CMQ Announces Drilling Results on North Sleeper Project
CALGARY, Aug. 30, 2012 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") is pleased to report drill results for a six hole core drilling program at the North Sleeper (S310 claims) epithermal gold exploration project in Humboldt County, Nevada. The project is being explored under an "Exploration and Option to Enter Joint Venture Agreement" with C3 Resources, Inc.
Montezuma Mines Inc. ("Montezuma"), a wholly owned subsidiary of CMQ, completed six core holes totaling approximately 3,568 feet (1,088 meters). Montezuma targeted a pronounced deflection in the strike of the Sleeper Fault. There is evidence in multiple data sets of a significant north-northwest trending structural zone striking N20-30°W that intersects the Sleeper Fault near this location. An embayment in the gravity high is present in the target area, and the vertical derivative of the gravity shows a low at the location of the intersection. This is also coincident with a magnetic low that extends southeast across the Sleeper Fault. A deep low-resistivity zone strikes to the southeast. Coincident gravity gradient, low magnetic intensity and chargeability highs extend to the northwest of this location, suggestive of a zone of major structural intersection and intense alteration.
Twenty-one sites have been permitted under a Notice with the BLM.
Alteration and structural preparation in the North Sleeper holes are significant. Of particular note is the silicification in hole MN12-03 from 329 to 458 feet, especially the interval from 329 to 335 feet with intense silicification, late stage quartz veining, open space texture, rehealed breccias and clay-altered fracture zones. Correlation between the drill holes will aid in the siting of the next series of holes in this structurally complex area. The drill-hole geological logs, downhole multielement geochemistry, and reflectance spectroscopy of drill core will also be of great assistance. In the first phase of drilling, only single holes on planned fences were drilled.
The most significant intercept in the drilling program follows:
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The North Sleeper (S310 claims) project in Humboldt County, Nevada, includes 50 unpatented lode mining claims (1.5 square miles/2.4 square kilometers) lying 2 miles (3.2 kilometers) north of the Sleeper Mine. The targets are bonanza-grade epithermal veins, marcasite-cemented breccias and volumes of stockwork veining.
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.