CALGARY, Jan. 14, 2013 /CNW/ - CMQ Resources Inc. ("CMQ") (TSXV: NV) announces that CMQ's wholly owned subsidiary, Montezuma Mines Inc. ("Montezuma") has received all assays from its 2012 drill program completed in early December at Red Canyon. Montezuma tested three target areas with a total of six reverse circulation (RC) drill holes totaling 7,435 feet (2,266 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 tested were the following:
Ice: Vertical holes MR12-01 and -02 were collared about 310 ft and 425 ft, respectively, southeast of MR10-01 which intersected 20 ft (6.1 m) of 0.086 oz Au/ton (2.955 gm Au/t). Both holes intersected anomalous gold greater than 0.02 g Au/t.
The Hole: This previously undrilled target derives from a strong resistivity low with approximate plan dimensions of 2,000 x 2,600 ft (610 x 790 m). The resistivity low has been interpreted as permissive for decalcified and clay-altered rock possibly associated with gold mineralization. One vertical hole (MR12-03) and two angle holes (MR12-04, west-directed, and MR12-05, east-directed) were drilled from the same pad in the resistivity low. All three holes intersected strongly clay altered and hematite stained rock with anomalous gold intercepts averaging over 0.02 g Au/t.
Wall: At Wall rock chip samples with up to 0.070 oz Au/ton (2.4 g Au/t) coincide with a geophysically defined fault-bounded horst block that extends 5,000 ft (1,500 m) from Wall northwest through the Ice target area. Vertical hole MR12-06 collared on the west side of the horst block was terminated at 695 ft (211.8 m) without having intersected the horst-bounding fault or the favorable lower plate (of the Roberts Mountains Thrust) carbonate host stratigraphy. MR12-06 intersected three zones with anomalous gold greater than 0.02 g Au/t.
The following table contains all gold intercepts greater than 10 ft (3 m) thick that average over 0.02 g Au/t.
|Hole ID||Interval (ft)||Length (ft)||Interval (m)||Length (m)||Grade (g/t) Au|
|Original data are in feet and ppm (g Au/t). True thickness of gold intercepts cannot be determined. *|
Montezuma's highest gold intercept in its 2012 drilling is 0.3 g Au/t in MR12-04 from 400-405 ft (121.9-123.4 m).
Montezuma is encouraged that all its 2012 drill holes intersected anomalous gold associated with altered rock. Montezuma plans to resume drilling during the 2013 field season.
Since 2009, Montezuma has completed geologic mapping, revised stratigraphic interpretations, and run soil and rock-chip geochemical, CSAMT resistivity, ground magnetic, and gravity surveys. Montezuma has drilled a total of 32 RC and three core holes for a total of 33,042 ft (10,071 m). Montezuma conducts 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.
John Hogg, Chief Executive Officer, 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.