VANCOUVER,
Oct. 18, 2012 /CNW/ - Q-Gold
Resources Ltd. (the "Company") (TSXV: QGR)
(http://www.qgoldresources.com) is pleased to announce that assays
from its 9-hole Phase II delineation drilling program at the
Company's 100%-owned historic gold-producing Foley Mine complex
near Mine Centre, Ontario have
yielded a number of additional high-grade gold-rich zones shown in
the accompanying table.
Highlights of Drill Intersections
The interval drilled in the Bonanza Vein in hole QBV-12-06 was
particularly significant, intersecting a weighted average of 12.76
grams per tonne (g/t) of gold (Au) (uncut) over a 3.1 metre (m)
interval at a depth of 122.20 m, below the levels where historic
production occurred. Included in this zone was 1.05 m (core
length) intersection assaying 33.38 g/t Au (uncut).
Visible gold (VG) was logged in all four of the
holes shown below. True width of the intersected zones is
unknown.
| Hole # |
Interval (m) |
Core Length
(m) |
Au (g/t)
(uncut) |
|
| From |
To |
Vein |
| QBV 12-06 |
122.20
Incl. 124.25 |
125.30
125.30 |
3.10
1.05 |
12.76
33.38
|
Bonanza Vein |
| QBV 12-07 |
162.90
|
164.40 |
1.50 |
10.05 |
Bonanza Vein |
| QBV 12-09 |
146.05
|
146.70 |
0.65 |
11.56 |
Bonanza Vein |
| QVV 12-01 |
10.60
|
10.85 |
0.25 |
12.43 |
Vowel Vein |
The Phase II program consisted of a series of
"fan" holes from single locations into the Vowel and Bonanza gold
veins at various depths up to a drill length of 170 m.
The Bonanza Vein produced an "officially
recorded" 5,267 ounces of gold (Au) from 1898-1900 before a forest
fire destroyed all the surface mining facilities at Mine Centre. The Vowel Vein, although
established as gold-bearing from previously reported surface
sampling and trenching, was never developed for ore production.
Phase II amplified the results of Foley
delineation drilling programs completed by Q-Gold in 2005 and 2010
whereby a total of 20 holes were drilled into the block
constituting the existing Foley mine workings from surface to 122
m, from which historic Bonanza Vein gold production occurred.
All this drilling has established the Foley as a large deposit
of widely spaced gold-bearing veins . Thus, an
excellent picture is now available of the mine's gold potential
from surface to the 122 m level. Future drilling will target
the block below 122 m to the 260 m level, the deepest of the mine's
seven drifted levels, which were established in 1923-27, but never
produced due to the onset of the Great Depression.
Drill Intersections - Bonanza and Vowel
Veins
Phase II drill intersections for the Bonanza (QBV) and Vowel (QVV)
veins are shown below.
| Hole # |
Interval (m) |
Core Length
(m) |
Au (g/t)
(uncut) |
Ag (g/t)
(uncut) |
Description |
| From |
To |
| QBV 12-03 |
157.80 |
158.15 |
0.35 |
0.17 |
---- |
Mineralized Qtz
Vein (VG)
|
| QBV 12-04 |
44.50 |
45.50 |
1.00 |
1.95 |
3.83 |
Qtz stringers
|
| QBV 12-05 |
116.80 |
117.75 |
0.95 |
0.91 |
---- |
Qtz stringers
|
| QBV 12-06 |
122.20
Incl. 124.25 |
125.30
125.30 |
3.10
1.05 |
12.76
33.38 |
21.35
22.99
|
Mineralized
Qtz Vein
(VG) |
| QBV 12-07 |
98.75
162.90 |
99.05
164.40 |
0.30
1.50 |
1.16
10.05 |
3.58
6.12
|
Mineralized
Qtz Vein
(VG) |
| QBV 12-09 |
75.10
146.05 |
75.55
146.70 |
0.45
0.65 |
1.38
11.56 |
2.59
15.48
|
Mineralized
Qtz Vein |
| QBV 12-10 |
114.70 |
114.95 |
0.30 |
4.50 |
1.75 |
Mineralized
Qtz Vein
(VG)
|
| QVV 12-01 |
10.60
57.00 |
10.85
57.45 |
0.25
0.45 |
12.43
1.14 |
1.76
6.25
|
Mineralized
Qtz Vein |
| QVV 12-02 |
54.55
57.80 |
55.20
58.00 |
0.65
0.20 |
0.71
3.95 |
17.15
38.98
|
Mineralized
Qtz Vein |
Assays were performed by Accurassay Laboratories
in Thunder Bay, Ontario using the
lab's AL PM1 pulp metallics assay procedures for gold and ALFA8
procedure for silver and all other gold assays.
The Company holds over 10,000 contiguous acres
of exploratory acreage at Mine
Centre, including the historic Foley, Golden Star (10,758 oz. Au production in
1898-1900), Manhattan, Decca and
Ferguson gold mines. The last three mines were partially
developed but never commercially produced and remain to be fully
explored.
The technical content of this release was
reviewed and approved by Richard E.
Beard, P.Eng., a "Qualified Person" as defined by National
Instrument 43-101.
Historical reports referenced in this release,
although thought to be accurate, have not been reviewed by a
Qualified Person and therefore should not be relied on for any
purpose.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently
exploring for precious and base metals on its Arizona and Ontario prospects.
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.
SOURCE Q-Gold Resources Ltd.