FORT FRANCES, ON, Sept. 10 /CNW/ - Q-Gold Resources Ltd. (TSX VENTURE: QGR - News; http://www.qgoldresources.com) announced today that it has initiated the second phase of delineation drilling on the Company's 100% owned Foley Gold Mine Complex near Mine Centre, Ontario.
A rig from Rainy Lake Tribal Contracting, which also provided the rig for Phase One, arrived on location on Tuesday, September 7th. Phase Two will consist of the targeted drilling of approximately 1,875 metres of "NQ" core into the gold-bearing "Jumbo" and "Bonanza" veins in a series of 2-3 "fan holes" with each fan drilled from a single location. These holes are designed to confirm the presence of the veins and determine the gold and silver grades. The veins are indicated on the 400' level of historic mine maps produced during mine development activities in the 1920's.
Phase One of the delineation drilling program at the Foley was completed in August, resulting in the drilling of ten holes for a total of 1,258 metres. Phase One targeted the gold-bearing "Jumbo", "West" and "Goldpanner" veins, the latter two having been indicated on the 400' level of historic mine maps. Drill core samples from Phase One have been sent to TSL Laboratories in Saskatoon, Saskatchewan for assay, with results anticipated later this month.
The Company also announced the appointment of John Campbell to the Board of Directors, effective September 3, 2010. Pursuant to the Company's Stock Option Plan, the Board approved the award of 900,000 stock options to Directors and one Officer, exercisable at a price of $0.185 per share for a period of five years.
The technical content of this release was reviewed and approved by Delio Tortosa, P.Eng., a Qualified Person as defined by National Instrument 43-101.
About Q-Gold Resources Ltd.
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Q-Gold is a Canadian-based mineral exploration company currently
exploring for precious and base metals on its 26,000 acres of Ontario holdings
in the historic Gold Camp at Mine Centre, including 5 historic gold mines. In
addition, the Corporation holds options on historic gold and silver mines in
the historic Arizona gold camp of Crown King, and copper prospects in eastern
and western Arizona.
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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.
For further information
Corporate Inquiries: Q-Gold Resources Ltd., J. Bruce Carruthers II, President, 1-888-779-0166, http://www.qgoldresources.com_;_ Investor Relations: AGORACOM Investor Relations, http://www.agoracom.com/IR/Q-Gold, QAU@Agoracom.com