Oct 1 2020
Q-Gold Resources reports the submission of an exploration permit for its formerly announced 2020-2021 exploration program at its wholly-owned Foley Gold Mine complex, located close to the town of Mine Centre, Ontario.
Overview of Foley Gold Mine Vein System. Image Credit: Q-Gold Resources.
The exploration permit will enable Q-Gold Resources to drill targets at the past-producing Foley Gold Mine; a high-grade gold-vein system with more than 5,900 m of NI 43-101 compliant drilling with results of up to 106.7 g/t gold (Au) over 0.23 m and 53.47 g/t Au over 1.5 m.
Earlier records suggest that 10,500 tons of ore at 14 g/ton was extracted from stopes at the 100’ level with 5,267 oz. of gold recovered between 1898 and 1900.
With the present exploration program, Q-Gold Resources will carry out an estimated 3,000 m of drilling. This will comprise a series of 200 m holes to infill the earlier drilling at the Foley Gold Mine complex to try to form the first compliant resource for the near-surface mineralization.
These outcomes will subsequently be used to direct the following exploration; a range of 300 m holes testing the mineralization below the –122 m level, which remains exposed in all directions.
Our team is very excited to move forward with drilling on the high-grade Foley Gold Mine property. The Foley property offers both near-term value accretion through the potential addition of a compliant resource, as well as longer-term value at depth with potential vein continuity in all directions.
Patrick Lengyel, Exploration Manager, Q-Gold Resources
Highlights from Previous Exploration Programs
Former drilling between 2005 and 2012 proved that the Foley Gold Mine has a large deposit of gold-bearing veins with a remarkable image of the mine’s gold potential from surface to the 122 m level. Highlights from those drill outcomes include the following high-grade gold intercepts:
- Foley – Hole Q-05-08 – 53.47 g/ton Au – over 1.5 m
- Foley – Hole Q-BV-12-06 – 33.38 g/ton Au – over 1.05 m
- Foley – Hole Q-BV-10-1 – 106.7 g/ton Au – over 0.23 m
The above image shows an overview of the gold-vein system, including the prominent Jumbo and Bonanza veins and also the historical development work of the Foley shaft and 2.5+ km of drifts on 7 levels.
About the Foley Gold Mine
The Foley Gold Mine was initially processed in the 1890s, with the sinking of the Foley Shaft to the 400’ level. During this time, 10,500 tons of ore at 14 g/ton was extracted from stopes at the 100’ level with 5,267 oz. of gold recovered between 1898 and 1900.
Following work between 1923 and 1927 included an estimated $12 M of the overall development work, which also includes an offset Shaft 400’ to 850’, winze 400’ to 150’, and 2.5+ km of drifts on 7 levels. Operations ended in 1927 because of the start of the Great Depression.
Since 2005, numerous delineation drill programs (totally more than 5,900 m) have helped establish the Foley gold-vein system down to the 122 m level. Earlier development work has specified the strong probability of vein continuation down to the 260 m level, but no new drill campaigns were concluded. The previous management of Q-Gold Resources stopped exploration at the Mine Centre area in 2012 in support of other prospects held by the company.
About the Mine Centre Property
Q-Gold Resources holds 10,000+ acres of contiguous mining claims, Crown leases, as well as leasehold patents situated within the historic Mine Centre 1890’s gold camp, which yielded 16,025 oz. of gold from the Golden Star Mine and the Foley Gold Mine.
The property has promising logistics with direct access to Highway 11 and located 250 km Northwest of Thunder Bay and 65 km Northeast of the U.S. border. Moreover, it is closer to two key gold discoveries 95 km on both sides of the Mine Centre: Rainy River (New Gold; 4.5 M oz. Au and 11.4 M oz. Ag) and Hammond Reef (Agnico Eagle; 4.5 M oz.).
Other interest areas comprise the McKenzie Gray Vein System—a gold-silver vein system with 6,594 m of drilling, validating the presence of high-grade quartz vein down to 100 m. In addition to the Golden Star, Manhattan, and Fergus Vein Systems, high-potential gold vein projections is providing tremendous optionality at the Mine Centre.