Q-Gold Submits Exploration Permit for High-Grade Foley Gold Mine Complex, Ontario

TORONTO, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Q-Gold Resources Ltd (TSXV: QGR) (“Q-Gold” or the “Company”) is pleased to announce it has submitted an exploration permit for its previously announced 2020-2021 exploration program at its wholly-owned Foley Gold Mine complex, near the town of Mine Centre, Ontario.

The permit will allow Q-Gold to 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.

With this exploration program, Q-Gold will conduct an estimated 3,000 m of drilling. This will include a series of 200 m holes 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; a series of 300 m holes testing the mineralization below the -122m level, which is open in all directions.

“Our team is very excited to move forward with drilling on the high-grade Foley Gold Mine property,” comments Patrick Lengyel, Exploration Manager of Q-Gold. “The Foley property offers both near-term value accretion through the potential addition of a compliant resource, as well as longer-term value at depth with potential vein continuity in all directions.”

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/be2a3cde-f391-43d0 ...

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 M of total development work, including 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.