| | Publié le 26 mars 2008 | Options Crown King, Arizona Gold/Silver Mines |
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Q-Gold Resources - Press
Release
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Q-Gold Options Crown King, Arizona Gold/
Silver Mines
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FORT FRANCES, ONTARIO--(March
26, 2008) - Q-Gold Resources Ltd. (TSX VENTURE:QAU) (FRANKFURT:QX9)
announced today that it has signed a 5-year purchase option agreement in an
"arm's length" transaction with private parties effective March
24, 2008, to acquire six historic gold and silver mines in Crown King,
Arizona. The Agreement enables the Company to acquire a 100% interest in
mining and surface rights to nine (Federal) patented mining claims and
three (Bureau of Land Management, U.S. Department of the Interior) mining
claims (mining rights only) in the historic (1871) Tiger Mining District of
Central Arizona. An additional patent was optioned for a 66 2/3% interest. The
optioned properties are located in the Southern Bradshaw Mountains in
Yavapai County, about 73 KM northwest of Phoenix and are all within an 8
kilometre radius of the small mountain town of Crown King. This District
includes the historic Crown King gold and silver mining camp.
Q-Gold President and CEO, Bruce Carruthers, declared "I'm very pleased
in this climate of high precious metals prices, to be able to have acquired
a significant option position in this historic Arizona gold/ silver
producing district at a very reasonable entry price. These properties fit
in with our strategy of acquiring historic gold and silver mines with
future production potential in politically stable areas such as Canada and
the United States".
According to historical records contained in the archives of the Arizona
Department of Mining and Minerals, at one time, as many as 2000 individual
gold and silver mining operations were being conducted in the Bradshaw
Mountains. Most of the gold and silver production took place in the periods
1870-1890 and 1903-1912. Some limited exploration was conducted on the
company's optioned properties in the 1950's and 1990's. Sustained mineral
production in the District was hampered by a fractured land position of
small claims and by the dictates of two World Wars, where
"non-essential (including gold and silver) mining was prohibited.
A series of north-easterly trending gold and silver-bearing quartz vein
systems cross the Southern Bradshaw Mountain range. These shear-controlled
quartz vein systems are contained in a tongue of pre-Cambrian Yavapai
Schist, which is in contact with Mesozoic granitic rocks to the north and
west. The vein systems are very continuous and can often be traced on
surface for miles along strike and over 1,000 feet in vertical relief.
The properties contain six historic mines located on three of the District's
principal gold and silver-bearing parallel vein systems, the Tiger, Gray
Eagle and War Eagle/Gladiator veins. Included in the option package are the
Tiger, Hammond-Riggs and Savoy (including the New Savoy) Mines. These three
past-producing mines recorded sustained commercial production, the most
important of which were the Tiger and the Savoy mines. The three other
mines incurred development activities but no recorded production.
The Tiger and Hammond-Riggs Mines were primarily silver producers and are located
on the Tiger vein. After a long production run, beginning in 1870, the
Tiger mine was closed in 1917, as a result of World War I. The principal
composit vein on this property is 20-feet wide. The ore shoots within this
system had, according to a compilation of assays from underground sampling
taken prior to 1938, an overall average width of 5-feet. The Savoy Mine,
located on the gold-bearing Gray Eagle vein, incurred significant
underground development but little recorded production since its discovery
in the 1870's. The average width of ore mined at the Savoy Mine was
reported to be 6-feet. Along with the Tiger and Hammond-Riggs Mines, the
Savoy Mine remains a primary target for Q-Gold's future exploration efforts
at Crown King.
Both the patents and mining claims are governed by the U.S. General Mining
Act of 1872, as amended. The patents are "linear patents",
whereby mining rights are extended to 100 feet on either side of the center
"line" which directly overlies the veins. If ore veins or shoots are
encountered underground in drifts (with the exception of "ends"
of the drifts), rights can be automatically extended laterally from the
drift sites until the ore body terminates, an advantage over conventional
patents. No special permits are required for normal exploration activities
on either the patents or the mining claims.
By their nature, the surface area of the patents is not large, but their
linear makeup enables them to capture large portions of the vein systems,
which can extend for miles on the surface. The optioned properties total
approximately 64 acres (26 hectares), and include a total of almost 2 miles
of strike length coverage on the three large vein systems.
Because of the fact that the bulk of the Crown King gold and silver
production was effected from 1870-1912 (Arizona only became a state in
1912), historical data on ore production, grades, resources and reserves,
is scarce and of unknown quality. It is not compliant with the requirements
of NI 43-101 and is therefore unreliable. As a result, no verifiable ore
reserve or mineral resource estimates can be provided for the properties at
this time.
The Agreement is subject to the approval of the TSX Venture Exchange.
The Company has initiated geologic investigations on the Gray Eagle vein
and one of its splays containing the "Rapid Transit Gold Mine",
one of the three mines for which there is no recorded production. The
program, will include mapping, sampling and assaying as a prelude to a
spring and summer exploration program on the Crown King properties.
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,
including 5 historic gold mines, and 7,634 exploratory 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
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Q-Gold Resources Ltd.
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EXPLORATEUR |
CODE : QGR.V |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Q-Gold Res. est une société d’exploration minière d'or basée aux Etats-Unis D'Amerique. Q-Gold Res. détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont FOLEY, CROWN KING, RAY, TROY, PINAFORE et MINE CENTRE au Canada. Q-Gold Res. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 891 450 CA$ (712 761 US$, 668 712 €). La valeur de son action a atteint son plus haut niveau récent le 30 octobre 2009 à 9,61 CA$, et son plus bas niveau récent le 15 septembre 2023 à 0,01 CA$. Q-Gold Res. possède 25 470 000 actions en circulation. |
Financements de Q-Gold Resources Ltd. |
Projets de Q-Gold Resources Ltd. |
Communiqués de Presse de Q-Gold Resources Ltd. |
Publication de commentaires terminée |
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