Q-Gold Announces 2011 Exploration Program for the Farewell and Gagaryah Platinum Properties in Alaska
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VANCOUVER, June 08, 2011 Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce its 2011 exploration program for the Farewell and Gagaryah platinum properties in Alaska. The Farewell and Gagaryah claims are located in the Alaska Range, approximately 260 kilometres northwest of Anchorage, Alaska. On April 28, 2011 Q-Gold announced that it has signed a Letter of Intent with NYCON Resources Inc. for the exploration and development of the Farewell and Gagaryah platinum group nickel-copper (PGM-Ni-Cu) properties, located in the McGrath Mining District, Alaska (link to news release).
During June and July of 2011 Q-Gold will conduct geochemical sampling programs including detailed channel sampling over target areas identified by airborne magnetic surveys. The target model at Farewell is a mafic-ultramafic intrusion-hosted Ni-Cu-PGM magmatic sulfide deposit within a magma flow-through feeder conduit to the basalt. Depending on the outcome of this first phase program, the company intends to conduct a follow-up program in September 2011.
The company plans to focus on the main targets on the Farewell claim block, Roberts PGM and Roberts South, but will also conduct geochemical sampling programs on the Chip Loy and Calc Silicate Ridge prospects as well as on the Gagaryah claims. The Roberts PGM target comprises a variably-oriented, anastamosing dyke- to sill- like body of olivine gabbro to peridotite ~430 metres in exposed strike by ~50 metres thick. Sampling by previous operators on the property revealed 2.27% Ni, 1.31% Cu, 8.03 ppm Pt and 7.64 ppm Pd (16.88 ppm Total PGE, with Ir+Os+Rh+Ru included) in a 0.46 metres rock chip sample taken at the base of the intrusion perpendicular to the contact with the hornfelsed shale and calc-silicate altered limestone; and another similar 0.61-m rock chip sample nearby assayed 2.32% Ni, 2.30% Cu, 6.30 ppm Pt and 5.74 ppm Pd (13.22 ppm Total PGE with Ir+Os+Rh+Ru included). Disseminated to blebby magmatic sulfides at a higher level within the intrusion, based on limited drilling to date, included 8.4 metres grading at 0.67% Ni, 0.32% Cu, 0.94 ppm Pt and 1.07 ppm Pd. Rock samples collected by previous operators also revealed silver grades up to 11.8 g/t and gold grades of 1.48 g/t.
All exploration work on the Farewell and Gagaryah properties will be conducted by Q-Gold's exploration contractor Pacific Rim Geological Consulting Inc. of Fairbanks, Alaska, under the supervision of Dr. Karsten Eden, Vice President Exploration of Q-Gold Resources Ltd. All sample shipments will be sent to ALS Chemex in Fairbanks, Alaska, for preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Q-Gold will have its own quality control / quality assurance programs in place.
An extensive exploration data package was provided to Q-Gold by NYCON. This data was reviewed by Q-Gold's Vice President Exploration, Dr. Karsten Eden, a Qualified Person as defined by NI 43-101, who approved the information contained in this release, but the data has not been independently verified.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its 26,000 acres of Ontario holdings in the historic Gold Camp at Mine Centre, including 5 historic gold mines. In addition, the Corporation holds options on historic gold and silver mines in the historic Arizona gold camp of Crown King, and copper prospects in eastern and western Arizona.
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.
CONTACT INFORMATION
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Q-Gold Resources Ltd.
J. Bruce Carruthers II, Chairman
1-888-779-0166
http://qgoldresources.com
DISCLAIMER
Forward-looking statements relating to future events or future performance and reflecting Q-Gold Resources or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Q-Gold Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Q-Gold Resources interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Q-Gold Resources has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
NEITHER 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."