CMQ Announces Drilling Results on Red Canyon Project
06 Dicembre 2011 - 6:53PM
PR Newswire (Canada)
CALGARY, Dec. 7, 2011 /CNW/ - CMQ Resources Inc. ("CMQ") is
pleased to report drill results for the seven-hole reverse
circulation drilling program conducted in October 2011 at the Red
Canyon sediment-hosted gold project in Eureka County, Nevada.
The project is being explored under an "Exploration Agreement with
Option to Form Joint Venture" with Miranda U.S.A., Inc. ("Miranda")
. Montezuma Mines Inc. ("Montezuma"), a wholly owned subsidiary of
CMQ, completed a 5,650-foot (1,722-meter) seven-hole program.
Five of the holes, MR11-09 through MR11-13, were designed to follow
up on the mineralized intervals listed below.
_______________________________________________________________
|Drill Hole|Intercept (ft)|Length (ft)|oz Au/t|Length (m)|g Au/t|
|__________|______________|___________|_______|__________|______|
|MR11-01 | 110-130 | 20 | 0.205 | 6.1 |7.025 |
|__________|______________|___________|_______|__________|______|
|MR11-02 | 100-105 | 5 | 0.009 | 1.52 |0.309 |
|__________|______________|___________|_______|__________|______|
|MR11-03 | 245-275 | 30 | 0.115 | 9.14 |3.926 |
|__________|______________|___________|_______|__________|______|
Significant drill intercepts, defined as mineralization grading
0.010 oz Au/t (0.342 g Au/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|Length (m)|g Au/t|
|__________|______________|___________|_______|__________|______|
|MR11-09 | 155-160 | 5 | 0.029 | 1.5 |0.978 |
|__________|______________|___________|_______|__________|______| |
| 160-165 | 5 | 0.015 | 1.5 |0.505 |
|__________|______________|___________|_______|__________|______|
True thicknesses are not known. Gold mineralization greater
than 0.005 oz Au/t (0.171 g Au/t) was not intersected in holes
MR11-10 through MR11-15. Holes MR11-01 through MR11-03 were drilled
in August 2011 at the Ice target area. Holes MR11-09 through
MR11-13 were designed to test encouraging results in those August
holes and continuity between the holes. These holes have
tested only a small area of the interior of the 1,660-foot- (506
meter-) long southwest-trending structural corridor that prior to
this year had not been drill tested. Holes MR11-14 and
MR11-15 tested only a small part of the previously-untested
4,000-foot- (1,219 meter-) long Juniper Gulch anomaly, located
approximately 6,500 feet from the Ice target area.. While
disappointed in these results, Montezuma remains encouraged by the
potential of the Red Canyon project. Integration of
geological, geochemical and geophysical data has outlined nine
target areas, seven of which are untested and which will be
prioritized for future drilling in addition to further testing of
the Ice/Southeast Corridor and Juniper Gulch anomalies.
Twenty sites permitted under Phase 1 of the Plan of Operations
remain to be drilled. All drill samples were collected with a
reverse circulation drill using 5-foot (1.5-meter) sample
intervals. Samples were 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.
Montezuma QC/QA includes the insertion of standards and blanks on a
regular basis, check assays on select samples, and the collection
of duplicate samples. Project Details The Red Canyon project in
Eureka County, Nevada, includes 254 unpatented lode mining claims
(7.9 sq mi/20.6 sq km) on the Battle Mountain-Eureka Trend and
adjoins U.S. Gold's Tonkin Springs property to the west. The
project covers an erosional "window" that exposes hydrothermally
altered and brecciated lower-plate carbonate rocks that are age
equivalent to the rocks hosting Barrick's Cortez Hills gold
deposit. South Sleeper Project Montezuma Mines Inc. commenced
drilling on the RO Claims (South Sleeper project) on November 29,
2011. The project is owned by Geologix (US) Inc., and
Montezuma is the Operator under an Exploration and Option to Enter
Joint Venture Agreement. The claims lie approximately 2 miles (1.6
kilometers) south of the Sleeper Mine in Humboldt County,
Nevada. Eleven drill sites have been permitted under a Notice
filed with the BLM. Montezuma has previously collected 1,700 soil
and soil-gas samples on east-west oriented lines 100 meters (328
feet) apart with sample stations at 50 meters (164 feet).
CO(2)/O(2), Soil Gas Hydrocarbon (SGH), low temperature Hg (60º C),
Super Trace Au and soil analyses using aqua regia + ICP-MS
multi-element suite (51 elements) were integrated and evaluated
before 29 targets were selected. Induced polarization/resistivity
and ground magnetic data were acquired over the project area.
The IP/resistivity data were acquired on 12 lines using a dipole
array with a dipole length of 100 meters (328 feet). The
ground magnetic survey was acquired along east-west lines with
50-meter (164-foot) line spacing. Seven major target areas
were developed from the geophysics. Montezuma anticipates that six
or seven core holes will be drilled during the current drill
program for a total of 4,000-4,500 feet (1,220-1,372 meters) in two
of the target areas. 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. Forward-Looking Statements
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 regarding the drilling and potential of the Red
Canyon and South Sleeper project, the extent of Montezuma's
drilling program as well as the ability of CMQ to continue
operations. Undue reliance should not be placed on
forward-looking statements, which are inherently uncertain. There
can be no assurance that the plans, intentions or expectations upon
which forward-looking statements are based will in fact be
realized. 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. 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. CMQ Resources Inc. CONTACT: please contact
John Hogg, Chief Executive Officer, CMQ ResourcesInc.,Tel: (775)
778-3693, E-mail montezuma@frontiernet.net
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