Q-Gold Announces Exploration Program at Past-Producing High-Grade Foley Gold Mine Complex, Ontario

TORONTO, Sept. 25, 2020 (GLOBE NEWSWIRE) -- Q-Gold Resources Ltd (TSXV: QGR) (“Q-Gold” or the “Company”) is pleased to announce its 2020-2021 exploration program at its wholly-owned Foley Gold Mine complex, near the town of Mine Centre, Ontario. Q-Gold will drill targets at the past-producing Foley Gold Mine; a high-grade gold-vein system with over 5,900 m of NI 43-101 compliant drilling with results of up to 53.47 g/t Au over 1.5 m and 106.7 g/t Au over 0.23 m. Previous records indicate that 10,500 tons of ore at 14 g/t was mined from stopes at the 100’ level with 5,267 oz of gold recovered between 1898 – 1900.

Q-Gold will conduct an estimated 3,000 m diamond drill program to test the high-grade discovery potential at the Foley Gold Mine, including both shallow and deeper holes. Q-Gold’s objective at Mine Centre is to complete an updated National Instrument 43-101: Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant report on the Foley Gold Mine property with the aim of delineating a NI-43-101 compliant resource.

Highlights from Previous Exploration Programs

Previous drilling between 2005-2012 established the Foley Gold Mine as a large deposit of gold-bearing veins with an excellent picture of the mine’s gold potential from surface to the 122 m level. Highlights from those drill results include the following high-grade gold intercepts:

• Foley – Hole Q-05-08 – 53.47 g/t Au – Over 1.5 m
• Foley – Hole Q-BV-10-1 – 106.7 g/t Au – Over 0.23 m
• Foley – Hole Q-BV-12-06 – 33.38 g/t Au – Over 1.05 m
  

An overview of the gold-vein system can be seen in Figure 1 below, including the prominent Bonanza and Jumbo veins as well as the historical development work of the Foley shaft and 2.5+ km of drifts on 7 levels.

Figure 1 – https://www.globenewswire.com/NewsRoom/AttachmentNg/761d330b-8d0a-44ab ...

“The Foley Gold Mine property is a gold-vein system that is well-understood down to the 122 m level and it provides Q-Gold with drill-ready targets and a meaningful probability of high-grade gold intercepts,” comments Patrick Lengyel, Exploration Manager of Q-Gold. “We believe there is value that can be unlocked for shareholders at the Foley Gold Mine. This exploration program will attempt to confirm a resource on the Foley property as well as explore depths below the 122 m level, which have not been drilled in recent history, but show strong indications of vein continuity.”