Q-Gold Announces Exploration Program at Past -Producing High -Grade Foley Gold Mine Complex , Ontario
Q-Gold Announces Exploration Program
at Past -Producing High -Grade Foley
Gold Mine Complex , Ontario
TORONTO, ONTARIO – September 25, 2020
Q-Gold Resources Ltd (TSXV: QGR) (“Q-Gold” or the “Company”) is pleased to announce
its 2020-2021 exploration program at its wholly-owned Foley Gold Mine complex , near the
town of Mine Centre, Ontario. Q-Gold will drill targets at the past-producing Foley Gold Mine;
a high-grade gold-vein system with over 5,900 m of NI 43-101 compliant drilling with results
of up to 53.47 g/t Au over 1.5 m and 106.7 g/t Au over 0.23 m. Previous records indicate
that 10,500 tons of ore at 14 g/t was mined from stopes at the 100’ level with 5,267 oz of
gold recovered between 1898 – 1900.
Q-Gold will conduct a n estimated 3, 000 m diamond drill program to test the high-grade
discovery potential at the Foley Gold Mine, including both shallow and deeper holes. Q-Gold’s
objective at Mine Centre is to complete an updated National Instrument 43-101: Standards
of Disclosure for Mineral Projects (“NI 43-101”) compliant report on the Foley Gold Mine
property with the aim of delineating a NI-43-101 compliant resource.
Highlights from Previous Exploration Programs
Previous drilling between 2005-2012 established the Foley Gold Mine as a large deposit of
gold-bearing veins with an excellent picture of the mine’s gold potential from surface to the
122 m level. Highlights from those drill results include the following high -grade gold
intercepts:
• Foley – Hole Q-05-08 – 53.47 g/t Au – Over 1.5 m
• Foley – Hole Q-BV-10-1 – 106.7 g/t Au – Over 0.23 m
• Foley – Hole Q-BV-12-06 – 33.38 g/t Au – Over 1.05 m
An overview of the gold-vein system can be seen in Figure 1 below, including the prominent
Bonanza and Jumbo veins as well as the historical development work of the Foley shaft and
2.5+ km of drifts on 7 levels.
Figure 1 – Overview of Foley Gold Mine Vein System
“The Foley Gold Mine property is a gold-vein system that is well-understood down to the 122
m level and it provides Q-Gold with drill-ready targets and a meaningful probability of high-
grade gold intercept s,” comments Patrick Lengyel , Exploration Manager of Q-Gold. “We
believe there is value that can be unlocked for shareholders at the Foley Gold Mine. This
exploration program will attempt to confirm a resource on the Foley property as well as
explore depths below the 122 m level, which have not been drilled in recent history, but show
strong indications of vein continuity.”
2020/2021 Exploration Program
With this exploration program, Q-Gold will conduct an estimated 3,000 m of drilling to infill
the previous drilling at the Foley Gold Mine complex to attempt to form the first compliant
resource for the near -surface mineralization . Th ese results will then be used to guide
subsequent exploration on the mineralization below the -122m level, which is open in all
directions.
Success at the Foley Gold Mine complex will then be applied on other high priority vein arrays
to continue to build the project’s mineral inventory.
Q-Gold is currently working with its Ontario-based exploration team to apply for the necessary
exploration permits for the stated work program.
About the Foley Gold Mine
The Foley Gold Mine was first developed in the 1890’s, with the sinking of the Foley Shaft to
the 400’ level. At this time 10,500 tons of ore at 14 g/t was mined from stopes at the 100’
level with 5,267 oz of g old recovered 1898 – 1900. Subsequent work between 1923-27
included an estimated $12 MM of additional development work, include an offset Shaft 400’
- 850’, winze 400’ to 150’ and 2.5+ km of drifts on 7 levels. Operations terminated in 1927
due to the onset of the Great Depression.
Since 2005, multiple delineation drill programs (totally over 5,900 m) have helped define the
Foley gold-vein system down to the 122 m level. Previous development work has indicated
the strong likelihood of vein continuation down to the 260 m level, however no recent drill
campaigns were completed. Previous Q -Gold management cease d exploration at the Mine
Centre area in 2012 in favor of other prospects held by the Company.
Geology Overview:
• Archean orogenic gold deposits associated with late tectonic regional faults.
• Intersecting faults have formed sigmoid blocks of basement volcanics, late tectonic
sediments and late tectonic intrusions.
• 100+ gold-mineralized quartz veins emplaced in multiple rock types forming extensive
classic Archean high -grade, lode gold districts at Mine Centre and Foley Gold Mine
complexes.
The regional structural geology is suggested to display a duplex structure where a single
shear splays into several individual shears, each of which forms an extensional vein system
subjected to gold mineralisation. The correct interpretation of the individual structures is
paramount to the correct aligning of the drill holes, as the mineralised veins can easily be
missed in such a steeply dipping scenario.
About the Mine Centre Property
Q-Gold holds 10,000+ acres of contiguous mining claims, Crown leases and leasehold patents
located within the historic Mine Centre 1890’s gold camp, which produced 16,025 ounces of
gold from the Foley Gold Mine and the Golden Star Mine.
The property has favourable logistics with immediate access to Highway 11 and sitting 250
km Northwest of Thunder Bay and 65 km Northeast of the U.S. border. It is also proximal to
two major gold discoveries 95 km on either side of Mine Centre: Rainy River (New Gold) (4.5
M oz. Au & 11.4 M oz. Ag) & Hammond Reef (Agnico Eagle) (4.5 M oz.).
Other interest areas include the McKenzie Gray Vein System; a gold-silver vein system with
6,594 m of drilling confirming existence of high-grade quartz vein down to 100 m. As well as
the the Golden Star, Manhattan, and Fergus Vein Systems; high-potential gold vein prospects
offering tremendous optionality at Mine Centre (see Figure 2 below).
Figure 2 – Assorted Mine Centre Gold Vein Systems
“We look forward to creating value for shareholders from Q -Gold’s claims in Mine Centre,”
comments Mr. Veryard. “With well -defined targets, previous high -grade intercepts and
historical development, and potential at depth at the Foley Mine and with other vein arrays,
we are excited about the future at these properties.”
Qualified Persons
The scientific and technical information contained in this press release has been reviewed,
prepared and approved by J.W. Patrick Lengyel, P. Geo., Exploration Manager, Q-Gold, who
is a "Qualified Person" as defined by NI 43-101.
About Q-Gold Resources Ltd.
Q-Gold is a publicly traded Canada-based mineral exploration company targeting high-grade
gold and silver discoveries in multiple jurisdictions. Q-Gold is currently exploring for gold at
the past-producing Foley Gold Mine in Mine Centre, Ontario and for silver at the Surupana
Property in the silver-rich altiplano region of Peru.
For further information, contact:
Evan Veryard
Chief Executive Officer
+1 416 571 9037
Website: www.qgoldresources.com
Cautionary Notes
Certain statements in this release are forward-looking statements. Forward-looking
statements consist of statements that are not purely historical, including any statements
regarding the Company’s work plans, the Company’s exploration plans and budgets for the
Surupana Property and the Foley Gold Mine and the Company’s beliefs, plans, expectations
or intentions regarding the future. Such statements are subject to risks and uncertainties that
may cause actual results, performance or developments to differ materially from those
contained in the statements. No assurance can be given that any of the events anticipated
by the forward-looking statements will occur or, if they do occur, what benefits the Company
will obtain from them. In particular, the company cautions that the completion of the
proposed acquisitions cannot be predicted with certainty, and that there can be no assurance
at this time that the proposed acquisitions will be completed in the manner noted above or
at all. These forward-looking statements reflect management's current views and are based
on certain expectations, estimates and assumptions which may prove to be incorrect. A
number of risks and uncertainties could cause our actual results to differ materially from
those expressed or implied by the forward-looking statements, as well as other factors
beyond the Company's control. The Company does not undertake to update any forward
looking information, except in accordance with applicable securities laws.
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.