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 antimony.
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 Complex.
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 Mining Districts.
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 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 and Arizona prospects.
"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.
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