Q-Gold Resources engages FHB Consulting Services LLC to update the Resource Estimate for Quartz Mountain
Q-Gold Resources engages FHB Consulting Services LLC to update the
Resource Estimate for Quartz Mountain
TORONTO, July 21, 2025 -- Q-Gold Resources Ltd. (TSXV: QGR) (“Q-Gold” or the “Company”) is pleased to announce that it
has retained FHB Consulting Services LLC (“FSB Consulting ”), a Washington-based geological consulting firm that is
independent from the Company, to conduct an updated review and revision of the historical estimate that has not been
confirmed by Q-Gold at the later stage mineral exploration project located in south-central Oregon (the “ Quartz Mountain
Project”) that the Company intends to acquire pursuant to a share exchange agreement dated March 31, 2025 (the
“Acquisition”). For more information about the Acquisition, please see the Company’s press release dated April 3, 2025, a
copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.
This initiative is expected to entail a comprehensive revision of the previous mineral resource estimates, originally completed
by M. Lechner in 2012 and later updated in-house by the vendor of the Quartz Mountain Project, Alamos Gold Inc. (“Alamos”),
in 2016, prepared by Marc Jutras, Ginto Consulting Inc.
As part of the review process, the Company anticipates that FHB Consulting will conduct a field visit to the project site in
Oregon. The Company expects that the updated resource estimate will incorporate data from boreholes drilled at Crone Hill
and Quartz Butte by Alamos in 2015, as well as historical drilling data from earlier exploration campaigns. The current
resource estimate for the Quartz Mountain Project is presented in Table 1.
Table 1: Mineral Resources at Quartz Mountain as reported in Alamos’ Mineral Reserves and Mineral Resources as at
December 31, 2024.
Gold Mineral Resources Tonnes
(000)
Grade
(g/t Au)
oz Au
(000)
Measured and Indicated Mineral Resources 12,156 0.87 339
Inferred Resources 39,205 0.91 1.147
Notes to Mineral Reserve and Resource Tables:
• Alamos’ Mineral Reserves and Mineral Resources as at December 31, 2024 are classified in accordance with the
Canadian Institute of Mining Metallurgy and Petroleum’s “CIM Standards on Mineral Resources and Reserves, Definition
and Guidelines” as per Canadian Securities Administrator’s NI 43-101 requirements.
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
• Mineral Resources are exclusive of Mineral Reserves.
• All Measured, Indicated and Inferred open pit Mineral Resources are pit constrained.
• The resource is based on a gold price of $1400/oz, with cut-off grades of 0.21 g/t Oxide and 0.6 g/t Sulphide and 65-
80% metallurgical recovery.
Mineral resources for the Quartz Mountain Project are available on the Alamos’ website: Alamos Gold - Quartz Mountain
Project United States (https://s24.q4cdn.com/779615370/files/doc_downloads/2025/02/Alamos-2024-Reserve-
Resource_Final.pdf).
Q-Gold anticipates that this updated assessment will provide a more accurate and current understanding of the mineral
resource potential across what the Company believes to be the key target at the Quartz Mountain Project.
Q-Gold remains committed to closing the Acquisition and unlocking the potential of what the Company believes to be a
sizeable deposit, leveraging modern exploration techniques to build shareholder value.
Dr. Andreas Rompel, VP Exploration and Chief Operating Officer of Q-Gold, stated: "We are very pleased to have
engaged such a renowned company to review and update the resource for this gold deposit, which we believe holds significant
upside potential within Quartz Mountain and the neighbouring Angle’s Camp — areas we intend to explore further in the near
future."
About the Existing Quartz Mountain Property
The Quartz Mountain Project is an advanced-stage exploration project located in south-central Oregon. Over the years,
approximately 100,000 metres of drilling has been conducted, with the majority of work focused on the Crone Hill and Quartz
Butte deposits, which host a measured, indicated and inferred mineral resource. Combined with the Angel’s Camp property
(which, for certainty, comprises a portion of the Quartz Mountain Project), the project covers a large land package which the
Company believes offers significant exploration potential (for more information about the Quartz Mountain Project, please see
the Company’s press release dated April 3, 2025).
Qualified Persons
The scientific and technical information contained in this press release has been reviewed and approved by Jason Arnold,
P.Geo., an independent consultant who is a "Qualified Person" as defined in National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI-43-101”).
About Q-Gold Resources Ltd.
Q-Gold Resources (TSXV: QGR, OTC: QGLDF) is a publicly traded Canadian-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.
For further information, contact:
Dr. Andreas Rompel
Chief Operating Officer and VP Exploration
Cell: +1 778 987 9114
Cautionary Notes
The content and grades of any mineral deposits at the Company’s properties are conceptual in nature. There has been
insufficient exploration to define a mineral resource on its properties and it is uncertain if further exploration will result in any
target being delineated as a mineral resource.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to, statements with respect to the Company’s ability to complete the
Acquisition (including the requisite concurrent financing) and to explore and develop the Quartz Mountain Project, the
Company’s expectations of FSB Consulting for its review and update of the current mineral resource at the Quartz Mountain
Project, and the Company’s beliefs, plans, expectations or intentions for the Quartz Mountain Project, and other matters
related thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology 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 state that certain actions,
events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is
subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity,
performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied
by such forward-looking information, including but not limited to: receipt of necessary approvals; successful completion of a
financing and the satisfaction of the other closing conditions necessary to complete the Acquisition; general business,
economic, competitive, political and social uncertainties; future mineral prices and market demand; accidents, labour disputes
and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that
could cause actual results to differ materially from those contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to
update any forward-looking information, except in accordance with applicable securities laws.
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IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.