NQ Exploration Inc.: Initial Resource Estimate for the Carheil Project
24 1월 2013 - 10:22PM
Marketwired Canada
NQ Exploration Inc. ("NQ") (TSX VENTURE:NQE) is pleased to release the results
of an initial resource estimate carried out on its 100% owned Carheil property.
At the request of NQE's management, Micon International Limited of Toronto
(Micon) conducted a resource estimate for the mineralization contained in the
Ag1 polymetallic zone discovered by NQE through its recent drilling programs on
its Carheil Property. The resource estimate is included in a NI43-101 technical
report dated December 15th 2012.
According to Micon's 43-101 compliant report, the Ag1 zone is a polymetallic
zone with enriched values of lead, zinc, copper and gold in addition to the
silver that remains unexplored to the northwest and open at depth in the Nordest
area. NQE controls approximately 8 km of strike of the favourable stratigraphy;
however, this potential remains hypothetical since the lithological units do not
outcrop and very limited drilling was done west of the Nordest area.
Micon carried out a resource estimated of the Ag1 and Ag2 zones based on their
silver content exclusively. Anomalous base metals as well as gold were not taken
into consideration at this stage of development of the project given the absence
of metallurgical studies on the mineralized material. Specific gravity
measurements were not carried out by NQ personnel. Micon had no other option
than to use the lowest possible value for this type of rock: 2.7 t/m3. Given the
fact that the zones contain significant base metals (lead and zinc), it is
understood that this value underestimates tonnage and silver content.
The following table gives a summary of Micon's resource estimate. Micon divided
the resource into indicated and inferred categories reflecting the density of
drilling along the deposit. It is estimated that the Ag1 zone contains 1,466,000
oz. of silver in the Indicated category while the Inferred resource for that
structure totals 4,475,000 oz. Ag. The Ag2 zone contains an additional 277,000
oz. Ag in the Inferred category.
Carheil Project Mineral resource Summary for Nordest Area, as of 30 November 2012
----------------------------------------------------------------------------
Average
Silver
Grade Contained
Mineralized Grade Group Volume Density (g/t Silver
Category Zone (g/t Ag) (m3) t/m3 Tonnes Ag) (oz)
----------------------------------------------------------------------------
greater than
Indicated Ag1 100 63,000 2.7 170,000 185.9 1,014,000
--------- --------------------------------------------------------
50-100 77,000 2.7 209,000 67.4 452,000
----------------------------------------------------------------------------
Total: 50.0 140,000 2.7 379,000 120.5 1,466,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
greater than
Inferred Ag1 100 135,000 2.7 364,000 160.1 1,874,000
--------- --------------------------------------------------------
50-100 403,000 2.7 1,088,000 74.4 2,601,000
----------------------------------------------------------------------------
Subtotal 50.0 538,000 2.7 1,452,000 95.9 4,475,000
----------------------------------------------------------------------------
greater than
Ag2 100 7,000 2.7 20,000 101.2 65,000
--------- --------------------------------------------------------
50-100 34,000 2.7 92,000 72.0 212,000
----------------------------------------------------------------------------
Subtotal 50.0 41,000 2.7 112,000 77.2 277,000
----------------------------------------------------------------------------
Total Ag1 + Ag2 50.0 579,000 2.7 1,564,000 94.6 4,755,000
----------------------------------------------------------------------------
Note : Resource tonnes and ounces have been rounded and may not total to the
rounding.
Block grades for silver were interpolated into the individual blocks of the
mineralized domains/envelopes using the search parameters described in the table
below and the True Inverse Distance (ID2) function of the GEMS software. The
mineral resources include all mineralized blocks within one to three times the
variogram range and are estimated with a minimum of two drill holes. The areas
and contiguous blocks that were estimated in Passes 1 were classified in the
Indicated category and the blocks estimated in Passes 2 and 3 that did not meet
the criteria of the Indicated category are classified in the Inferred category.
Generally, the Indicated resource area has been drilled on a 50 m by 50 m and
the Inferred resource areas have been drilled on 100 m by 100 m grid or larger.
The estimated resources are presented in Table 1.1 at 50 and 100 g/t silver
cut-off grades.
Summary of Search/Interpolation Parameters for the Carheil Nordest Area
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Variable Pass 1 Pass 2 Pass 3
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x (m) 90 180 360
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y (m) 60 120 240
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z (m) 6 12 24
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Minimum number of samples 3 2 1
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Maximum number of samples 12 12 12
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Maximum samples/drill hole 4 6 12
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In the Nordest area, the Ag1 polymetallic zone remains poorly tested to the
northwest and open at depth. NQE controls approximately 8 km of strike of the
favourable stratigraphy; however, this potential remains hypothetical since
lithologies do not outcrop and very limited drilling was done west of the
Nordest area. Therefore, NQE has proposed to conduct geophysical surveys in
order to follow the sulphide rich felsic-intermediate horizon along strike which
hosts, near its top, the Ag1 polymetallic zone. Based on results of the
geophysical survey, NQE then proposes that it will conduct stratigraphic
drilling along the westward projection of the horizon. However, the strongest
geophysical response might not correspond to the stringer mineralization typical
of the Ag1 polymetallic zone. Thus NQE is proposing to conduct a two phase
exploration program with a budget of $4,000,000.
Amongst a number of recommendations, Micon reports the following:
NQE's Carheil Project has the potential to contain mineralization that will
yield significant silver and potentially lead, zinc, copper and gold. Micon
agrees with the general direction of NQE's initial and proposed exploration
programs for the Project and makes the following additional recommendations:
-- The mineralization is open along strike and depth. Drilling should
continue along the known mineralized trends and better define the
mineralization at Ag1, Ag2 and other small satellite veins.
-- The potential for other areas of mineralization should be assessed along
the diorite rhyolite contact, west of line 400E from the local
exploration grid that could become satellite lenses to the primary Ag1
vein.
NQ is satisfied with this preliminary assessment of its Carheil project noting
that most of the property remains virtually unexplored. The company intends to
continue the definition of the Ag1 and Ag2 veins as well as explore for other
lenses along the favourable stratigraphy.
Bill Lewis, senior geologist for Micon and Pierre O'Dowd, geologist and Vice
President, Exploration of NQ Exploration Inc., have reviewed the technical
content of this press release. Mrs. Lewis and O'Dowd are qualified persons under
Regulation 43-101 respecting standards of disclosure for mineral projects.
ABOUT NQ EXPLORATION INC.
NQ Exploration Inc. is a mining exploration company with a solid portfolio of
mining properties in the James Bay and Abitibi regions of Quebec. NQ Exploration
Inc. is betting on Quebec's excellent mineral potential and favourable
investment climate to produce new world-class gold and base metal deposits.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Grondin
President and Chief Executive Officer
(514) 206-7727
www.explorationnq.com
NQ Exploration Inc. (TSXV:NQE)
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