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Be the first with the news that moves the market- Q-Gold Resources (QGR) is preparing for a 3,000-metre drill program at its past-producing Foley Gold Mine complex in western Ontario
- The program will focus on infilling a previously completed drilling campaign, the results of which will be used guide further exploration at deeper levels
- Should the program be successful, the same methods will be applied to other high-priority areas to continue building the project’s mineral inventory
- The company is currently working with its Ontario-based exploration team to apply for the necessary exploration permits
- Q-Gold Resources (QGR) is currently up 15.38 per cent to C$0.60 per share
Q-Gold Resources (QGR) is preparing for a 3,000-metre drill program at its past-producing Foley Gold Mine complex in western Ontario.
Located near the town of Mine Centre, the project has soon more than 5,900 metres of drilling to date, with results of up to 53.47 grams per tonne of gold over 1.5 metres and 106.7 grams per tonne of gold over 0.23 metres.
According to historic records, the Foley Gold Mine is estimated to have produced 10,500 tonnes of ore at 14 grams per tonne.
The planned program will use both shallow and deep infill drilling to build on the previous work, the results of which will be used to form a compliant resource estimate for near-surface mineralisation.
The results of the program will also be used to guide subsequent exploration work on mineralisation below the 122-metre level, which remains open in all directions.
If successful, these methods will also be applied to other high-priority regions in an effort to continue building the Foley Gold Mine complex’s mineral inventory.
Patrick Lengyel, Exploration Manager at Q-Gold Resources, said the previous exploration work suggests a significant probability for additional high-grade gold intercepts.
“Webelieve 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-metre level, which have not been drilled in recent history, but show strong indications of vein continuity,” he added.
The company is currently working with its Ontario-based exploration team to apply for the necessary exploration permits.
Q-Gold Resources (QGR) is currently up 15.38 per cent to C$0.60 per share at 1:31pm EDT.
