CALGARY, Sept. 16, 2013 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") announces that CMQ's wholly owned subsidiary, Montezuma Mines Inc., has completed $4M in qualifying exploration expenditures to earn 60% of the Red Canyon project. The project is being explored under an "Exploration Agreement with Option to Form Joint Venture" with Miranda USA, Inc. (TSX-V: MAD).
CMQ also announces that it tested a portion of the Wall structural corridor, which is approximately 1,500 feet (460 meters) wide and at least 13,000 feet (4,000 meters) long and includes all or portions of three of the nine identified exploration targets at Red Canyon. Three reverse circulation (RC) drill holes totaling 2,170 feet (661 meters) were drilled. Vertical hole MR13-01 collared on the west side of the horst block was terminated due to increased water flow at 500 feet (152 m) without having intersected the horst-bounding fault or the favorable lower plate (of the Roberts Mountains Thrust) carbonate host stratigraphy. MR13-01 intersected a single zone with anomalous gold greater than 0.02 g Au/t. Vertical hole MR13-02 was collared approximately 500 feet (152 m) east of hole MR13-01. It was drilled in Denay limestones which were oxidized and pyritized and had minor to moderate silicification. Hole MR13-03 was drilled approximately 1,000 ft (305 m) north-northwest of MR13-01 to a depth of 900 feet (274 m). The hole was collared in Tertiary rhyolites on the west side of the Wall Fault. Denay Formation silty limestone with moderate oxidization and intense decalcification was drilled from 280 to 595 feet (85 to 181 m), and Denay Formation carbonates were drilled from 595 to 900 feet (181 to 274 m).
The following table contains all gold intercepts greater than 10 ft (3
m) thick that average over 0.02 g Au/t.
|Original data are in feet and ppm (g Au/t). True thickness of gold intercepts cannot be determined.|
All drill samples, which averaged approximately 4 kilograms (9 pounds) in weight, were collected with a reverse circulation drill using 5 ft (1.52 m) sample intervals. Samples were assayed by ALS USA Inc. of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30-gram sample pulp with an atomic absorption finish. Montezuma QC/QA includes the insertion of standards and blanks on a regular basis, check assays on select samples, and the collection of duplicate samples.
Since 2009 Montezuma has performed geologic mapping, revised stratigraphic interpretations, completed soil and rock-chip geochemical surveys, and contracted CSAMT resistivity, ground magnetic, and gravity geophysical surveys. Through 2013 Montezuma has drilled a total of 35 RC and 3 core holes for a total of 35,212 ft (10,733 m). Montezuma conducts it drilling under the Bureau of Land Management-approved Red Canyon Plan of Operations that permits up to 125 acres (50 hectares) of total disturbance.
The Red Canyon project is in Eureka County, Nevada, includes 254 unpatented lode mining claims (7.9 sq mi / 20.6 sq km) on the Battle Mountain-Eureka Trend, and adjoins U.S. Gold's Tonkin Springs property to the west. The project covers an erosional "window" through the upper plate of the Roberts Mountains Thrust that exposes hydrothermally altered and brecciated lower-plate carbonate rocks that are age equivalent to the rocks hosting Barrick Gold's Cortez Hills gold deposit.
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. John Hogg, Chief Executive Officer, CMQ Resources Inc., Tel: (775) 778-3693, E-mail firstname.lastname@example.org.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes and future joint ventures. These statements are not guarantees of future performance, are based on a number of assumptions and involve known and unknown risks and uncertainties that are difficult to predict, or are beyond CMQ's control including timing and execution of agreements, availability of financing and required working capital and other risk factors and assumptions that may affect our actual results, performance or achievements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. CMQ disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by National Instrument 51-102
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE CMQ Resources Inc.