FLAGSTAFF, AZ,
March 14, 2013 /CNW/ - Q-Gold
Resources Ltd. (the "Company") (TSX VENTURE: QGR)
(http://www.qgoldresources.com) announced today that, based on
positive results from a preliminary ground hybrid magnetotellurics
("MT") geophysical survey last Fall over the historic Peck and
Black Warrior silver mine complexes, the Company has scheduled a
series of additional M/T recording stations on the ridges
containing the mines.
Both mines, located in the Peck Mining District
of Yavapai County, Arizona, near
the hamlet of Crown King, are
under option to the Company and have been the subject of
concentrated exploration efforts in the past two years. These
include both airborne (VTEM / magnetics) and ground MT geophysical
surveys, as well as intensive investigation and sampling of the old
workings of the mines (adits, shafts and stopes).
History
Both mines produced high-grade silver ores in the period from 1875
to about 1900, when the price of silver collapsed at the end of the
19th Century. Production records during this
period were incomplete as Arizona
was only a "territory" until becoming a state in 1912.
However, an "official" 1,374,000 ounces of silver were produced
from the Peck Mining District, during the period, principally from
the Peck Mine, which closed in 1887 after an owners' dispute.
Assays
Q-Gold conducted a "chip" sampling programming in 2011 across the
face of the veins and partially mined ore shoot in the upper
section of the Black Warrior Mine. The Company received
laboratory assays results on a series of these chip samples
indicating "high grade" silver in the range from 1,690 to 8,140
grams/ tonne (g/t) [49.29 to 237.42 oz/ ton (opt)] and gold ranging
from 3.85 to 38.4 g/t [0.11 to 1.12 opt]. Significant levels
of lead, zinc and antimony (up to 24% by weight for the latter)
were recorded (see press release dated July
7, 2011).
The Peck Mine was entered and mapped internally
by a Q-Gold contracted crew, in 2010. A fire assay of a
sample taken from the wall of one of the Peck Mine adits during the
entry recorded a silver value of 379 g/t [11.05 opt].
Preliminary M/T Results
Peck Mine: As part of a limited "reconnaissance" MT survey
over the Peck and Black Warrior Silver Mines, 5 MT recording
stations were established over the Peck Mine in October 2012. A significant conductive
anomaly, with low resistivity readings less than about 50
ohm-meters, was encountered near the two existing mine
shafts. This strong anomaly also extends to the north and
downward to at least the 170 m level, or 48 m below the existing
historic workings which terminated at the 122 m level. Thus,
an additional 48 m of potential un-mined mineralized zone may
underlie the existing workings over a horizontal distance of at
least 100 m. An additional 2 new lines containing 15 MT
stations are planned for recording at the Peck Mine prior to
drilling of the indicated conductive zone.
Black Warrior Mine: Interference
caused by metal debris from the roof of a burned building which
resulted from the 2012 "Gladiator" wildfire at Crown King prevented some areas of the mine
from producing a suitable MT response. However, 3 MT stations
were able to record satisfactory conductive responses along a
single survey line. Stations at each end of the line
exhibited the beginning of highly anomalous (conductive) zones
exhibiting less than 100 ohm-meters of resistivity, extending from
about 50 to 150m in depth, the middle station being located over an
apparent highly resistive rhyolite dike. As recommended by
the Company's geophysical consultant, 2 additional lines and
intermediate locations containing 12 MT stations will be recorded
prior to drilling under the old workings of the Black Warrior
silver mine.
Drill Plan - Peck and Black Warrior
Mines
Based on the results of the second MT survey, the Company plans to
drill a series of diamond core holes below the workings of both
mines. As both the Peck and Black Warrior Mines are located
on Federal Patented mining claims, drilling is expected to proceed
shortly after the MT geophysical data review is completed, without
requiring a substantial permitting delay.
Drill Plan - Green Mohave 2
As previously reported on February 20,
2013, the Company has applied for a permit from the U.S.
Forest Service for a series of diamond drill holes on the Green
Mohave 2 mining claim, which contains the large "A" conductive
anomaly. Upon receipt of the permit, the Company will drill 6
core holes into the "A" anomaly from 2 drill pads.
The technical content of this release was
reviewed and approved by James C.
Hasbrouck, PGp, a "Qualified Person" as defined by National
Instrument 43-101.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently
exploring for precious and base metals on its Ontario holdings in the historic Gold Camp at
Mine Centre, including 5 historic
gold mines. In addition, the Corporation holds options on a number
of historic gold and silver mines in the historic Arizona gold camp of Crown King.
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.