Q-Gold Announces 2011 Exploration Program for the Farewell and Gagaryah Platinum Properties in Alaska
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VANCOUVER, July 7, 2011 Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce that its Joint Venture with Cavan Ventures Inc. (TSXV: CVN) ("Cavan") near Crown King in the Peck Mining District of Yavapai County, Arizona (see press release dated May 5, 2011) has encountered "high-grade" silver (Ag) as well as high-grade gold (Au) assay results in the first batch of 33 samples from a "chip" sampling program across mineralized vein faces in adits and stopes of the historic Black Warrior Mine. Significant assay values for lead (Pb), zinc (Zn) and antimony (Sb) were also obtained. The mine is under option to the Joint Venture, along with 2 additional patented mining claims and 22 adjoining U.S. Bureau of Land Management ("BLM") mining claims, held by Q-Gold.
Peck Mining District: The Peck District is famous for its historic high-grade silver production, having produced from historical records an "official" 1,374,000 ounces from 1875 to 1910, when Arizona was a "territory", before it became a state.
Assay Results: The sampling program was conducted by Beck Environmental and Remediation Ltd., Arizona geologic consultants. Three "chip" samples taken across the face of three veins in an 1890's era stope on the upper section of the "Nora B" patented claim, which makes up a part of the historic Black Warrior minecomplex, yielded the following "high-grade" grade silver assay results, as well as gold in the one troyounce per ton ("opt") range:
( table graphic )
A second group of six "chip" samples taken from across the face of the hanging (upper) wall of a vein in a partially mined ore shoot in the Black Warrior Mine. Samples were obtained from exposed vein widths between 0.1 to 1.0 metre, with an average of 0.2 metres and yielded the following additional high-grade results:
( table graphic )
The presence of significant antimony in the samples is unusual, as there is no current U.S. domestic source of antimony ore. U.S. imports of antimony ores and concentrates are supplied principally by China and Austria.
All samples were run by the ALS Chemex lab in Reno, Nevada using both ME-GRA 21 (fire assaying for precious metals) and MI-ICP61 (geochemical/ electrical analysis for 33 elements) assay processes. Assay results for the remaining 24 samples will be reported when all results are received. ALS Chemex will be retesting those samples in which lead and antimony values exceeded ME-ICP61 test limitations for actual metal content percent.
Geology: The original Pre-Cambrian Volcanogenic Massive Sulfide ("VMS") deposits in the Peck District have undergone a more recent low-temperature, thermal event via solution, enriching the silver in the shoots.The mineralized zones are lenticular and / or podiform (ore shoots) tending to occur in groups of up to 8,and are separated by less than 200 feet laterally. The silver mineralization includes argentiferous galena, argentite, pyrargyrite and other antimonial silver minerals.
Airborne Survey: The joint venture has contracted with Geotech Inc. (Toronto) for a 277 line-kilometer helicopter-borne "VTEM" / magnetic geophysical survey over its holdings in the Peck mining District, scheduled for implementation within the next ten days. After interpretation of the VTEM results, ground SP/ IP geophysical surveys will be run to more precisely delineate potential drill targets which are revealed within the extensive gold and silver-bearing vein systems in the Peck District.
Joint Venture: The joint venture agreement, which is subject to TSX-Venture Exchange approval, entitles Cavan to earn a 65% participation interest in the Properties by completing a series of cash payments and issuance of Cavan common shares to Q-Gold and completing certain work on the properties over an 18-month period following approval.
Brian A. Beck P. Geo., a principal in Beck Environmental and Remediation Ltd., reviewed and has approved the technical content of this release.
ON BEHALF OF THE BOARD:
John Campbell, CEO
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.
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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."