noted that historical IP survey results have had good spatial correlation with gold mineralization in drill holes, at surface showings, and with the IP anomalies from both the La Pointe Extension and La Pointe deposits.
Figure 6: New Induced Polarization (IP) survey results in relation to the La Pointe Extension and La Pointe deposits at Sakami, from the February 24, 2022 press release [31].
Additional gold mineralization was reported at the La Pointe Extension from the March 10, 2022 and May 26, 2022 press releases [32], [33]. Following the release of all drilling results from the 2022 winter drilling program it was noted that gold mineralization at the La Pointe Extension was open in all directions. On March 23, 2022, QPM and GoldSpot Discoveries highlighted the exploration successes at Elmer East where Normand Champigny noted that following “…an IP Survey, the project will be drill-ready…” [34].
On September 19, 2022, QPM announced another sale of a non-core asset. QPM entered into a binding agreement with Idaho Champion Gold Mines Canada Inc. (now named Champion Electric Metals Inc., trading on the CSE as LTHM) for the Blanche and Charles projects, located adjacent to Patriot Battery Metals’ Corvette project [35]. Champion Electric Metals acquired these two projects with the goal of exploring for lithium. QPM received $100,000, 12 million common shares (of which 50% will be in escrow for 18 months), and a 2% net smelter return royalty in consideration for 100% ownership of Blanche and Charles.
On October 10, 2022, QPM announced that the previously released term agreement with Vital Metals for the sale of the Kipawa and Zeus projects was terminated [36]. It was noted that Vital Metals did not proceed with the acquisition because of the results from completing due diligence on the project, specifically due to Vital Metals’ “…understanding of the Kipawa (Kebaowek) First Nation’s position on the Projects…” As a result of the termination of the agreement, QPM received just over $1 million in cash [37].
On March 27, 2023, QPM announced in a press release that the company entered into an agreement with ALS GoldSpot Discoveries to complete a lithium targeting study considering all of QPM’s projects in the Eeyou Istchee James Bay territory of Quebec [38] . Normand Champigny noted that “…pegmatitic rocks have been observed on [QPM’s] projects from previous prospecting and mapping programs. [QPM’s] goal this year will be to test the lithium potential of these pegmatite occurrences.” ALS GoldSpot Discoveries is the same company which assisted QPM with the targeting and discovery of the Lloyd and Georgekish gold discoveries at Elmer East. In this press release, QPM noted that pending the results of this study, QPM plans to conduct lithium specific exploration programs later this year.
Multi-Commodity Exploration Potential
In June 2023, QPM updated their corporate presentation indicating the company’s focus on advancing gold, rare earth metals, and lithium assets [39]. QPM still has a focus on gold exploration with potential to expand the La Pointe Extension deposit at Sakami and to follow up on the gold discoveries of Lloyd and Georgekish at Elmer East but has another focus on the Kipawa and Zeus rare earth metals project. QPM’s 2023 plan for their rare earths project is to focus on reconciliation in alignment with the Government of Canada’s critical minerals strategy and to complete internal studies on social acceptability. With exposure to Champion Electric Metals through shares and a 2% net smelter royalty on future production from QPM’s Blanche and Charles claims (now referred to as the Champion Electric Lithium Project in Quebec), QPM can capitalize on any future discoveries. As noted in QPM’s June 2023 presentation, Champion Electric has completed a desktop review which has indicated that their lithium project in Quebec has a favourable geological setting and host rocks as comparable to the Corvette and Cancet lithium-bearing pegmatite deposits on the adjacent property held by Patriot Battery Metals [39].
Looking Forward
As of January 31, 2023, QPM had a working capital of approximately $2.1 million [40]. As of June 9, 2023, QPM had a market capitalization of approximately $7 million. The company’s shareholders include several Quebec institutions including Caisse de dépôt et placement du Québec, Investissement Québec, SIDEX, Société de développement de la Baie-James, and Desjardins Capital rounding to 12% as of April 30, 2023 [39]. Management and insiders, including Newmont Corporation own 16% of the company.
For QPM to progress its gold exploration, rare earth metals development, and lithium exploration strategies, more working capital is needed [40]. QPM has a history noted above of non-core asset sales to generate non-dilutive funding. Current non-core assets include a gold exploration project in Ontario (Matheson), a few royalties from previously sold projects, and common shares of publicly listed companies [41]. QPM has also historically been successful with raising working capital through dilutive means [42], [43], [44], [45].
Summary
There’s clearly more to Quebec Precious Metals than just a name. While the company was conceived with the sole exploration focus of precious metals, in 2023 the company’s prospects are broader. Quebec Precious Metals offers a unique opportunity for prospective resource investors with several projects of varied commodity exposure across the exploration and development phases of mineral exploration; an interesting proposition, not particularly common within the junior mining industry, but with potential advantages considering the macroeconomic environment of 2023. I look forward to updates on drilling at Sakami, updates from the Kipawa and Zeus projects, news from Champion Electric Metals’ Quebec lithium project, results from the James Bay lithium study, and exploration plans at Elmer East to follow-up on gold discoveries.
Disclosure: I have a beneficial long position in the shares of one or more of the companies discussed in this article, either through stock ownership, options, or other derivatives. I wrote this article without external assistance, and it expresses my personal opinions. I was not compensated for this article and I have no business relationship with any company whose stock is mentioned in this article. I am not a registered investment advisor; readers are encouraged to complete their own due diligence and talk to their own licensed investment advisor(s) before making any investment decisions.
References
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[27] Quebec Precious Metals Corporation, “Quebec Precious Metals cuts 1.83 g/t Au over 58.6 m and 2.15 g/t over 42.2 m Au in drilling in near-surface, high-grade intervals, on the Sakami project,” 9 June 2021. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=03236331&docId=4984502. [Accessed 3 May 2023].
[28] Quebec Precious Metals Corporation, “Quebec Precious Metals reports high-grade grab samples of 68.1 & 61.8 g/t Au on the Elmer East project; extends the mineralized corridor to 4.2 km at the Lloyd discovery area,” 8 September 2021. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=03276893&docId=5040665. [Accessed 3 May 2023].
[29] Quebec Precious Metals Corporation, “Quebec Precious Metals is UL ECOLOGO® Certified for mineral exploration!,” 15 December 2021. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=03317986&docId=5104832. [Accessed 3 May 2023].
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[31] Quebec Precious Metals Corporation, “Quebec Precious Metals identifies drill targets over 2.5-km along strike from the La Pointe Extension gold deposit,” 24 February 2022. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=03341710&docId=5139987. [Accessed 3 May 2023].
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[33] Quebec Precious Metals Corporation, “Quebec Precious Metals drills La Pointe Extension: 0.84 g/t Au over 63 m downhole, higher-grade core extended +200 m at depth, open in all directions,” 26 May 2022. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=03389447&docId=5213889. [Accessed 3 May 2023].
[34] GoldSpot Discoveries Corp., “Quebec Precious Metals and GoldSpot provide an update on the Elmer East project: multiple gold targets over 4.5 km,” 23 March 2022. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=03353834&docId=5159984. [Accessed 3 May 2023].
[35] Idaho Champion Gold Mines Inc., “Idaho Champion Goes Full Battery by Acquiring Prospective Lithium Projects in James Bay Region; Quebec Precious Metals to Become Significant Shareholder,” 19 September 2022. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=03438443&docId=5281726. [Accessed 3 May 2023].
[36] Quebec Precious Metals Corporation, “Quebec Precious Metals continues sales process for Kipawa & Zeus projects following termination of agreement by Vital,” 10 October 2022. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=03444374&docId=5290800. [Accessed 3 May 2023].
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[39] Quebec Precious Metals Corporation, “Corporate Presentation – Spring 2023,” 6 June 2023. [Online]. Available: https://www.qpmcorp.ca/wp-content/uploads/2023/06/2023.06.06-QPM-Corporate_Presentation.pdf. [Accessed 6 June 2023].
[40] Quebec Precious Metals Corporation, “MANAGEMENT’S DISCUSSION AND ANALYSIS Year ended January 31, 2023 (Fourth Quarter),” 24 May 2023. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00005960&issuerType=03&projectNo=03540630&docId=5431104. [Accessed 6 June 2023].
[41] Quebec Precious Metals Corporation, “QUEBEC PRECIOUS METALS CORPORATION Financial Statements Years ended January 31, 2023 and 2022,” 24 May 2023. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00005960&issuerType=03&projectNo=03540632&docId=5431108. [Accessed 6 June 2023].
[42] Quebec Precious Metals Corporation, “Quebec Precious Metals Announces Closing of $6.5 Million Bought Deal Private Placement; Newmont Goldcorp Increases Ownership to 19.9%,” 29 November 2019. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=02994933&docId=4633201. [Accessed 3 May 2023].
[43] Quebec Precious Metals Corporation, “Quebec Precious Metals Announces Closing of a $500,000 Private Placement,” 12 December 2019. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=02999551&docId=4640208. [Accessed 3 May 2023].
[44] Quebec Precious Metals Corporation, “Quebec Precious Metals Corporation closes second and final tranche of oversubscribed $3,228,000 private placement,” 5 May 2021. [Online]. Available: https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005960&issuerType=03&projectNo=03217298&docId=4953818. [Accessed 3 May 2023].
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