Press Release
Q-Gold Resources Ltd. announced Friday it has initiated the second phase of delineation drilling on the company’s 100 percent-owned Foley Gold Mine Complex near Mine Centre.
A rig from Rainy Lake Tribal Contracting, which also provided the rig for Phase I, arrived on location Sept. 7.
Phase II will consist of the targeted drilling of roughly 1,875 metres of “NQ” core into the gold-bearing “Jumbo” and “Bonanza” veins in a series of two-three “fan holes,” with each fan drilled from a single location.
These holes are designed to confirm the presence of the veins, as well as determine the gold and silver grades.
The veins are indicated on the 400-foot level of historic mine maps produced during mine development activities in the 1920s.
Phase I of the delineation drilling program at the Foley complex was completed in August, resulting in the drilling of 10 holes for a total of 1,258 metres.
It targeted the gold-bearing “Jumbo,” “West,” and “Goldpanner” veins—the latter two having been indicated on the 400-foot level of historic mine maps.
Drill core samples from Phase I have been sent to TSL Laboratories in Saskatoon, Sask. for assay, with results anticipated later this month.
The company also announced Friday the appointment of John Campbell to its board of directors, effective Sept. 3.
Pursuant to the company’s stock option plan, the board approved the award of 900,000 stock options to directors and one officer, exercisable at a price of $0.185 per share for a period of five years.
