CMQ Announces Drilling Results on South 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 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
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 |Intercept |Length |oz Au/t|oz Ag/t|Length (m)|g Au/t|g Ag/t| | Hole | (ft) | (ft) | | | | | | |_______|__________|_______|_______|_______|__________|______|______| |MS12-01| 290-300 | 10 | | 0.143 | 3.05 | | 4.9 | |_______|__________|_______|_______|_______|__________|______|______| | | 350-360 | 10 | | 0.108 | 3.05 | | 3.7 | |_______|__________|_______|_______|_______|__________|______|______| | | 430-440 | 10 | 0.004 | | 3.05 |0.124 | | |_______|__________|_______|_______|_______|__________|______|______| | | 510-520 | 10 | 0.003 | | 3.05 |0.102 | | |_______|__________|_______|_______|_______|__________|______|______| |MS12-02| 80-140 | 60 | 0.017 | | 18.29 |0.577 | | |_______|__________|_______|_______|_______|__________|______|______| | | 440-510 | 70 | 0.022 | | 21.34 |0.764 | | |_______|__________|_______|_______|_______|__________|______|______| | | 560-580 | 20 | 0.022 | | 6.10 |0.769 | | |_______|__________|_______|_______|_______|__________|______|______| |MS12-03| 410-420 | 10 | | 0.044 | 3.05 | | 1.5 | |_______|__________|_______|_______|_______|__________|______|______| |MS12-04| 290-300 | 10 | 0.015 | | 3.05 |0.512 | | |_______|__________|_______|_______|_______|__________|______|______| | | 360-390 | 30 | 0.003 | | 9.14 |0.107 | | |_______|__________|_______|_______|_______|__________|______|______| |MS12-05| 130-140 | 10 | 0.014 | | 3.05 |0.476 | | |_______|__________|_______|_______|_______|__________|______|______| | | 710-715 | 5 | 0.016 | | 1.52 |0.560 | | |_______|__________|_______|_______|_______|__________|______|______| | | 820-825 | 5 | 0.010 | | 1.52 |0.350 | | |_______|__________|_______|_______|_______|__________|______|______| |MS12-06| 240-250 | 10 | 0.030 | | 3.05 | 1.04 | | |_______|__________|_______|_______|_______|__________|______|______|
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
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.