FORT FRANCES, ON, June 3 /CNW/ - Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) announced today the initiation of an exploration program that includes delineation drilling at its 100% owned Foley Gold Mine at Mine Centre, Ontario. The object of the surface diamond drilling program is to provide additional information on the extent of gold-bearing sulfide mineralization in the four principal sheeted fissure quartz veins comprising the Foley Mine Complex from surface to below the existing 400' level. Of particular interest will be the extensive "West" and "Jumbo" Veins and an associated splay with the latter, the "Goldpanner" Vein, both of which appear on historic mine maps to be present on the 400' level. Each of these veins will be penetrated by at least 2 sections of "fan" holes, with 2 to 3 drill holes per section.http://www.qgoldresources.com
Additional diamond drilling is slated for the Company's Baseline Vein located approximately 2 km from the Foley Mine's North Shaft. The Baseline Vein is approximately 110 metres long oriented a 300 degrees and dipping steeply. The vein has been blasted over a length of 50 metres in preparation for bulk sampling. In 2009 detailed sampling was completed at one-metre intervals on the blasted mineralized vein material resulting in 105 samples averaging 4 kg each (see press releases dated June 18, 2009, July 22 and July 30, 2009 and September 15, 2009). The assayed weighted average over the 50-metre length is 8.4 grams/tonne (g/t) gold (Au) and 9.66 g/t silver (Ag). The diamond drilling is designed to establish the vein's presence at depth and the continuity of the mineralization.
The Jumbo Vein occurs west and south of the Foley shaft, trending to the northwest and dipping 60 degrees - 70 degrees northeast. The vein was trenched and sampled by Q-Gold over a total strike length of 213 metres, yielding a weighted average of 5.2 g/t Au and 14.73 g/t Ag.
The West Vein (north leg) occurs 100 metres west of the Foley Mine shaft and trends northsouth, dipping steeply. It has been trenched and sampled by Q-Gold over a strike length of 314 metres, with a weighted average grade of 8.38 g/t Au and 3.86 g/t Ag.
The Goldpanner vein occurs as a southeast splay off the West Vein (north leg). The only surface exposure of the Goldpanner Vein is in two trenches over a strike length of 23 metres, which yielded gold grades of 12.19 g/t and 2.47 g/t respectively, for a weighted average gold grade of 7.74 g/t. This splay is currently undergoing surface exploration activities.
The Foley Mine produced 5,286 ounces of gold in 1898-99 from the 150 foot level of the Bonanza Vein, a splay off the Jumbo Vein, before a huge forest fire destroyed all surface facilities. The mine was under development during the period 1923-27, and was halted as the Great Depression began. A shaft to the 400-foot level and a winze to 850 feet permitted 2.5 kilometres of drifting on seven levels. Historical records indicated that Sheritt Gordon Mines Limited sampled the Bonanza Vein in 1983, which assayed 0.82 oz/ton across an average width of 0.4 metres over a length of 18 metres immediately south of the Foley shaft.
Q-Gold is in the process of rehabilitating the North Shaft of the Mine, including dewatering and installation of steel ladders and platforms to the 400' level, as a prelude to underground sampling and exploratory drilling.
Information to be derived from the delineation drilling will allow the Company's geologists to better understand the vein structures, determine the continuity of the veins, and the depth extent of surface gold mineralization within the area immediately west of the Foley Mine.
Q-Gold also announced that pursuant to the Company's Stock Option Plan (approved by shareholders in November 2009), it has granted 830,000 incentive stock options to Officers, Directors, Employees and Consultants of the Corporation. The incentive stock options will be exercisable for a period of five years from the date of the grant at a price of $0.12 per share.
The technical content of this release was reviewed and approved by Delio Tortosa, P.Eng., 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 26,000 acres of Ontario holdings in the historic Gold Camp at Mine Centre, including 5 historic gold mines. In addition, the Corporation holds options on seven historic gold and silver mines in the historic Arizona gold camp of Crown King, and two prospective copper porphyries and one copper / zinc prospect in Arizona.
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 form 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: For further information: J. Bruce Carruthers II, President at 1-888-779-0166 or firstname.lastname@example.org, Website: http://www.qgoldresources.com