Q-Gold Resources Ltd. Announces 2020 Work Plan for Properties in Mine Centre

TORONTO, July 07, 2020 (GLOBE NEWSWIRE) -- Q-Gold Resources Ltd (TSXV: QGR) (“Q-Gold” or the “Company”) is pleased to provide the following 2020 work plan update for its claims in the Mine Centre area. This work plan is funded by from the proceeds of the exercise of warrants announced last week.

“Given the recent strength in the price of gold along with its favorable outlook, our team has decided to conduct a thorough review of Q-Gold’s claims in the Mine Centre area to determine the best approach to unlocking shareholder value,” commented Evan Veryard, Chief Executive Officer of Q-Gold. “While today’s market is often in search for ‘elephant’ deposits, we believe this creates an opportunity to find value in smaller, overlooked deposits.”

2020 Mine Centre Area Work Plan

1. Data Review: Since 2008, over $3.5M has been spent developing the properties in Mine Centre, however no site work has been completed since 2012. Given today’s strength in precious metals pricing and an associated positive outlook, management has determined that these properties warrant further consideration and will conduct a thorough review of all past work in order to determine the best opportunity to unlock value for shareholders. This includes previous work at the Foley gold mine, the Golden Star gold mine, and the McKenzie-Grey property, among others.
2. Site Reclamation and Inspection: Based on information recently brought to management’s attention, Q-Gold will carry out reclamation work that includes fencing of test pits, trenches and other openings, and the removal of historical hazards in order to maintain the claims in accordance with Ministry requirements. This ensures we operate in an environmentally conscious manner and remove potential barriers to receiving any necessary exploration permits. Further, based on historical infrastructure development (mine shafts, drifts, etc.) along with more recent development work (dewatering, drilling, etc.), the Foley mine presents the best immediate opportunity to unlocking value for shareholders. Since no work has been completed on-site since 2012, an evaluation of the current infrastructure is required to determine the feasibility of further development based on Q-Gold’s available resources.

“Based on prior work, there is an opportunity to define a resource across Q-Gold’s claims in the Mine Centre area,” commented Mr. Veryard. “With a more favorable economic environment for the gold mining industry, as well as Q-Gold’s recent cash inflow, we are now better positioned to grow the Company’s assets.”