SEC 12g 3-2(b) Exemption No. 82-4931
FORT FRANCES, ON, Feb. 19 /CNW/ - Q-Gold Resources Ltd. ("Q-Gold" or the "Corporation") (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce on behalf of its Joint Venture ("JV") with Upper Canyon Minerals Corp. (TSX Venture: UCM) the launching of a 3.9 kilometre detail Induced Polarization (IP) ground geophysical survey on prospective extensions of its recent successful Phase I diamond drilling program on the McKenzie Gray Vein in the "Nipigon Tract" near Mine Centre, Ontario (see Press Release October 28, 2009). Conductive anomalies indicated by IP will become drill targets for an early summer (2010) diamond drill program.
In 2009, the companies formed the JV covering 2,467.7 acres of gold prospects in the historic (1890's) gold camp of Mine Centre. In addition to the 1,143.2 acres in the Nipigon Tract, the JV includes 1,324.5 acres containing the historic "Golden Star" and "Isabella" producing mines. Q-Gold is Operator for the JV.
PHASE I - NIPIGON DRILLING PROGRAM
The Phase I drilling program, consisting of 12 "fan" holes drilled from five closely spaced locations, confirmed and extended by 60 metres a mineralized zone with a strike length of 90 metres in the McKenzie Gray vein, discovered by previous owners through diamond drilling in 1992. All 12 holes encountered zones of significant sulfide mineralization over intervals ranging up to 11.2 metres (see Table in Press Release of October 28, 2009) at vertical depths ranging from 44 to 94 metres. Eleven of the holes yielded gold mineralization, whereas the twelfth encountered significant silver values.
The above drilling has delineated a well-mineralized ore shoot that appears to plunge 45-50 degrees to the northwest. The host structure remains open in all directions. The IP survey will attempt to extend the mineralized zone in the McKenzie Gray vein to the northwest for a distance of over 150 metres beyond the known 150 metre mineralized strike/length of the vein.
A 1.5 km IP survey will also be conducted on the Jolly Roger vein, a lightly-explored gold-bearing quartz vein which borders the Finger Lake Shear Zone within the Nipigon Tract.
PHASE II - NIPIGON DRILLING PROGRAM
Survey results will be analyzed by Q-Gold geologists for conductive anomalies that could indicate the extension of the gold and silver mineralized zones within the McKenzie Gray vein to the northwest. Targets will then be selected for an early summer diamond drilling program.
GOLDEN STAR AREA
A grid has also been established and lines cut for an additional 11.2 km IP survey encompassing the prospective Golden Star and Isabella Mine areas upon completion of the Nipigon survey.
Historical reports state that the Golden Star Mine produced 10,758 ounces of gold in the late 1890's until a forest fire destroyed all ground facilities. (A Qualified Person, as defined by NI 43-101, has not done sufficient work to verify these historical reports and they should not be relied upon for any purpose.) Although the area contains a number of conductive electromagnetic anomalies resulting from airborne geophysical surveys, and contains a number of gold-bearing quartz veins, it remains only lightly-explored. Targets identified by IP will also be diamond drilled early this summer.
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.
ON BEHALF OF Q-GOLD RESOURCES LTD. AND UPPER CANYON MINERALS CORP.
"J. Bruce Carruthers" "Jatinder Bal"
J. Bruce Carruthers II Jatinder (Jack) Bal
President President & Director
Q-GOLD RESOURCES LTD. UPPER CANYON MINERALS CORP.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its 29,000 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.
About Upper Canyon Minerals Corp.
Upper Canyon Minerals Corp. is a growth oriented mineral-exploration resource company trading on the TSX Venture Exchange (Symbol: UCM). The objective of the Company is to enhance its value via high mineralization resource properties with a goal of advancing them into commercial production. The Company is currently exploring two properties: the Josefina Silver and Base Metals Project, located in the Huarochiri Province of Lima, Peru, which comprises 5600 hectares and includes the past producing Josefina Silver and Base Metals mine and the Brosner Gold property located near Val d'Or, Abitibi, in Quebec, Canada. The Brosnor property hosts gold bearing structures, striking east-west, in which quartz-pyrite-tourmaline veins. The most important structure identified to date hosts two main gold zones, namely the Adelemont and Norcourt zones.
For all future Q-Gold investor relations needs, investors are asked to visit the Q-Gold IR Hub at http://www.agoracom.com/IR/Q-Gold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to email all questions and correspondence to QAU@agoracom.com where they can also request addition to the investor email list to receive all future press releases and updates in real time.
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.
For further information: For further information: Corporate Inquiries: Q-Gold Resources Ltd., J. Bruce Carruthers II, President, 1-888-779-0166, http://www.qgoldresources.com; Investor Relations: AGORACOM Investor Relations, http://www.agoracom.com/IR/Q-Gold, QAU@Agoracom.com