Q-Gold Commences Soil Geochemical Program Over the Foley Mine Area
13 Juillet 2022 - 2:00PM
Q-Gold Resources Ltd (TSXV: QGR) (OTC: QGLDF) (FRA: QX9G)
(“
Q-Gold” or the “
Company”) is
pleased to announce that it has commenced a MMITM soil geochemical
survey over the Foley Mine area on its wholly owned Mine Centre
Property (“
Property”) as part of the 2022
exploration program.
The MMITM soil survey is designed over 20
line-km with samples being collected at nominal 50m spacings over
the Foley Mine and environs. MMITM was chosen over the conventional
method of soil sampling due to the lack of suitable B-horizon soil
development over the Property.
Of note, MMITM was instrumental in the targeting
of the exploration drilling which led to the discovery of the
Intrepid Zone at Rainy River, owned by New Gold Inc.
Once the sample program has been completed, the
samples will be shipped to SGS Mineral Services in Burnaby, British
Columbia for analyses.
“The MMITM soil geochemical survey represents
yet another step along the way to generate more targets for the
pending drilling campaign,” commented Dr. Andreas Rompel, Chief
Executive Officer of Q-Gold. “The previously intersected
gold-bearing quartz veins have not been tested for their full
strike extent away from the vicinity of the old mines and shafts.
This will enable us to better define the exploration programme for
the next years.”
About the Existing Mine Centre
Property
Q-Gold holds 10,000+ acres of contiguous mining
claims, Crown leases and leasehold patents located within the
historic Mine Centre 1890’s gold camp, which produced 16,025 ounces
of gold from the Foley Gold Mine and the Golden Star Mine.
The Foley Gold Mine was first developed in the
1890’s, with the sinking of the Foley Shaft to the 400’ level. At
this time 10,500 tons of ore at 14 g/t was mined from stopes at the
100’ level with 5,267 oz of gold recovered 1898 – 1900. Subsequent
work between 1923-27 included an estimated $12 M of total
development work, including an offset Shaft 400’ - 850’, winze 400’
to 150’ and 2.5+ km of drifts on 7 levels. Operations terminated in
1927 due to the onset of the Great Depression.
Previous drilling conducted by Q-Gold between
2005-2012 established the Foley Gold Mine as a large deposit of
gold-bearing veins with an excellent picture of the mine’s gold
potential from surface to the 122 m level. Highlights from those
drill results include the following high-grade gold intercepts:
Qualified Persons
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, who is a "Qualified Person" as defined by NI 43-101.
About Q-Gold Resources Ltd.
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
past-producing Foley Gold Mine in Mine Centre, Ontario and for
silver at the Surupana Property in the silver-rich altiplano region
of Peru.
For further information,
contact:Dr. Andreas RompelChief Executive
Officerandy.rompel@qgoldresources.comWebsite:
www.qgoldresources.com
Cautionary Note
Certain statements in this release are
forward-looking statements. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding the MMITM soil geochemical survey, the Company’s work
plan, beliefs, plans, expectations or intentions regarding the
future. Such statements are subject to risks and uncertainties that
may cause actual results, performance or developments to differ
materially from those contained in the statements. No assurance can
be given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. In particular, the company cautions
that the completion of the proposed acquisitions cannot be
predicted with certainty, and that there can be no assurance at
this time that the proposed acquisitions will be completed in the
manner noted above or at all. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which 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. The Company does not undertake to update any
forward looking information, except in accordance with applicable
securities laws.
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.
Q Gold Resources (TSXV:QGR)
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