53% Increase In Indicated Resources AND 100% Increase In Inferred Resources At Bonnefond

TORONTO - QMX Gold Corporation reported an interim update of its National Instrument 43-101: Standards of Disclosure for Mineral Projects (NI 43-101) resource estimate (the “2020 MRE”) on its Bonnefond South property, located approximately 25 km to the east of Val d'Or, Quebec. The 2020 MRE was completed independently by BBA Inc. in accordance with the NI 43-101 guidelines. A summary of the resource by zone is presented in Table 1. Since the last drill hole used for the 2020 MRE was finished, QMX has completed nearly 14,000 m of drilling on the Bonnefond property and is planning more exploration drilling during the winter.

Highlights include: An overall increase of 53% of the resources in the Indicated category; An overall increase of 100% of the resources in the Inferred category; A first underground resource of 140,600 oz @ 4.52 g/t Au, demonstrating the underground potential of the project – opening up a target zone between 350 m and 1,000m depth; and A new geological model with stronger control of the mineralized envelopes.

“The QMX exploration team continues to build on its successes, not only reporting more than a 50% increase in resources in the indicated category and 100% increase in the inferred category, in this interim update at Bonnefond, but also demonstrated the underground resource potential below the pit shell,” said, Brad Humphrey President and CEO. “Drilling in 2020 set out considerable upside potential down to 1,000 meter depth and, I believe, our team will continue to build out the underground potential for some time to come.”

The Bonnefond deposit comprises an intrusive body and series of shear zones transecting the intrusive. The intrusive body has an elliptical shape on plan view, measuring approximately 250m by 95m and dipping at 70° to the north-east. The northern part of the intrusion is tonalitic body of 250m by 60m while the southern part of the intrusive is more dioritic in its mineral composition. The gold values are associated with free visible gold and disseminated pyrite mineralization; tension and shear quartz-tourmaline veins and stockwork

From a structural point of view, the Bonnefond deposit is characterized by an east-west shear system transitioning from less competent ductile volcanic facies to more competent facies within the intrusive. A series of mineralized shear zones dipping at 45° to the north transects the intrusive body being shallow on the southern side and deeper on the northern side of the intrusive. They extend through the dioritic part of the Bonnefond intrusive and display shallower dips inside the intrusive. As the tonalitic part of the intrusion is more competent, it suggests that it cracked under the pressure during the active structural phases, creating large flat enriched areas with abundant quartz tourmaline veins and veinlets and intense alteration.