CALGARY, Feb. 28, 2012 /CNW/ - CMQ Resources Inc. (TSXV:NV) ("CMQ") is pleased to report drill results for a five-hole core drilling program at the South Sleeper (RO claims) epithermal gold project in Humboldt County, Nevada. The project is being explored under an "Exploration and Option to Enter Joint Venture Agreement" with Geologix (US) Inc.
Montezuma Mines Inc. ("Montezuma"), a wholly owned subsidiary of CMQ, completed a 4,408-foot (1,444-meter) drilling program designed to partially test two of seven anomalous areas. Eleven sites have been permitted under a Notice with the BLM.
All five holes were completed to target depth. The Sleeper rhyolite was drilled in four of the five holes. The underlying Intermediate lavas were drilled in all holes. The rhyolite exhibits flow and flow-dome complex features. Argillic and silicic alteration, as well as pyrite-marcasite veinlets and disseminations, have been observed in the rhyolite and lavas. The drilling results provide evidence that the migration of hydrothermal fluids was controlled by flat-lying breccias zones and high-angle fracture zones, the same geologic features of exploration significance controlling the gold mineralization at the Sleeper Mine. The data confirms that the two anomalies drilled lie in an area of fault zones that control hydrothermal alteration southward from Sleeper.
Significant drill intercepts, defined as mineralization grading 0.005 oz Au/t (0.185 g Au/t) or better over 5 feet (1.5 meters) or longer, are presented in the table below.
|Drill Hole||Intercept (ft)||Length (ft)||oz Au/t||oz Ag/t||Length (m)||g Au/t||g Ag/t|
True thicknesses are not known. All samples were collected with a core drill and sawn in half using a diamond saw. Half the core was submitted and assayed by ALS Minerals of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30-gram sample pulp with an atomic absorption finish. Trace elements, including silver, were assayed using an ME-ICP 41 method. Montezuma QA/QC includes the insertion of standards and blanks on a regular basis, check assays on select samples, and the collection of duplicate samples.
The South Sleeper (RO claims) project in Humboldt County, Nevada, includes 60 unpatented lode mining claims (1.7 square miles/4.4 square kilometers) lying 1.5 miles (2.4 kilometers) south of the Sleeper Mine. The targets are bonanza-grade veins, marcasite-cemented breccias and stockwork.
CMQ currently has 44,188,682 common shares issued and outstanding. CMQ's website is located at www.cmqresources.com. John Hogg, CEO, CMQ Resources Inc., is the qualified person, as defined by National Instrument 43-101, who has reviewed and verified the data disclosed in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws regarding the drilling and potential of the Red Canyon and South Sleeper project, the extent of Montezuma's drilling program as well as the ability of CMQ to continue operations. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Forward-looking statements are based on management's current beliefs as well as assumptions made by, and information currently available to, management. Though management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. The forward-looking statements contained in this press release are made as of the date hereof and CMQ does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law.
For further information:
John Hogg, Chief Executive Officer, CMQ Resources Inc., Tel: (775) 778-3693, E-mail [email protected]