Q-GOLD ANNOUNCES ARIZONA VMS DRILL PROGRAM
Vancouver, British Columbia, May 14, 2014 – Q-Gold Resources Ltd. (the "Company") (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce that final project approval has been received and a drill permit issued by the US Forest Service (“USFS”), which administers the claim, for the drilling of the Company’s extensive “A” anomaly on its “Green Mohave” mining claim block.
As previously announced (see press release dated November 5, 2013), the "A" anomaly, located in the Southern Bradshaw Mountains of Yavapai County, Arizona, near the hamlet of Crown King, consists of a “tabular body” containing a highly conductive zone 700 metres (m) in strike length on the surface. The conductive zone also extends from a depth of approximately 10 m to greater than 400 m.
The prospect is located in the extensive Central Arizona Volcanic Belt, a thick volcanogenic massive sulfide (VMS) zone created by Pre-Cambrian undersea volcanos in an “island arc” environment, extending over a distance of 80 miles from just north of Phoenix to Bagdad in the northwest of the State. Twenty-nine historic gold, silver, copper, lead and zinc mines are located in the Belt. Crown King was one of the most prolific historic gold and silver producers within the zone from 1870-1903.
The anomaly was initially revealed by a GEOTECH airborne (helicopter) VTEM geophysical survey completed for Q-Gold in mid-2011. The anomaly was further confirmed and delineated in the 4th quarter of 2012 in a hybrid, controlled-source magneto-tellurics (CSAMT) ground survey of the most conductive VTEM flight lines.
The “A” anomaly is located on a virtually unexplored ridge in a series formed by compression, over-turning and block-faulting of the underlying volcanic meta-sediments. The two adjoining ridges to the southwest contain prolific historic silver mines, both hosting extremely high-grade silver deposits enriched by supergene fluids. These mines were exploited at the end of the 19th Century, when silver prices were 90 cents per ounce.
The Company’s Arizona subsidiary, Mineral Creek Resources Inc., now has USFS permission to sink a total of 6 “NQ” diameter “fan” diamond drill holes at various depths into the prospective zone from 2 drill pad locations.
Based on the current planned 2,000 m (6,562 feet) drill program, the drill holes are designed to penetrate the most conductive zones in the target body from about 50 m (164 ft.) from surface to 457 m (1,500 ft.). Drilling is expected to commence this summer.
The Company holds 12 other BLM mining claims in the area, which in the aggregate contain additional VTEM anomalies, although not as large as the “A” prospect. These claims will be the subject of further ground geophysical and geochemical surveys.
The technical content of this release was reviewed and approved by Brian Beck, P. Geo., a “Qualified Person” as defined by National Instrument 43-101.
About Q-Gold Resources Ltd.
Q-Gold is a publicly traded Canadian-based mineral exploration company currently exploring for precious and base metals on its Ontario and Arizona prospects.
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.
CAUTIONARY STATEMENT: Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws. Please see our public filings at www.sedar.com for further information.