TORONTO, February 13, 2023 (GLOBE NEWSWIRE) – Q-Gold Resources Ltd. (TSXV: QGR, OTC: QGLDF, FRA: QX9G) (“q gold” Or “company”) is pleased to announce that the 2022 Exploration Diamond Drill Program (“2022 drill program”) which was successfully completed on December 23, 2022, has been received.
The 2022 drill program was an overall success with 5 of the 8 holes drilled intersecting their targeted vein systems. The portion of the 2022 drill program that focused on the historic Foley Mine (Figure 1) was very successful in extending the strike of the Bonanza vane to 300 m to the north, with the northernmost hole, Q22-14 9.3m grading 0.75 g/min. Tea. The Bonanza Silver grade faced East of Foley in the Q22-12 grading 1910 G/T AG which is equal to 23.875 g/t AuEq* gives the intersection of 1.6m @ 14.30 g/t AuEq, The results to date are shown in Table 1.
|Table 1: 2022 My Center Assay Results|
*: AuEq based on $1600 Au and $20 Ag
“Our team is excited by the results of the 2022 drill program in the Foley field. The Q22-14 results show that mineralization is continuing north and opening up into a wider system,” commented Richard Kilpatrick, Exploration Manager, Q-Gold . “The intercept at Q22-12 occurred in a previously unproven vein that will feature prominently in the upcoming spring Foley exploration program. In addition, the property-wide structural study, which commenced in January 2023, is nearing completion and the results will allow Q-Gold to generate several drill-ready targets for upcoming exploration seasons.
“We are very pleased with the completion of the diamond drilling program and the results we have received from the assay laboratories,” said Dr. Andreas Rompel, CEO of Q-Gold. “We have again overcome high grade and confirmed northern strike extension of our gold-bearing quartz-vein around the Folly mine and feel encouraged to pursue these with further drilling in the spring. “
Figure 1: Map with full 8 hole drilling program targeting an extension of known gold-bearing quartz veins around the Foley Mine.
About the existing Mine Center property
Q-Gold owns 10,000+ acres of contiguous mining claims, Crown leases and leasehold patents located within the historic Mine Center 1890 Gold Camp, which produced 16,025 ounces of gold from the Folly Gold Mine and the Golden Star Mine.
The Foley Gold Mine was first developed in the 1890s, with the Foley shaft sunk to a level of 400′. At this time 10,500 tons of ore were mined at 14 g/t from the stop at the 100′ level, with 5,267 ounces of gold recovered 1898 – 1900. The subsequent work from 1923–27 included an estimated $12 M of total development work including offsets. Shaft 400′ – 850′, Vinz 400′ to 150′ and 2.5+ km drift on 7 levels. Operations ceased in 1927 due to the onset of the Great Depression.
The property has immediate access to Highway 11 and favorable logistics being 250 km north-west of Thunder Bay and 65 km north-east of the US border. The mine is also adjacent to two major gold discoveries 95 km away from the centre: Rainy River (New Gold) (4.5 M oz. Au and 11.4 M oz. Ag) and Hammond Reef (Agnico Eagle) (4.5 M oz. Au and 11.4 M oz. Ag). ).
Other areas of interest on the property include the Mackenzie Gray Vein System., A gold-silver vein system with 6,594 meters of drilling confirming the existence of a high-grade quartz vein up to 100 meters. as well as Golden Star, Manhattan and Fergus Wayne Systems; All high potential gold vein prospects offering tremendous optionality in the mine center.
The scientific and technical information contained in this press release has been reviewed, prepared and approved by Richard Kilpatrick, P.Geo., Exploration Manager, Q-Gold, a “Qualified Person” as defined herein. National Instrument 43-101 – Disclosure Standards for Mineral Projects,
About Q-Gold Resources Limited
Q-Gold Resources (TSXV: QGR, OTC: QGLDF, FRA: QX9G) is a publicly traded Canada-based mineral exploration company targeting high-grade gold and silver discoveries in multiple jurisdictions. Q-Gold is currently exploring for gold at the last-producing Foley Gold Mine in Mine Centre, Ontario.
for more information contact:
Dr Andreas Rompel
chief executive officer
Certain statements in this release are forward-looking statements. Forward-looking statements include statements that are not purely historical, including any statements regarding drill assay results from the Company’s 2022 drill program, the completion and results of asset-wide structural studies, drilling plans for the spring, expansion is included. The Company’s plan of action and beliefs, plans, expectations or intentions with respect to mineralization and future on the Mine Center Property. Such statements are subject to risks and uncertainties that could cause actual results, performance or development to differ materially from those contained in the statements. There can be no assurance that any events anticipated by the forward-looking statements will occur or that, if they do occur, the benefits to the company will accrue from them. In particular, the Company cautions that the results of property-wide structural studies and expansion of mineralization cannot be predicted with certainty, and there can be no assurance at this time that it will be able to identify a drill-ready target. or if the company is able to expand mineralization on its mine center property. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions that may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, as well as other factors beyond the company’s control. Except in accordance with applicable securities laws, the Company does not undertake to update any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Available on a photo with this announcement