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Updates Gold Vein Trenching Program |
Q-Gold Resources Ltd. Updates Gold Vein Trenching Program In Mine Centre, Ontario
SEC 12g 3-2(b) Exemption # 82-4931
October 5, 2006
Q-Gold Resource (TSXV: QAU; Frankfurt: QX9) announced today it has completed over 1,500 metres of a projected 2,500 metre stripping program of surface quartz veins in the Foley Gold Mine Complex on Q-Gold’s 26,840 acres of mining claims and Crown Leases at Mine Centre, Ontario.
The program has revealed the following additional strike lengths to the prospective gold-bearing surface veins at Mine Centre:
Vein Name |
Additional Strike Length (metres) |
| Beaver Dam |
250 |
| Jumbo |
95 |
| North Sulfide |
244 |
| Nugget |
90 |
| Road |
100 |
| Tourmaline |
100 |
| West |
416 |
| West “Splay” |
74 |
| Zinc |
148 |
| TOTAL |
1,567 |
As shown above, the West Vein and its accompanying splay were exposed for a total of 490 metres.
A 2005 trenching program on the Jumbo Vein, a large but un-mined vein in the Foley Mine, revealed 213 metres of strike length. When added to the results from the current program, the known strike length of the Jumbo Vein now totals 308 metres. Similarly, the North Sulfide Vein has been extended from a total strike length of 168 metres in 2005 to 412 metres today.
Nine additional veins, including several in the Golden Star Mine Complex, where 10,000+ ounces of gold were produced in the 1890s (as reported in the Company’s NI 43-101 Technical Report), remain to be stripped in the current program.
President and CEO Bruce Carruthers reported, “As a result of this program, the large veins, extensive ‘splays’ and cross-cutting smaller veins that have been uncovered indicate that the quartz vein complex accompanying the historic Foley Mine is much larger than we previously thought and has a high degree of interconnectivity of the principal gold-bearing veins”.
Follow-up trenching and sampling of the exposed veins has already begun, with a series of assay results anticipated over the next 2-6 weeks. As reported in the NI 43-101 report, over 100 veins on Q-Gold’s Mine Centre holdings have previously encountered gold values.
In connection with DIGHEM geophysical survey data recently received from Fugro Airborne covering Q-Gold’s entire holdings at Mine Centre, the Company has retained Condor Consultants Inc. (“Condor”) of Lakeview, Colorado. Condor, recognized experts in the field of airborne electromagnetics, will perform a detailed interpretation of the Fugro survey results. Their final report regarding the significance of the survey is pending. Upon receipt of this report, gold prospects for Q-Gold’s fall diamond drilling program at Mine Centre will be selected.
As part of the pre-feasibility study being conducted by Northwestern Mineral Development Services on the dewatering and re-entering of the Foley Mine to conduct underground Advanced Exploration, Q-Gold has engaged RW Environmental Services (“RWES”) of Red Lake, Ontario. RWES will conduct mine water tests and investigate drainage patterns, obtaining the necessary permits prior to the Company’s dewatering of the mine.
For more information, please contact: J. Bruce Carruthers II, President at 888-779-0166
This release may contain forward looking statements implying an assessment that the resources described can be produced profitably in the future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
