Q-Gold starts exploration at past-producing High-Grade Foley Gold Mine
Q-Gold Resources has announced a 2020-2021 exploration program at its wholly-owned Foley Gold Mine complex, near the town of Mine Centre, Ontario. Q-Gold will drill targets at the past-producing Foley Gold Mine; a high-grade gold-vein system with over 5,900 m of NI 43-101 compliant drilling with results of up to 53.47 g/t Au over 1.5 m and 106.7 g/t Au over 0.23 m. Previous records indicate that 10,500 tons of ore at 14 g/t was mined from stopes at the 100’ level with 5,267 oz of gold recovered between 1898 – 1900.
Q-Gold will conduct an estimated 3,000 m diamond drill program to test the high-grade discovery potential at the Foley Gold Mine, including both shallow and deeper holes. Q-Gold’s objective at Mine Centre is to complete an updated National Instrument 43-101: Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant report on the Foley Gold Mine property with the aim of delineating a NI-43-101 compliant resource.
Highlights from Previous Exploration Programs
Previous drilling 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
- Foley – Hole Q-BV-12-06 – 33.38 g/t Au – Over 1.05 m
An overview of the gold-vein system can be seen in Figure 1 below, including the prominent Bonanza and Jumbo veins as well as the historical development work of the Foley shaft and 2.5+ km of drifts on 7 levels.
Figure 1 – https://www.globenewswire.com/NewsRoom/AttachmentNg/761d330b-8d0a-44ab-9c9e-421c6daf6e14
“The Foley Gold Mine property is a gold-vein system that is well-understood down to the 122 m level and it provides Q-Gold with drill-ready targets and a meaningful probability of high-grade gold intercepts,” comments Patrick Lengyel, Exploration Manager of Q-Gold. “We believe there is value that can be unlocked for shareholders at the Foley Gold Mine. This exploration program will attempt to confirm a resource on the Foley property as well as explore depths below the 122 m level, which have not been drilled in recent history, but show strong indications of vein continuity.”
2020/2021 Exploration Program
With this exploration program, Q-Gold will conduct an estimated 3,000 m of drilling to infill the previous drilling at the Foley Gold Mine complex to attempt to form the first compliant resource for the near-surface mineralization. These results will then be used to guide subsequent exploration on the mineralization below the -122m level, which is open in all directions.
Success at the Foley Gold Mine complex will then be applied on other high priority vein arrays to continue to build the project’s mineral inventory.
Q-Gold is currently working with its Ontario-based exploration team to apply for the necessary exploration permits for the stated work program.
About the Foley Gold 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 MM of additional development work, include 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.
Since 2005, multiple delineation drill programs (totally over 5,900 m) have helped define the Foley gold-vein system down to the 122 m level. Previous development work has indicated the strong likelihood of vein continuation down to the 260 m level, however no recent drill campaigns were completed. Previous Q-Gold management ceased exploration at the Mine Centre area in 2012 in favor of other prospects held by the Company.
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