CALGARY, Nov. 2, 2012 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") is pleased to announce the commencement of its 2012 drill program at Red Canyon. Montezuma Mines Inc. ("Montezuma"), a wholly owned subsidiary of CMQ, expects to test three target areas with a total of about six to seven reverse circulation (RC) drill holes totaling about 9,300 feet (2,835 m). The project is being explored under an "Exploration Agreement with Option to Form Joint Venture" with Miranda U.S.A., Inc. ("Miranda") (TSX-V: MAD).
The target areas to be drill tested include the following:
Ice/Southeast Corridor: Two holes will further test for mineralization encountered in 2011 RC hole MR11-01 that intersects 20 ft (6.1 m) of 0.205 oz Au/ton (7.025 g Au/t) from 110-130 ft (33.5-39.6 m).
The Hole: This target name derives from a pronounced controlled source audio-frequency magnetotelluric (CSAMT) resistivity low with approximate plan dimensions of 2,000 x 2,600 ft (610 x 790 m). Montezuma interprets the resistivity low as permissive for a fault-bounded decalcified and clay-altered gold mineralized pipe-like body. Up to three holes to about 2,300 ft (700 m) deep will test the target.
Wall: At Wall rock chip samples with up to 0.070 oz Au/ton (2.4 g Au/t) are coincident with a geophysically defined fault-bounded horst block that extends 5,000 ft (1,500 m) from Wall northwest through the Ice target area. One drill hole to about 900 ft (270 m) deep will test favorable carbonate stratigraphy along the western margin of the horst.
Since 2009, Montezuma has done geologic mapping, revised stratigraphic interpretations, and run soil and rock-chip geochemical, CSAMT resistivity, ground magnetic, and gravity surveys at Red Canyon. Montezuma has drilled a total of 26 RC and three core holes for a total of 25,607 ft (7,805 m). Montezuma is conducting its drilling under the Bureau of Land Management approved Red Canyon Plan of Operations that permits up to 125 acres (50 hectares) of total disturbance.
CMQ currently has 44,188,682 Common Shares issued and outstanding. CMQ's website is located at www.cmqresources.com
John Hogg, CEO, CMQ Resources Inc., is the qualified person, as defined by National Instrument 43-101, who has reviewed and verified the data disclosed in this press release.
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This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws, including with respect to the timing and details of the referenced drilling program. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements typically contain statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "intend", "may", "will", "shall", "project", "would", "should", or similar words suggesting future outcomes.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to CMQ and shareholders. Forward-looking statements are based on management's current beliefs as well as assumptions made by, and information currently available to, management. Though management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved. The forward-looking statements contained in this press release are made as of the date hereof and CMQ does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
SOURCE CMQ Resources Inc.