Q-Gold Resources Ltd. announced that it has received its exploration permit allowing the Company to begin drilling with immediate effect on its wholly owned Mine Centre Property (“Property”) as part of its 2022 exploration program. The fall diamond drill program is designed to extend the known mineralization of the Bonanza and Jumbo veins previously mined at the Foley mine in the early 1900's to the north and northwest. The program will also target coincident anomalies that were revealed by the LiDAR and MMITM soil surveys completed this past summer. Q-Gold holds 10,000+ acres of contiguous mining claims, Crown leases and leasehold patents located within the historic Mine Centre 1890's gold camp, which produced 16,025 ounces of gold from the Foley Gold Mine and the Golden Star Mine. The Foley Gold Mine was first developed in the 1890's, with the sinking of the Foley Shaft to the 400' level. At this time 10,500 tons of ore at 14 g/t was mined from stopes at the 100' level with 5,267 oz of gold recovered 1898 – 1900. Subsequent work between 1923-27 included an estimated $12 M of total development work, including an offset Shaft 400' - 850', winze 400' to 150' and 2.5+ km of drifts on 7 levels. Operations terminated in 1927 due to the onset of the Great Depression. Previous drilling conducted by Q-Gold between 2005-2012 established the Foley Gold Mine as a large deposit of gold-bearing veins with an excellent picture of the mine's gold potential from surface to the 122 m level. Highlights from those drill results include the following high-grade gold intercepts: Foley – Hole Q-05-08 – 53.47 g/t Au – Over 1.5 m, Foley – Hole Q-BV-10-1 – 106.7 g/t Au – Over 0.23 m and Foley – Hole Q-BV-12-06 – 33.38 g/t Au – Over 1.05 m. The property has favourable logistics with immediate access to Highway 11 and sitting 250 km Northwest of Thunder Bay and 65 km Northeast of the U.S. border. It is also proximal to two major gold discoveries 95 km on either side of Mine Centre: Rainy River (New Gold) (4.5 M oz. Au & 11.4 M oz. Ag) & Hammond Reef (Agnico Eagle) (4.5 M oz.). Other interest areas on the Property include the McKenzie Gray Vein System; a gold-silver vein system with 6,594 m of drilling confirming existence of high-grade quartz vein down to 100 m. As well as the Golden Star, Manhattan, and Fergus Vein Systems; all high-potential gold vein prospects offering tremendous optionality at Mine Centre.
The scientific and technical information contained in this press release has been reviewed, prepared and approved by Richard Kilpatrick, P. Geo., Exploration Manager, Q-Gold, who is a "Qualified Person" as defined by NI 43-101.