Source: Q-Gold Resources Ltd.
  • Q-Gold Resources (QGR) released results from its 2022 exploration diamond drill program at its Mine Centre Property in Ontario
  • The 2022 drill program saw 5 of the 8 holes drilled intersecting their targeted vein systems
  • Bonanza silver grades were encountered to the east of Foley in Q22-12 grading 1,910 g/t Ag which equates to 23.875 g/t AuEq yielding an intersection of 1.6 metre at 14.30 g/t AuEq
  • Q-Gold Resources (QGR) was trading at C$0.02 per share at 10:40 am ET

Q-Gold Resources (QGR) released results from its 2022 exploration diamond drill program at its Mine Centre Property in Ontario.

The 2022 drill program saw 5 of the 8 holes drilled intersecting their targeted vein systems. The part of the 2022 drill program that focused on the historic Foley Mine extended the strike of the Bonanza vein 300 metres to the north, with the most northern hole, Q22-14 intersecting 9.3 metres grading 0.75 g/t. Bonanza silver grades were encountered to the east of Foley in Q22-12 grading 1,910 g/t Ag which equates to 23.875 g/t AuEq yielding an intersection of 1.6 metre at 14.30 g/t AuEq.

Source: Q-Gold Resources Inc.

The company’s Exploration Manager, Richard Kilpatrick, explained that the results from Q22-14 show that the mineralization continues to the north and appears to be opening into a wider system,

“The intercept in Q22-12 occurred in a previously untested vein which will figure prominently in the upcoming spring Foley exploration program. Further to this, the property-wide structural study initiated in January 2023 is nearing completion and the results will allow Q-Gold to generate numerous drill-ready targets for the coming exploration seasons.”

The CEO of Q-Gold, Dr. Andreas Rompel, added,

“We have again intersected high grade and confirmed the northerly strike extension of our gold-bearing quartz-vein around Foley Mine and feel encouraged to pursue these with further drilling in the spring.”

2022 Mine Centre Assay Results
Hole From To Interval Au Ag AuEq
(m) (m) (m) (g/t) (g/t) (g/t)
Q22-11
Q22-12 35.40 37.00 1.60 4.23 1910 14.30
35.40 36.18 0.78 4.23 4.23
36.18 37.00 0.82 1910 23.875
44.10 45.05 0.95 4.85
Q22-13
Q22-14 125.32 125.90 0.58 1.82
134.70 144.00 9.30 0.75
including 134.70 135.20 0.50 6.11
including 135.20 135.90 0.70 0.97
including 143.00 144.00 1.00 2.71
146.14 147.03 0.89 0.68
147.03 148.14 1.11 0.51
Q22-15
Q22-16 34.78 35.30 0.52 6.66 21.7
100.30 101.00 0.70 0.51
Q22-17 45.00 46.00 1.00 1.50
Q22-18

The Foley Gold Mine was first developed in the 1890s. At this time, 10,500 tons of ore at 14 g/t was mined from stopes. Operations terminated in 1927 due to the onset of the Great Depression.

Previous drilling conducted by Q-Gold 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-metre level. High-grade gold intercepts over 2.78 metres were discovered from the three combined drilling holes.

The property has favourable logistics with immediate access to a highway. Other interest areas on the property include the McKenzie Gray Vein System. A gold-silver vein system with 6,594 metres of drilling confirms the existence of a high-grade quartz vein down to 100 metres. As well as the Golden Star, Manhattan, and Fergus Vein Systems, all high-potential gold vein prospects offering tremendous optionality at Mine Centre.

Q-Gold Resources Ltd. (QGR) is a Canadian mineral exploration company targeting high-grade gold and silver discoveries in multiple jurisdictions.

Q-Gold Resources (QGR) was trading at C$0.02 per share at 10:40 am ET.


More From The Market Online

Healwell AI reduces radiation burden for cancer patients

Pentavere, a subsidiary of Healwell AI (TSX:AIDX), announces new research accepted at two medical conferences.

@ the Bell: TSX rallies back

Canadian stock indices rallied on Monday to bring the TSX to a higher close after a few lacklustre performances

Shopify and Target stocks rise on retail partnership

Target (NYSE:TGT) teams up with Shopify (TSX:SHOP) to offer a selection of its popular merchants and their products on Target Plus.