CALGARY,
Sept. 16, 2013 /CNW/ - CMQ Resources
Inc. (TSXV: NV) ("CMQ") announces that CMQ's wholly owned
subsidiary, Montezuma Mines Inc., has completed $4M in qualifying exploration expenditures to
earn 60% of the Red Canyon project. The project is being
explored under an "Exploration Agreement with Option to Form Joint
Venture" with Miranda USA, Inc.
(TSX-V: MAD).
CMQ also announces that it tested a portion of
the Wall structural corridor, which is approximately 1,500 feet
(460 meters) wide and at least 13,000 feet (4,000 meters) long and
includes all or portions of three of the nine identified
exploration targets at Red Canyon. Three reverse circulation
(RC) drill holes totaling 2,170 feet (661 meters) were
drilled. Vertical hole MR13-01 collared on the west side of
the horst block was terminated due to increased water flow at 500
feet (152 m) without having intersected the horst-bounding
fault or the favorable lower plate (of the Roberts Mountains
Thrust) carbonate host stratigraphy. MR13-01 intersected a
single zone with anomalous gold greater than 0.02 g Au/t.
Vertical hole MR13-02 was collared approximately 500 feet (152 m)
east of hole MR13-01. It was drilled in Denay limestones
which were oxidized and pyritized and had minor to moderate
silicification. Hole MR13-03 was drilled approximately 1,000
ft (305 m) north-northwest of MR13-01 to a depth of 900 feet (274
m). The hole was collared in Tertiary rhyolites on the west
side of the Wall Fault. Denay Formation silty limestone with
moderate oxidization and intense decalcification was drilled from
280 to 595 feet (85 to 181 m), and Denay Formation carbonates were
drilled from 595 to 900 feet (181 to 274 m).
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 |
Wall |
|
|
|
|
|
MR13-01 |
485-495 |
10 |
147.8-150.9 |
3 |
0.022 |
MR13-02 |
520-530 |
10 |
158.5-161.5 |
3 |
0.029 |
|
560-570 |
10 |
170.7-173.7 |
3 |
0.022 |
|
730-745 |
15 |
222.5-227.1 |
4.6 |
0.035 |
MR13-03 |
355-365 |
10 |
108.2-111.3 |
3 |
0.045 |
|
615-635 |
20 |
187.5-193.5 |
6.1 |
0.040 |
|
650-665 |
15 |
198.1-202.7 |
4.6 |
0.027 |
Original data are in feet and ppm (g
Au/t). True thickness of gold intercepts cannot be
determined. |
All drill samples, which averaged approximately
4 kilograms (9 pounds) in weight, were collected with a
reverse circulation drill using 5 ft (1.52 m) sample
intervals. Samples were assayed by ALS USA Inc. 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.
Since 2009 Montezuma has performed geologic
mapping, revised stratigraphic interpretations, completed soil and
rock-chip geochemical surveys, and contracted CSAMT resistivity,
ground magnetic, and gravity geophysical surveys. Through
2013 Montezuma has drilled a total of 35 RC and 3 core holes for a
total of 35,212 ft (10,733 m). Montezuma conducts it drilling
under the Bureau of Land Management-approved Red Canyon Plan of
Operations that permits up to 125 acres (50 hectares) of total
disturbance.
Project Details
The Red Canyon project is 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"
through the upper plate of the Roberts Mountains Thrust that
exposes hydrothermally altered and brecciated lower-plate carbonate
rocks that are age equivalent to the rocks hosting Barrick Gold's Cortez
Hills gold deposit.
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. John
Hogg, Chief Executive Officer, CMQ Resources Inc., Tel:
(775) 778-3693, E-mail montezuma@frontiernet.net.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release may contain information
about adjacent properties on which we have no right to explore or
mine. We advise U.S. investors that the SEC's mining guidelines
strictly prohibit information of this type in documents filed with
the SEC. U.S. investors are cautioned that mineral deposits on
adjacent properties are not indicative of mineral deposits on our
properties.
This news release may contain forward-looking
statements including but not limited to comments regarding the
timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral
recovery processes and future joint ventures. These statements are
not guarantees of future performance, are based on a number of
assumptions and involve known and unknown risks and uncertainties
that are difficult to predict, or are beyond CMQ's control
including timing and execution of agreements, availability of
financing and required working capital and other risk factors and
assumptions that may affect our actual results, performance or
achievements. Consequently, readers should not place any
undue reliance on such forward-looking statements. In addition,
these forward-looking statements relate to the date on which they
are made. CMQ disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise except as required by
National Instrument 51-102
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
SOURCE CMQ Resources Inc.