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 North Sleeper (S310 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 C3 Resources, Inc.
Montezuma Mines Inc. ("Montezuma"), a wholly
owned subsidiary of CMQ, completed six core holes totaling
approximately 3,568 feet (1,088 meters). Montezuma targeted a
pronounced deflection in the strike of the Sleeper Fault.
There is evidence in multiple data sets of a significant
north-northwest trending structural zone striking N20-30°W that
intersects the Sleeper Fault near this location. An embayment
in the gravity high is present in the target area, and the vertical
derivative of the gravity shows a low at the location of the
intersection. This is also coincident with a magnetic low
that extends southeast across the Sleeper Fault. A deep
low-resistivity zone strikes to the southeast. Coincident
gravity gradient, low magnetic intensity and chargeability highs
extend to the northwest of this location, suggestive of a zone of
major structural intersection and intense alteration.
Twenty-one sites have been permitted under a
Notice with the BLM.
Alteration and structural preparation in the
North Sleeper holes are significant. Of particular note is
the silicification in hole MN12-03 from 329 to 458 feet, especially
the interval from 329 to 335 feet with intense silicification, late
stage quartz veining, open space texture, rehealed breccias and
clay-altered fracture zones. Correlation between the drill
holes will aid in the siting of the next series of holes in this
structurally complex area. The drill-hole geological logs,
downhole multielement geochemistry, and reflectance spectroscopy of
drill core will also be of great assistance. In the first
phase of drilling, only single holes on planned fences were
drilled.
The most significant intercept in the drilling program
follows:
Hole # |
Intercept
(ft) |
Length
(ft) |
oz Au/t |
oz Ag/t |
Length
(m) |
g Au/t |
gAg/t |
MN12-06 |
448-450 |
2 |
|
0.059 |
0.61 |
|
2.01 |
Project Details
The North Sleeper (S310 claims) project in
Humboldt County, Nevada, includes
50 unpatented lode mining claims (1.5 square miles/2.4 square
kilometers) lying 2 miles (3.2 kilometers) north of the Sleeper
Mine. The targets are bonanza-grade epithermal veins,
marcasite-cemented breccias and volumes of stockwork veining.
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, 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 outcomes.
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.