Q-Gold Resources Ltd. declared that the 2022 exploration program was completed successfully on December 23rd, 2022.
Exploration activities of 2022 on Q-Gold’s wholly owned Mine Centre property concentrated on the past-producing Foley Mine and environs. The work included collecting 280 geochemical samples over 15 line km and conducting a property-wide LiDAR survey, which culminated in an eight-hole diamond drill program.
The drill program was planned to target coincident anomalies identified by the LiDAR and MMITM soil geochemical surveys, and also to enhance the known mineralization of the Bonanza and Jumbo veins formerly mined at the Foley mine in the early 1900s to the north and northwest.
Overall, the drill program was a success, with five of the eight holes crossing their intended vein systems. The historic Foley Mine section of the drill program was successful in advancing the strike of the Bonanza vein 300 m to the north, with the most northernly hole, Q22-14, striking mineralized quartz veins containing visible gold. The drill program’s assays are all still pending.
Q-Gold has begun a comprehensive investigation of the LiDAR data to better comprehend the structural complexities governing mineralization on the Mine Centre property. The findings of this project, together with airborne magnetic data obtained in 2021, will drive the exploration program now being designed for 2023.
We are very pleased with the achievements of our 2022 exploration campaign including the diamond drilling program in the final stages of 2022. We generated targets and followed them up successfully with more gold-bearing quartz-vein intersections around Foley Mine.
Dr Andreas Rompel, Chief Executive Officer, Q-Gold Resources Ltd.
About the Existing Mine Centre Property
Q-Gold has 10,000+ acres of continuous mining claims, Crown leases, and leasehold patents in the historic Mine Centre gold camp of the 1890s, which yielded 16,025 ounces of gold from the Foley Gold Mine and the Golden Star Mine.
The Foley Gold Mine was first established in the 1890s, with the Foley Shaft being sunk to the 400' level. During this period, 10,500 tons of ore at 14 g/t were mined from stopes at the 100' level, yielding 5,267 oz of gold between 1898 and 1900. Between 1923 and 1927, an estimated $12 M in total development work was completed, including an offset Shaft 400'–850', a winze 400' to 150', and 2.5+ km of drifts on seven levels. Due to the start of the Great Depression, operations were suspended in 1927.
The site offers excellent logistics, as it is located 250 km northwest of Thunder Bay and 65 km northeast of the US border. It is also close to two big gold discoveries, 95 km on either side of Mine Centre: Rainy River (New Gold) (4.5 M oz of Au and 11.4 M oz of Ag) and Hammond Reef (Agnico Eagle) (4.5 M oz.).
The McKenzie Gray Vein System, a gold-silver vein system with 6,594 m of drilling showing the presence of a high-grade quartz vein down to 100 m, is another area of interest on the Property. The Golden Star, Manhattan, and Fergus Vein Systems are all high-potential gold vein prospects at Mine Centre.