QcX Gold Acquires High Resolution LiDAR Data, Discovers Pegmatite on Golden Giant Project

Montréal, Québec--(Newsfile Corp. - December 8, 2023) - QcX Gold Corp. (TSXV: QCX) (OTCQB: QCXGF) (FSE: 21MA) ("QcX" or the "Company") is pleased to announce that it has received high-resolution LiDAR and orthophotography data from its contractor ALS Goldspot Discoveries Ltd. ("ALS Goldspot" or the "Contractor"). The survey was flown in September during the previously announced lithium focused field campaign across the Golden Giant Project, in the James Bay region of Quebec (see August 8, 2023 Press Release). A video highlighting the uses of the obtained data can be viewed here. In addition, pegmatite was found on the Golden Giant West block. All pegmatite samples returned anomalous values for important indicator elements Be, Cs, Nb, Rb and Ta, highlighting the potential for LCT (lithium-caesium-tantalum) type pegmatites in the area. QcX is surrounded by major lithium developers and explorers in James Bay, including Allkem, Patriot Battery Metals, Brunswick Exploration, and LiFT Power. The easternmost block of Golden Giant, Kali East, (see Figure 1) is located directly adjacent to the Billy Diamond Highway, making for easy access and low-cost exploration.

Aaron Stone, Vice President Exploration for QcX, stated, "Although no spodumene was observed in the field, finding pegmatite outcropping is an important first step. Furthermore, the fact that all pegmatite samples submitted returned anomalous values for important pathfinder elements beryllium, caesium, niobium, rubidium and tantalum are a strong indication that LCT pegmatites may be present on Golden Giant. We will use the geochemistry results to determine the level of fractionation in these pegmatites to hopefully be able to point us in the right direction to where further dikes may exist on the property."

Pegmatite discovered on the Golden Giant West block (see Figures 2 and 3) importantly had similar mineralogy to known lithium-bearing pegmatites in the James Bay area, with significant amounts of garnet, black tourmaline, and micas (both muscovite and biotite) being observed. Furthermore, a highly altered and weathered pegmatite was observed on the Kali East block (see Figure 4), although it did not return any results of significance. However, given the proximity to Allkem's James Bay deposit, it is still a significant find and warrants follow-up exploration efforts.

The Golden Giant project comprises three packages of claims, Golden Giant East, Golden Giant West and the Kali East block, covering 18,992 hectares and is contiguous to Azimut Exploration Inc.'s Patwon project.

Figure 1: Regional map of the James Bay area showing the proximity of the Golden Giant property to important lithium projects in the region.

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Figure 2: Pegmatite dike uncovered on the Golden Giant West block. No pegmatites have previously been mapped in this area. Anomalous results for Be, Cs, Nb, Rb and Ta will help guide future exploration.

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Figure 3: Close-up of Golden Giant West pegmatite showing its mineralogy. Note the presence of garnet (red mineral) and mica (black mineral).

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Figure 4: Pegmatite discovered on the Kali East block. Contacts were easily observable but original mineralogy had been destroyed by extreme alteration and weathering.

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Table 1: Analytical results of pegmatite samples submitted from Golden Giant. The anomalous nature of these important LCT pegmatite indictor minerals will, once spatially plotted, provide future exploration targets.

Quality Assurance / Quality Control

In total, 110 grab samples were taken across the Golden Giant claims to test an array of discovered outcrops. The quality assurance and quality control protocol included the insertion of a blank or standard every ten samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by ALS Canada Ltd. during the analytical process. Grab samples were sent to ALS Laboratories in Montreal, QC and evaluated using multielement analysis by aqua regia and/or super trace sodium peroxide fusion (Lab Codes: ME-MS41 and ME-MS89L).

Qualified Person

Aaron Stone, P.Geo., Vice President Exploration of QcX Gold and Qualified Person ("QP") as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release.

About QcX Gold

QcX Gold is exploring for gold and VMS style mineralization on its highly prospective and well-located properties in Québec, Canada. The Golden Giant Project is located in the James Bay region, only 2.9 km from Azimut Exploration Inc.'s Patwon discovery on their Elmer gold project. The Fernet Project is located in the Abitibi Greenstone Belt and is contiguous with Wallbridge Mining Company Limited's Fenelon/Martinière property. Both properties are in close proximity to major discoveries which bodes well for exploration.

On behalf of the Board of Directors:

Aaron Stone, P.Geo.
Vice President Exploration
aaron.stone@qcxgold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements:

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program, the expected positive exploration results, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

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