Q-Gold Announces Launch of Phase 1 Drill Program at High-Grade Foley Gold Mine Complex, Ontario

The fully funded and permitted Phase 1 drill program will include over 2,700 m of drilling, targeting the well-defined high-grade gold vein system at the past-producing Foley Gold Mine. With the drill-rig now onsite, drilling is expected to commence on April 21, 2021.

TORONTO, April 20, 2021 (GLOBE NEWSWIRE) -- Q-Gold Resources Ltd (TSXV:QGR, OTC:QGLDF, FRA:QX9G) (“Q-Gold” or the “Company”), a Canada-based mineral exploration company targeting high-grade gold and silver discoveries in multiple jurisdictions, is pleased to announce the launch of its 2021 drill program at its wholly-owned Foley Gold Mine complex in Ontario.

Over the past two months, Q-Gold geologists have completed an extensive data compilation and 3D Leapfrog modeling of the high-grade gold-vein system that includes 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 (refer to Q-Gold Resources press release September 30, 2020 for additional details). This exercise has resulted in the finalization of a two-phase drill program.

Phase 1 includes a total of 2,745 m of approved holes that will infill and extend coverage to the -200 m depth. The approved program will allow Q-Gold to infill and extend previous drilling on the four main vein arrays at the past-producing Foley Gold Mine (see Figure 1 below). Phase 2 contains an additional 4,035 m that will add additional infill holes as well as expand coverage laterally and down to -225 m depth.

“Our team is pleased with the results of the modeling and are excited to move ahead with drilling on the high-grade Foley Gold Mine property,” comments Patrick Lengyel, Exploration Manager of Q-Gold. “Further, the sizeable land position has considerable upside with its range of drill-ready targets on multiple historic deposits as well as enormous grassroots potential that has not been tested with modern exploration methods.”

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/363c4595-36d2-4455 ...

About the Mine Centre Property

Q-Gold holds 9,965 acres of contiguous mining claims, Crown leases and leasehold patents located within the historic Mine Centre 1890’s gold camp, which produced 16,025 ounces of gold from the Foley Gold Mine and the Golden Star Mine.

The property has favourable logistics with direct access to Highway 11 and being located 250 km west of Thunder Bay and 65 km Northeast of the U.S. border at International Falls. It is also proximal to two major gold discoveries 95 km on either side of Mine Centre: Rainy River (New Gold) (4.5 M oz. Au & 11.4 M oz. Ag) & Hammond Reef (Agnico Eagle) (4.5 M oz.).