An imposing hybrid hydrothermal system identified on the Detour-Selbaie showing, Wagosic Property

VAL-D'OR, QC, Oct. 22, 2024 /CNW/ - SOQUEM, a subsidiary of Investissement Québec, is pleased to announce the results of the exploration drilling program completed in winter 2024 on its Wagosic Property. The property, wholly owned by SOQUEM, is situated 90 km west of Matagami, near the former Selbaie mine (56.9 Mt @ 0.87% Cu, 1.85% Zn, 0.55 g/t Au, 39 g/t Ag; CONSOREM, 2012).

Highlights:

Figure 1. Location of Wagosic and other SOQUEM properties in the Selbaie area (CNW Group/Soquem inc.)

Figure 2. Plan view of the VMS-037 - Detour-Selbaie area (CNW Group/Soquem inc.)

Figure 3. Plan view of the Xylem - Copper Zone area (CNW Group/Soquem inc.)

Figure 4. Plan view of the Silver 2 Zone area (CNW Group/Soquem inc.)

• Detour-Selbaie showing: thick stockwork zone intersected in 1338-24-060 and 1338-24-073, respectively yielding 0.76% Zn, 0.12% Cu, 0.39 g/t Au and 6.3 g/t Ag over 216.2 m and 1.47% Zn, 0.12 g/t Au and 8.3 g/t Ag over 235.15 m.
• Detour-Selbaie showing: extension identified 125 m east of VMS-037 in the form of a stockwork displaying several similarities with the Detour-Selbaie showing. Hole 1338-24-069 returned 1.35% Zn, 0.11 g/t Au and 17.1 g/t Ag over 212.5 m.
• Xylem showing: extension identified 75 m to the south. Hole 1338-24-062 intersected 0.86% Cu and 4.0 g/t Ag over 65.15 m.
• Silver 2 Zone: hole 1338-24-071 intersected a zone of veins and veinlets yielding 217.3 g/t Ag, 0.3 g/t Au and 0.37% Zn over 14.50 m.

The objective of the 2024 exploration program was to confirm the presence of mineralized extensions for the main showings on the property (Figure 1). Following up on the success of the 2023 work (SOQUEM press release of October 17, 2023), the following areas were drilled in winter 2024: Detour-Selbaie/VMS-037 showings (Figure 2, hole 1338-23-055: 3.49% Zn, 73.9 g/t Ag and 0.33% Pb over 40.15 m), Copper Zone/Xylem showing (Figure 3, hole 1338-23-058: 1.77% Cu, 14.9 g/t Ag and 0.05 g/t Au over 13.8 m) and Silver 2 Zone (Figure 4). Sixteen (16) holes were drilled in these areas for a total of 8,604.5 m. The main analytical results are presented in Table 1.

All holes drilled during this program were geophysically surveyed (Pulse-EM) to identify targets for the next exploration phase. Several anomalies were detected in the Detour-Selbaie/VMS-037 and Copper Zone/Xylem areas, and these will be followed up in the winter of 2025.

About Wagosic

The Wagosic Property, one of SOQUEM's flagship projects, is at the exploration drilling stage, with a drilling program planned for winter 2025. The property is being explored following a new lithostratigraphic interpretation showing a weakly deformed, shallow-dipping sequence cut at a high angle by hydrothermal systems displaying zoned mineralization. A relationship between VMS (volcanogenic massive sulphide) and epithermal mineralization has been documented in these systems:

• The exhalative level contains concordant VMS-type hydrothermal mineralization (mainly argentiferous pyrite), locally rich in zinc and lead.
• Below the exhalative level, hydrothermal mineralization of epithermal appearance is present in the form of zinc-silver stockworks and/or disseminations, with local copper, gold and lead enrichments.
• Hydrothermal mineralization has been recognized at depth in the form of copper and gold-rich veins and breccias.

Planned 2024-2025 Work

A nearly 7,000-metre drilling program is currently being prepared for winter 2025. On a preliminary basis, 4 to 6 drill holes are planned as a follow-up on each main showings, primarily to confirm the thickness and orientation of the mineralized zones and to intersect the mineralization laterally and at depth. The objective of the 2024-2025 campaign is to strengthen the existing model with a view to advancing the property to the mineral resource assessment phase in 2025-2026.

Table 1. Main results from the 2024 program – Wagosic Property

Hole	From (m)	To (m)	Length*  (m)	Zn (%)	Cu (%)	Au (g/t)	Ag (g/t)	Area
1338-24-062	249.25	314.40	65.15	0.01	0.86	0.01	4.0	Copper Zone Xylem Showing
incl.	249.25	272.00	22.75	0.01	0.96	0.01	5.4
and	284.45	292.15	7.70	0.01	1.56	0.01	5.9
and	301.45	312.90	11.45	0.01	1.24	0.01	4.3
1338-24-060	554.60	770.80	216.20	0.76	0.12	0.39	6.3	Detour-Selbaie VMS-037 Showing
incl.	554.60	559.90	5.30	2.17	1.35	6.27	73.3
and	684.00	705.70	21.70	0.97	0.10	1.17	7.0
and	722.40	770.80	48.40	1.31	0.24	0.32	11.6
1338-24-069	387.50	600.00	212.50	1.35	0.02	0.11	17.1
incl.	387.50	403.50	16.00	0.55	0.01	0.91	99.5
and	444.00	454.50	7.50	4.68	0.31	0.07	42.3
and	463.50	482.60	19.10	4.26	0.03	0.04	30.5
and	529.50	600.00	70.50	1.72	0.02	0.07	5.3
1338-24-073	347.70	582.85	235.15	1.47	0.02	0.12	8.3
incl.	375.20	436.00	60.80	1.90	0.03	0.04	11.4
and	454.25	505.40	51.15	1.50	0.02	0.39	8.5
and	529.15	569.45	40.30	1.80	0.02	0.06	7.3
1338-24-071	194.00	197.50	3.50	0.01	0.01	5.92	11.3	Silver 2 Zone Showing
	337.80	352.30	14.50	0.37	0.01	0.30	217.3
incl.	337.80	341.00	3.20	0.96	0.01	0.38	539.1
and	348.00	351.60	3.60	0.51	0.01	0.82	366.0

*Intervals are presented as drill core lengths.

Analytical Protocols

Strict QA/QC protocols were implemented, including the insertion of certified reference material samples and blanks. All samples were sent to the ALS Geochemistry laboratory in Val-d'Or for preparation and analysis.

Samples were weighed, crushed, pulverized, dissolved using the 4-acid method, and analyzed by ICP-MS/OES for 48 elements. If the value for metals such as Cu, Zn and Pb exceeded 1% and/or Ag above 100 ppm, the sample was re-assayed by 4-acid digestion followed by ICP-AES analysis.

For gold (Au), 50 g of material was dissolved by fire assay and analyzed by atomic absorption spectrometry (AAS). The pulps of samples grading greater than 5.0 g/t Au were systematically re-assayed by gravimetry.

Qualified Person

The technical information in this press release has been reviewed by geologist Catherine Jalbert, Vice-President of SOQUEM, acting as a qualified person as defined by National Instrument 43-101.

About SOQUEM

SOQUEM, a subsidiary of Investissement Québec, is dedicated to exploring, discovering and developing mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well positioned for the future.

SOURCE Soquem inc.

Catherine Jalbert, [email protected]