McKenzie Gray Drilling Update - 2.1 metres of 143.99 g/t Silver and 1.1 metres of 36.63 g/t Gold
Feb. 23, 2011 (Canada NewsWire Group) --
FORT FRANCES, ON, Feb. 23 /CNW/ - Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce the balance of drill results (drill holes QMG10-013 to QMG10-18) of its diamond core drilling program on its 93% owned McKenzie Gray gold/silver discovery near Mine Centre, Ontario. In the fall of 2010, Q-Gold completed a Phase II diamond-drilling program on the McKenzie Gray property consisting of 18 drill holes totaling 2,612 metres.
The McKenzie Gray property, covering a total of 1,143.2 acres, is subject to a Letter Agreement with First Star Resources Inc. ("FS": TSX-Venture Exchange) whereby First Star can obtain a 43% interest in the property by making payments totaling $850,000 and incurring expenditures of $3,150.000 over a four-year period (see press release dated February 11, 2011).
Highlights of drill holes QMG10-013 to QMG10-18 on McKenzie Gray include 1.1 metres of 36.63 g/t gold, 60.76 g/t silver, and 1.11% zinc (QMG-10-14); 2.10 metres of 4.49 g/t gold, 143.99 g/t silver, 1.25% copper, and 8.07% zinc (QMG10-15); and 0.25 metres of 30.26 g/t gold and 32.40 g/t silver (QMG10-17).
The McKenzie Gray Prospect is a classic Archean shear-zone hosted quartz vein system striking northwest and dipping steeply southwest cutting through a felsic (trondhjemite-tonalite) intrusive. The mineralized zone is surrounded by an envelope of highly altered (sericitized, silicified, carbonatized) and sheared trondhjemite that varies from 10 to 30 metres in width. The presence of a wide structural and alteration zone containing mineralized quartz-rich zones and veins to a known depth of 150 metres and along a known strike length of 150 metres indicates that there is potential to expand the vein system to further depth as well as along strike to the northwest and southeast.
The company is very pleased with its recent achievements on McKenzie Gray and is currently planning an aggressive exploration program for its Mine Centre property for the upcoming season.
Drilling Results
Q-Gold Resources Ltd. completed the above 18-hole Phase II diamond-drilling program on the McKenzie Gray property in November of 2010 (see press releases dated January 26, 2011 and February 9, 2011). It was designed to follow-up on the successful 2009 drill program (see press release dated October 28, 2009), which identified significant gold, silver and zinc mineralization. The 2010 drill program consisted of 5 shallow dipping drill holes (-40o) to test the mineralized zone near surface (QMG10-14 to 18). The other 13 drill holes (QMG10-1 to 12) tested the mineralized zone to a depth of 150 metres. The new drilling was completed on the same cross-sections as the 2009 drill holes, spaced at 15 metre intervals.
DDH From To Length (m) Au g/t Ag g/t Cu % Pb % Zn % Description
QMG10-13 136.60 136.90 0.30 0.27 126.3 <0.01 Quartz Vein
QMG10-13 141.75 145.10 3.35 0.03 11.79 0.01 Quartz Vein
QMG10-13 145.10 151.70 6.60 0.04 11.77 0.01 Quartz Rich Zone
QMG10-13 151.70 157.10 5.40 0.17 8.87 0.02 Quartz Vein+Alt
Trondhjemite
QMG10-14 38.90 40.00 1.10 36.63 60.76 0.82 0.20 1.11 Mineralized Quartz Vein
QMG10-14 49.80 50.70 0.90 5.97 32.8 0.1 0.04 0.74 Quartz Rich Zone
QMG10-14 50.70 55.30 4.60 0.10 16.55 <.01 0.01 <.01 Quartz Rich Zone
QMG10-14 63.40 67.40 4.00 0.08 19.70 <.01 Quartz Vein + Alteration
QMG10-15 45.50 47.60 2.10 4.49 143.99 1.35 0.25 8.07 Mineralized Quartz Vein
QMG10-15 63.60 65.40 1.80 0.015 9.87 0.01 Quartz Rich Zone
QMG10-16 43.10 47.00 3.90 0.02 4.42 0.01 <0.01 0.31 Quartz Veins & Stringers
QMG10-16 58.20 63.75 5.55 0.07 12.07 0.01 0.01 0.01 Quartz Rich Zone
QMG10-17 44.70 48.65 3.95 0.10 3.87 0.01 <.01 0.05 Quartz Rich Zone
Including
QMG10-17 47.80 48.65 0.85 0.38 13.35 0.03 <.01 0.03 Quartz Rich Zone
QMG10-17 56.00 56.25 0.25 30.28 32.40 0.58 0.10 Quartz-Carbonate Vein
QMG10-18 26.00 28.25 2.25 0.02 10.57 <0.01 0.02 0.06 Quartz Stringers
QMG10-18 82.50 82.90 0.40 0.07 10.10 1.61 Quartz Rich Zone
All core samples were selected by the Q-Gold site geologist and were cut in half by diamond core saw. Individual samples were placed in plastic sample bags with a sample tag number and sealed. Groups of samples were then placed into plastic pails and sealed with plastic covers. The remaining half cores are stored in the outdoor storage area at the Q-Gold Fort Frances office, which is fenced-in and locked.
All sample shipments were sealed and shipped to TSL Laboratories Inc. in Saskatoon, Saskatchewan for analysis. TSL Laboratories' quality system complies with the requirements for the International Standards. Q-Gold also had its own quality control / quality assurance programs in place.
The remaining coarse reject portions of the samples and sample pulps remain in storage at the TSL storage facility in Saskatoon in the event that further analyses are required.
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.
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.
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
<table><tr valign="top"><td align="left"><b>Corporate Inquiries</b></td> <td align="right"> </td> <td align="right"> </td></tr> <tr valign="top"><td align="left">Q-Gold Resources Ltd.</td> <td align="right"> </td> <td align="right"> </td></tr> <tr valign="top"><td align="left">J. Bruce Carruthers II, Chairman</td> <td align="right"> </td> <td align="right"> </td></tr> <tr valign="top"><td align="left">1-888-779-0166</td></tr> <tr valign="top"><td align="left"><a href="http://www.qgoldresources.com/">http://www.qgoldresources.com</a></td></tr></table><br />
