Q-Gold Announces Exploration Program at Past-Producing High-Grade Foley Gold Mine Complex, Ontario - Seite 2

2020/2021 Exploration Program

With this exploration program, Q-Gold will conduct an estimated 3,000 m of drilling to infill the previous drilling at the Foley Gold Mine complex to attempt to form the first compliant resource for the near-surface mineralization. These results will then be used to guide subsequent exploration on the mineralization below the -122m level, which is open in all directions.

Success at the Foley Gold Mine complex will then be applied on other high priority vein arrays to continue to build the project’s mineral inventory.

Q-Gold is currently working with its Ontario-based exploration team to apply for the necessary exploration permits for the stated work program.

About the Foley Gold Mine

The Foley Gold Mine was first developed in the 1890’s, with the sinking of the Foley Shaft to the 400’ level. At this time 10,500 tons of ore at 14 g/t was mined from stopes at the 100’ level with 5,267 oz of gold recovered 1898 – 1900. Subsequent work between 1923-27 included an estimated $12 MM of additional development work, include an offset Shaft 400’ - 850’, winze 400’ to 150’ and 2.5+ km of drifts on 7 levels. Operations terminated in 1927 due to the onset of the Great Depression.

Since 2005, multiple delineation drill programs (totally over 5,900 m) have helped define the Foley gold-vein system down to the 122 m level. Previous development work has indicated the strong likelihood of vein continuation down to the 260 m level, however no recent drill campaigns were completed. Previous Q-Gold management ceased exploration at the Mine Centre area in 2012 in favor of other prospects held by the Company.

Geology Overview:

• Archean orogenic gold deposits associated with late tectonic regional faults.
• Intersecting faults have formed sigmoid blocks of basement volcanics, late tectonic sediments and late tectonic intrusions.
• 100+ gold-mineralized quartz veins emplaced in multiple rock types forming extensive classic Archean high-grade, lode gold districts at Mine Centre and Foley Gold Mine complexes.
  

The regional structural geology is suggested to display a duplex structure where a single shear splays into several individual shears, each of which forms an extensional vein system subjected to gold mineralisation. The correct interpretation of the individual structures is paramount to the correct aligning of the drill holes, as the mineralised veins can easily be missed in such a steeply dipping scenario.