FLAGSTAFF, AZ, Jan. 12, 2012 /CNW/ - Q-Gold Resources Ltd. (the
"Company" or "Q-Gold") (TSX VENTURE: QGR) (http://www.qgoldresources.com) announced the results from 4th Quarter 2011 exploration operations by its Arizona subsidiary, Mineral
Creek Resources Inc. ("Mineral Creek").
The Quarter was highlighted by the receipt of interpreted results from
its 277 line kilometre "VTEM Plus" helicopter geophysical survey
conducted by Geotech Inc. over a major portion of the Peck Mining
District in Yavapai County, near Crown King, Arizona. The Peck
District is famous for its historic 2-3% copper and high-grade silver
production in the late 19th, early 20th Centuries. Here, the Black Warrior Mine Complex, under option to the
Company, assayed stope face samples ranging from 0.11 to 1.1 ounces per
ton of gold and 49.3 to 237.4 ounces of silver per ton (see press
release of July 7, 2011) and significant amounts of zinc, lead and
As a result of the airborne survey, a number of strong conductive EM
anomalies were identified, thought to be indicative of potential
metallic deposits, ranging from 200 to 1,100 metres in length. Five of
the most significant anomalies not already on properties controlled by
the Company have subsequently been acquired.
The most prominent of the anomalies acquired by the Company is a nearly
1,000 metre long conductor broken into 3 distinct parts, at an
indicated depth of approximately 350 metres with a 60 metre overlaying
oxide. Applications for permits for road improvement, line-cutting for
ground geophysics and 2 drill locations on this anomaly have been made
to the Forest Service of the U.S. Department of the Interior. Upon
receipt of the permits, road repair and ground geophysics will be
initiated, followed by a series of "fan" drill holes at each location.
The Company also announced that it has acquired an option on 5 Federal
patented mining claims containing the historic Peck and Oriental silver
mines, also located in the Peck Mining District. The Peck Mine was a
significant silver producer in the late 1890's and again in the
1920's. Mineral Creek has also acquired an additional 12 U.S. Bureau
of Land Management ("BLM") mining claims adjoining the Peck Mine
Mineral Creek now controls a total of 22 Federal patents and 60 mining
claims at Crown King totaling approximately 1,700 acres and containing
10 historic gold and silver mines in the Peck, Pine Grove and Tiger
The Company also reported that all assays from the Phase III delineation
drilling program (17 holes) at its McKenzie Gray gold/ silver deposit
near Mine Centre, Ontario, have been received and are being
interpreted. Upon receipt of the final Phase III report, a
"Preliminary Resource Estimate" for the deposit compliant with NI
43-101, will be prepared incorporating data from all 47 holes drilled
on the deposit by Q-Gold, as well as 18 holes drilled by others.
The technical content of this release was reviewed and approved by Brian
A. Beck, P.Geo., a Qualified Person as defined by National Instrument
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently
exploring for precious and base metals on its Ontario and Arizona
"Historical reports" referred to in this release have been examined but
not verified by a "Qualified Person" under the requirements of NI
43-101 and therefore should not be relied on for any purpose.
The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties.
Actual events or results could differ materially from the Company's
expectations and projections. 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.
For further information:
J. Bruce Carruthers II, Chairman at 1-888-779-0166 or firstname.lastname@example.org,