FORT FRANCES, ONTARIO - Jan.
31, 2008 - Q-Gold Resources Ltd. (TSX VENTURE:QAU) (FRANKFURT:QX9)
announced results from the remainder of its 2007 diamond drill exploration
program on its Mine Centre, Ontario properties. Initial results of the 2007
program were reported in a press release dated June 8, 2007.
Nipigon Mining Claims
The remaining four drill holes (NQ size core) on the Nipigon mining claims,
which were acquired in 2007, targeted several conductive IP anomalies that
lie along the Finger Lake Fault which is believed, in some places, to also
be the contact between the Bad Vermilion Gabbro/ Anorthosite Complex to the
west and the Mine Centre Tonalite intrusive to the east. The Company
controls a length of about 11 kilometres along this fault.
The best assay results were recorded in hole Q-07-13, which was drilled
directly across the contact, having intersected both mafic and felsic rock
suites. This drill hole encountered gold and silver values in an upper zone
in the interval between 30.60 metres (m) and 32.00 m and gold in two lower
zones between 147.96 m and 148.9 m and between 160.09 m and 160.86 m. Hole
Q-07-13 is located approximately 250 m to the west of the Jolly Roger and
McKenzie Gray Veins, also on the Nipigon claims, both of which are gold-bearing.
Hole Q-07-11, however, did not encounter mineralization of economic
significance.
Because of poor, extremely dry ground conditions at the time of the IP
survey, the majority of Q-Gold's Nipigon claims, containing some of the
area's strongest airborne anomalies, were not included in the IP survey and
remain to be tested in the future. Additional IP anomalies on the Finger
Lake Fault/ Shear Zone 1.5 km to the north of the Nipigon tract in the
vicinity of Finger Lake and 4.5 km north, near Island Bay, remain to be
drilled.
The Corporation also has a number of additional gold and base metal
exploration targets on its remaining 32,345 acres of mining claims and
patents at Mine Centre.
Structural Drilling Program
Q-Gold also announced the results of a deep "structural" drilling
program (NQ size core) on its gold properties near Mine Centre, Ontario. The
properties include a number of past producing gold mines (two of which were
significant producers at the time) and over 100 individual quartz veins
containing gold values. Using a deep-capacity diamond drilling rig, the
program attempted to establish the presence at depth of several important
veins, which are gold-bearing on the surface..
As
the gold contained in the quartz vein complex at Mine Centre is generally
composed of free-milling "nugget" gold, the probability of
encountering "high grade" gold intervals in a structural drilling
program such as this is low. The objective of this program was to establish
the presence of known and new gold-bearing veins at depth. Assay results
from these "structural" holes are shown below. While not high in
gold grade, they were successful in establishing the presence of quartz
veins, veining and zones of silicification at depth, giving encouragement
to the Corporation as it probes the deeper zones of the Foley Mine gold/
quartz complex.
Hole Q-07-04 (total depth 801.7 m)
Structural Hole drilled from a location approximately 275 metres to the
east-southeast of the Foley Mine's North Shaft. This hole penetrated
Tonalite host rock throughout its length of 801.70 metres. Numerous
scattered small quartz veins, mostly 1 to 5 cm wide, but some up to 75 cm,
were encountered throughout the footage, especially below 285.70 metres
deep. Two sections of structural interest and containing gold and silver
values are shown below:
Hole Q-07-08 (total depth of 1047.0 m)
Structural drill hole drilled from a location approximately 345 metres to
the northeast of the Foley Mine's North Shaft to test for vein structures
beneath a large swamp which precluded surface investigations. This hole, especially
from 953.20 m to 960.27 m, also intersected numerous sections of narrow
quartz veining, with some veins over 1 metre wide. Although this hole did
not provide significant assay results, three zones of structural interest
were penetrated by this hole in the intervals described below:
Thus, in both deep holes Q-07-04 and Q-07-08, the presence of quartz veins
at depth of up to 960 metres (3,150 feet) in the Foley Mine Complex has
been established for consideration in future exploration activities.
Manhattan Mine
A series of three short "fan" holes (drilled at varying angles
from the same drill location) were also drilled into the vein system
comprising the historic Manhattan Gold Mine to establish its deeper
presences. This property, although it never reported any production,
contains a shaft to 325 feet. Four intervals in the Manhattan vein recorded
the gold and silver values shown below:
Lucky Linda
A second series of six short "fan" holes from two drill locations
was drilled on the Lucky Linda vein, an unexplored but extensive
outcropping quartz vein in the Foley Complex. Extending on surface for over
1,000 metres, it is gold bearing at the surface, but of unknown depth.
Although various zones of quartz veins and veining of up to 2.4 metres were
penetrated in the Lucky Linda vein, no significant mineral assay values
were encountered.
Richard C. Beard, P.Eng., Consulting Geologist, a Qualified Person as
defined by NI 43-101, has reviewed and approved the technical disclosure
contained in this press release.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring
for precious and base metals and platinum group elements on its extensive
Ontario holdings in the historic Gold Camp at Mine Centre of 32,585 acres
and 7,634 acres in the Rainy River Greenstone Belt.
For all future Q-Gold investor relations needs, investors are asked to
visit the Q-Gold IR Hub at http://www.agoracom.com/IR/Q-Gold
where they can post questions and receive answers within the same day, or
simply review questions and answers posted by other investors.
Alternatively, investors are able to email all questions and correspondence
to QAU@agoracom.com where they can
also request addition to the investor email list to receive all future
press releases and updates in real time.
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 form the Company's expectations and
projections. The TSX Venture Exchange has not reviewed this press release
and neither approved nor disapproved the information contained in this
press release.
For more information, please contact
Corporate Inquiries:
Q-Gold Resources Ltd.
J. Bruce Carruthers II
President
1-888-779-0166
Website: http://www.qgoldresources.com
or
Investor Relations:
AGORACOM Investor Relations
Email: QAU@agoracom.com
Website: http://www.agoracom.com/IR/Q-Gold