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 South Sleeper (RO 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 Geologix (US) Inc.
Montezuma Mines Inc. ("Montezuma"), a wholly owned subsidiary of CMQ, completed a 5,294-foot (1,614-meter) drilling program designed to continue testing three of seven prospect areas defined by anomalous surface geochemical and geophysical characteristics.
All six holes were completed to target depth. The Sleeper rhyolite was drilled in two of the six holes. The underlying Intermediate volcanic rocks were drilled in all holes. The rhyolite exhibits complex flow and flow-dome features. Argillic and silicic alteration, as well as pyrite-marcasite veinlets and disseminations, have been observed in the rhyolite and Intermediate volcanic rocks. The drilling results provide additional evidence that the migration of hydrothermal fluids was controlled by flat-lying breccia zones and high-angle fracture zones, the same geologic features of exploration significance controlling gold mineralization at the Sleeper Mine. The data confirm that two of the three anomalies drilled lie in an area of faulting that controls hydrothermal alteration southward from Sleeper.
Significant drill intercepts, defined as mineralization grading 0.003 oz Au/t (0.1 g Au/t) or 0.044 oz Ag/t (1.5 g Ag/t) or better over 5 feet (1.5 meters) or longer, are presented in the table below.
|Drill Hole||Intercept (ft)||Length (ft)||oz Au/t||oz Ag/t||Length (m)||g Au/t||g Ag/t|
Drill holes MS12-01 and MS12-02 were drilled in the northwestern part of the project. Both holes were terminated in gravel at depths of 852.5 and 800 feet, respectively.
Thickening of the rhyolite and increased higher temperature alteration has been observed in the drill holes. Reflectance spectroscopic analysis is now being completed on all holes and multi-element geochemical analyses will assist in vectoring towards possible ore-bearing areas in the next phase of drilling.
Ninety-two additional lode claims have been staked on the western and southern boundaries of the property, of which forty-two are subject to the terms of the Agreement with Geologix (US) Inc.
True thicknesses of the intercepts are not known. All samples were collected from diamond drill core sawn in half using a diamond saw. Half the core was submitted and assayed by ALS Minerals of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30-gram sample pulp with an atomic absorption finish. Trace elements, including silver, were assayed using an ME-ICP 41 method. Montezuma QA/QC includes the insertion of standards and blanks on a regular basis, check assays on select samples, and the collection of duplicate samples.
The South Sleeper (RO claims) project in Humboldt County, Nevada, includes 60 unpatented lode mining claims (1.7 square miles/4.4 square kilometers) lying 1.5 miles (2.4 kilometers) south of the Sleeper Mine. The targets are bonanza-grade epithermal veins, marcasite-cemented breccias and volumes of stockwork veining.
CMQ has filed its financial statements and management discussion and analysis for the period ended June 30, 2012 on www.SEDAR.com.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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.