CALGARY,
Jan. 14, 2013 /CNW/ - CMQ Resources
Inc. ("CMQ") (TSXV: NV) announces that CMQ's wholly owned
subsidiary, Montezuma Mines Inc. ("Montezuma") has received all
assays from its 2012 drill program completed in early December at
Red Canyon. Montezuma tested three target areas with a total
of six reverse circulation (RC) drill holes totaling 7,435 feet
(2,266 m). The project is being explored under an "Exploration
Agreement with Option to Form Joint Venture" with Miranda
U.S.A., Inc. ("Miranda") (TSX-V:
MAD).
The target areas tested were the following:
Ice: Vertical holes MR12-01 and -02 were
collared about 310 ft and 425 ft, respectively, southeast of
MR10-01 which intersected 20 ft (6.1 m) of 0.086 oz Au/ton (2.955
gm Au/t). Both holes intersected anomalous gold greater than
0.02 g Au/t.
The Hole: This previously undrilled target
derives from a strong resistivity low with approximate plan
dimensions of 2,000 x 2,600 ft (610 x 790 m). The resistivity
low has been interpreted as permissive for decalcified and
clay-altered rock possibly associated with gold
mineralization. One vertical hole (MR12-03) and two angle
holes (MR12-04, west-directed, and MR12-05, east-directed) were
drilled from the same pad in the resistivity low. All three
holes intersected strongly clay altered and hematite stained rock
with anomalous gold intercepts averaging over 0.02 g Au/t.
Wall: At Wall rock chip samples with up to
0.070 oz Au/ton (2.4 g Au/t) coincide with a geophysically defined
fault-bounded horst block that extends 5,000 ft (1,500 m) from Wall
northwest through the Ice target area. Vertical hole MR12-06
collared on the west side of the horst block was terminated at 695
ft (211.8 m) without having intersected the horst-bounding fault or
the favorable lower plate (of the Roberts Mountains Thrust)
carbonate host stratigraphy. MR12-06 intersected three zones
with anomalous gold greater than 0.02 g Au/t.
The following table contains all gold intercepts
greater than 10 ft (3 m) thick that average over 0.02 g Au/t.
Hole ID |
Interval
(ft) |
Length
(ft) |
Interval
(m) |
Length
(m) |
Grade
(g/t)
Au |
Ice |
|
|
|
|
|
MR12-01 |
350-360 |
10 |
106.7-109.7 |
3 |
0.028 |
MR12-02 |
340-350 |
10 |
103.6-106.7 |
3 |
0.026 |
The Hole |
|
|
|
|
|
MR12-03 |
150-165 |
15 |
45.7-50.3 |
4.6 |
0.106 |
|
355-370 |
15 |
108.2-112.8 |
4.6 |
0.056 |
MR12-04 |
490-510 |
20 |
149.4-155.4 |
6.1 |
0.022 |
|
605-625 |
20 |
184.4-190.5 |
6.1 |
0.024 |
|
645-665 |
20 |
196.6-202.7 |
6.1 |
0.065 |
|
685-700 |
15 |
208.8-213.4 |
4.6 |
0.115 |
MR12-05 |
450-490 |
40 |
137.2-149.4 |
12.2 |
0.040 |
Wall |
|
|
|
|
|
MR12-06 |
225-235 |
10 |
68.6-71.6 |
3 |
0.021 |
|
340-350 |
10 |
103.6-106.7 |
3 |
0.040 |
|
495-505 |
10 |
150.9-153.9 |
3 |
0.023 |
|
|
|
|
|
|
|
Original
data are in feet and ppm (g Au/t). True thickness of gold
intercepts cannot be determined. * |
|
Montezuma's highest gold intercept in its 2012
drilling is 0.3 g Au/t in MR12-04 from 400-405 ft (121.9-123.4
m).
Montezuma is encouraged that all its 2012 drill
holes intersected anomalous gold associated with altered
rock. Montezuma plans to resume drilling during the 2013
field season.
Since 2009, Montezuma has completed geologic
mapping, revised stratigraphic interpretations, and run soil and
rock-chip geochemical, CSAMT resistivity, ground magnetic, and
gravity surveys. Montezuma has drilled a total of 32 RC and
three core holes for a total of 33,042 ft (10,071 m).
Montezuma conducts its drilling under the Bureau of Land Management
approved Red Canyon Plan of Operations that permits up to 125 acres
(50 hectares) of total disturbance.
John Hogg, Chief Executive
Officer, 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.