IP survey delineates a classic "doughnut-shaped" anomaly over 3 km in
diameter centered upon porphyry intrusive centre
TSX - QGX
WATERDOWN, ON, Aug. 15 /CNW Telbec/ - QGX Ltd. (TSX: QGX) is pleased to
announce the discovery at Khotgor, southern Mongolia, of a multiple-phase
rhyolite-syenite-latite porphyry intrusive centre with zoned alteration
typically associated with molybdenum deposits. Disseminated fluorite
associated with coarse-grained white mica ("greisen") is widespread throughout
the central zone of alteration. A recently completed induced polarization (IP)
survey shows a classic "doughnut-shaped" chargeability response centered on
the intrusive which forms a resistivity low. This is a classic geophysical
response that is typically associated with porphyry deposits. QGX believes the
chargeability high is reflecting a pyrite-rich fringe surrounding the
hydrothermal system. The broad chargeability/resistivity anomaly, combined
with the large volumes of biotite-, greisen-, sericite-, and clay-altered rock
mapped at surface, is interpreted to reflect a large hydrothermal system in
excess of 9 sq. km.
Geomaster Engineering (Ulaanbaatar) preformed the dipole-dipole induced
polarization (IP) survey over the Khotgor area, Umnogovi province, on behalf
of QGX during July 16-24, 2007.
Please click on the links below to view the geology-alteration map and IP
QGX is currently mobilizing a drill rig to commence a three-hole program
in mid September.
Paul Zweng, President and CEO of QGX Ltd., commented as follows:
"We are excited by the results of the IP survey at Khotgor. The survey
confirms what the geological mapping shows - a large hydrothermal system with
the potential for a significant discovery.
The first drill hole should commence by the middle of September. We are
looking forward to starting this drilling campaign as soon as possible."
Mr. David Anderson, Executive Chairman of QGX Ltd. and a Qualified Person
as defined by NI 43-101, has reviewed and approved the information contained
in this release.
QGX is a Canadian-based company that has been exploring for mineral
deposits in Mongolia since 1994. QGX's two most advanced properties are the
Baruun Naran and the Golden Hills projects. In July 2007 QGX announced that an
independent 43-101 preliminary economic analysis for Baruun Naran showed a net
present value (discounted at 10%) of US$481 million on an after-tax basis. QGX
announced in August 2007 an independent NI 43-101 resource for coking and
thermal coal at Baruun Naran comprised of 93.3 Mt of measured and 159.6 Mt of
indicated (252.9 Mt contained in measured and indicated) and 11.1 Mt of
inferred resources. QGX filed in April 2007 an independent NI 43-101 report
outlining a positive preliminary economic assessment for its
copper-gold-silver project at Golden Hills. Barrick Gold Corp. holds an
approximate 9% equity interest in QGX as part of a strategic relationship
between the two companies.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
This press release includes certain "forward-looking statements". All
statements, other than statements of historical fact, included herein,
including without limitation, statements regarding potential mineralization,
results and future plans and objectives of the Company are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
For further information:
For further information: David Anderson, Executive Chairman, (905)
689-9442; Paul Zweng, President/CEO, (925) 855-0505; www.qgxgold.com; Renmark
Financial Communications Inc.: John Boidman, firstname.lastname@example.org;
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