FORT FRANCES, ONTARIO - Jan. 31, 2008 - Q-Gold Resources Ltd. (TSX VENTURE:QAU) (FRANKFURT:QX9) announced results from the remainder of its 2007 diamond drill exploration program on its Mine Centre, Ontario properties. Initial results of the 2007 program were reported in a press release dated June 8, 2007.
Nipigon Mining Claims
The remaining four drill holes (NQ size core) on the Nipigon mining claims, which were acquired in 2007, targeted several conductive IP anomalies that lie along the Finger Lake Fault which is believed, in some places, to also be the contact between the Bad Vermilion Gabbro/ Anorthosite Complex to the west and the Mine Centre Tonalite intrusive to the east. The Company controls a length of about 11 kilometres along this fault.
The best assay results were recorded in hole Q-07-13, which was drilled directly across the contact, having intersected both mafic and felsic rock suites. This drill hole encountered gold and silver values in an upper zone in the interval between 30.60 metres (m) and 32.00 m and gold in two lower zones between 147.96 m and 148.9 m and between 160.09 m and 160.86 m. Hole Q-07-13 is located approximately 250 m to the west of the Jolly Roger and McKenzie Gray Veins, also on the Nipigon claims, both of which are gold-bearing. Hole Q-07-11, however, did not encounter mineralization of economic significance.
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Because of poor, extremely dry ground conditions at the time of the IP survey, the majority of Q-Gold's Nipigon claims, containing some of the area's strongest airborne anomalies, were not included in the IP survey and remain to be tested in the future. Additional IP anomalies on the Finger Lake Fault/ Shear Zone 1.5 km to the north of the Nipigon tract in the vicinity of Finger Lake and 4.5 km north, near Island Bay, remain to be drilled.
The Corporation also has a number of additional gold and base metal exploration targets on its remaining 32,345 acres of mining claims and patents at Mine Centre.
Structural Drilling Program
Q-Gold also announced the results of a deep "structural" drilling program (NQ size core) on its gold properties near Mine Centre, Ontario. The properties include a number of past producing gold mines (two of which were significant producers at the time) and over 100 individual quartz veins containing gold values. Using a deep-capacity diamond drilling rig, the program attempted to establish the presence at depth of several important veins, which are gold-bearing on the surface.
As the gold contained in the quartz vein complex at Mine Centre is generally composed of free-milling "nugget" gold, the probability of encountering "high grade"; gold intervals in a structural drilling program such as this is low. The objective of this program was to establish the presence of known and new gold-bearing veins at depth. Assay results from these "structural" holes are shown below. While not high in gold grade, they were successful in establishing the presence of quartz veins, veining and zones of silicification at depth, giving encouragement to the Corporation as it probes the deeper zones of the Foley Mine gold/ quartz complex.
Hole Q-07-04 (total depth 801.7 m)
Structural Hole drilled from a location approximately 275 metres to the east-southeast of the Foley Mine's North Shaft. This hole penetrated Tonalite host rock throughout its length of 801.70 metres. Numerous scattered small quartz veins, mostly 1 to 5 cm wide, but some up to 75 cm, were encountered throughout the footage, especially below 285.70 metres deep. Two sections of structural interest and containing gold and silver values are shown below:
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Hole Q-07-08 (total depth of 1047.0 m)
Structural drill hole drilled from a location approximately 345 metres to the northeast of the Foley Mine's North Shaft to test for vein structures beneath a large swamp which precluded surface investigations. This hole, especially from 953.20 m to 960.27 m, also intersected numerous sections of narrow quartz veining, with some veins over 1 metre wide. Although this hole did not provide significant assay results, three zones of structural interest were penetrated by this hole in the intervals described below:
(CLICK TABLE TO VIEW)
Thus, in both deep holes Q-07-04 and Q-07-08, the presence of quartz veins at depth of up to 960 metres (3,150 feet) in the Foley Mine Complex has been established for consideration in future exploration activities.
Manhattan Mine
A series of three short "fan" holes (drilled at varying angles from the same drill location) were also drilled into the vein system comprising the historic Manhattan Gold Mine to establish its deeper presences. This property, although it never reported any production, contains a shaft to 325 feet. Four intervals in the Manhattan vein recorded the gold and silver values shown below:
(CLICK TABLE TO VIEW)
Lucky Linda
A second series of six short "fan" holes from two drill locations was drilled on the Lucky Linda vein, an unexplored but extensive outcropping quartz vein in the Foley Complex. Extending on surface for over 1,000 metres, it is gold bearing at the surface, but of unknown depth. Although various zones of quartz veins and veining of up to 2.4 metres were penetrated in the Lucky Linda vein, no significant mineral assay values were encountered.
Richard C. Beard, P.Eng., Consulting Geologist, a Qualified Person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this press release.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals and platinum group elements on its extensive Ontario holdings in the historic Gold Camp at Mine Centre of 32,585 acres and 7,634 acres in the Rainy River Greenstone Belt.
For all future Q-Gold investor relations needs, investors are asked to visit the Q-Gold IR Hub at http://www.agoracom.com/IR/Q-Gold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to email all questions and correspondence to QAU@agoracom.com where they can also request addition to the investor email list to receive all future press releases and updates in real time.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially form the Company's expectations and projections. The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.
For more information, please contact
Corporate Inquiries:
Q-Gold Resources Ltd.
J. Bruce Carruthers II
President
1-888-779-0166
Website: www.qgoldresources.com
or
Investor Relations:
AGORACOM Investor Relations
Email: QAU@Agoracom.com
Website: www.agoracom.com/IR/Q-Gold
