Q-gold Resources Ltd TSXV:QGR
Q-Gold Announces High Grade Arizona Gold and Silver Assays
Jul. 7, 2011 (Canada NewsWire Group) --
VANCOUVER, July 7, 2011 /CNW/ - 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 mine complex, yielded the following "high-grade" grade
silver assay results, as well as gold in the one troy ounce per ton
("opt") range:
| ASSAY PROCESS | |||||||||||
|
|
ME-GRA2 | ME-1CP61 | |||||||||
| Sample # |
Sample Width (m) |
Au (ppm) |
Au (opt) |
Ag (ppm) |
Ag (opt) |
Pb (ppm) |
Pb (%) |
Zn (ppm) |
Zn (%) |
Sb (ppm) |
Sb (%) |
| BM-25 | 0.3 | 34.4 | 1.0 | 7,300 | 212.9 | 98,600 | 9.86 | 5,580 | 0.56 | 2,310 | 0.23 |
| BM-26 | 0.5 | 37.0 | 1.1 | 8,140 | 237.4 | 126,500 | 12.65 | 3,400 | 0.34 | 2,670 | 0.27 |
| BM-27 | 0.5 | 38.4 | 1.1 | 5,850 | 170.6 | 101,500 | 10.15 | 4,020 | 0.40 | 3,850 | 0.39 |
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:
| ASSAY PROCESS | ||||||||||
|
ME-GRA21 |
ME-ICP61 | |||||||||
| Sample # |
Au (ppm) |
Au (opt) |
Ag (ppm) |
Ag (opt) |
Pb (ppm) |
Pb (%) |
Zn (ppm) |
Zn (%) |
Sb (ppm) |
Sb (%) |
| BM-1 | 9.26 | 0.27 | 4,150 | 121.0 | 185,500 | 18.55 | 31,200 |
3.12 |
3,290 |
0.33 |
| BM-2 | 5.99 | 0.18 | 3,790 | 110.5 | 74,800 | 7.48 | 36,200 | 3.62 | >50,000 | >5.00 |
| BM-3 | 15.25 | 0.45 | 6,240 | 182.0 | 187,000 | 18.70 | 27,800 | 2.78 | 4,710 | 0.47 |
| BM-4 | 7.39 | 0.22 | 4,780 | 139.4 | 96,200 | 9.62 | 30,100 | 3.01 | 23,700 | 2.37 |
| BM-5 | 3.85 | 0.11 | 1,690 | 49.3 | 47,300 | 4.73 | 21,700 | 2.17 | >50,000 | >5.00 |
| BM-6 | 8.18 | 0.24 | 5,470 | 159.5 | 94,500 | 9.45 | 33,800 | 3.38 | 39,000 | 3.9 |
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 Alaska, Ontario and
Arizona prospects.
Disclaimer:
"Historical reports" referred to in this release have been examined but
not verified by a "Qualified Person" under the requirements of NI
43-101 and therefore should not be relied on for any purpose.
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.
Q-GOLD RESOURCES LTD.
c/o Mineral Creek Resources Inc.
Bank of America Building
Suite 508, 121 East Birch Avenue
Flagstaff, Arizona 86001
Ph: (928) 779-0166/Fax: 779-0107
www.QGoldResources.com