FULL DISCLOSURE: Canacom Group is long the equity of Questcorp Mining.
Questcorp Mining (CSE: QQQ) has begun diamond drilling at its La Union gold and silver project in Sonora, Mexico, opening a Phase 2 campaign the company says is fully funded.
The program calls for roughly 1,500 metres to be drilled across eight to 10 holes, testing a set of targets spread across the project’s 25 square kilometre mineralized footprint. The wider La Union land package spans about 2,520 hectares, which Questcorp holds under an option to acquire a full interest.
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The drilling is chasing two deposit types, consisting of carbonate replacement gold, silver, and zinc systems and sediment-hosted gold. It is the first modern, systematic test of a district that last saw mining in the 1950s.
That historical work pulled an estimated 50,000 ounces of gold from near surface oxide ore, with reported grades averaging 7 to 20 grams per tonne gold, 300 grams per tonne silver, 10-20% lead and 5% zinc. Legacy operators stuck to the shallow, oxidized material. Questcorp’s thesis is that the sulfide roots and structural feeders beneath those old workings remain untested.
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Five target areas are slated to be tested under the program. They include the Union Main and North Union mine areas, the Cobre copper-gold zone, and Luis Hill, a sediment-hosted gold target where Phase 1 drilling returned 42 metres grading 0.3 g/t gold along a strike now mapped at more than two kilometres.
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Also to be tested is the Javalí target, where surface sampling of epithermal quartz veins has returned assays above 5 g/t gold. One hole here is designed to probe a deeper porphyry concept, while another is targeting vein continuity at depth.
Final hole positioning draws on recent structural mapping, 248 line-kilometres of drone aeromagnetic coverage, and an induced polarization survey completed the week before drilling started.
“Today marks a transformative milestone for Questcorp as we transition from a successful target generation phase into aggressive discovery drilling,” said President and Chief Executive Officer Saf Dhillon, who characterized the campaign as the most catalyst-heavy stretch in the company’s history.
“We are not simply just chasing historical footprints; we are testing high-conviction, never-drilled feeder structures that possess the hallmark indicators of a major North American mineral engine. Backed by supportive shareholders, we are fully funded to aggressively exploit this upside.”
Questcorp Mining last traded at $0.10 on the CSE.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Questcorp Mining. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
