LAVAL, QUEBEC--(Marketwire - Sept. 19, 2012) - NQ EXPLORATION INC. (the "Company") (TSX VENTURE:NQE) is pleased to announce that it has started an NI 43-101 resource estimate for its Carheil project. The property is located in Brouillan Township, 5 km southwest of BHP Billiton's old Selbaie Mine (historical production of 53 million tonnes grading an average of 0.96% Cu, 1.90% Zn, 40.7 g/t Ag and 0.58 g/t Au).
NQ Exploration has done more than 10,000 metres of diamond drilling on the Carheil property since 2009. This drilling has enabled the Company to delineate silver mineralization associated with a silicified rhyolite structure. The Ag1 zone containing this silver mineralization extends from surface to a depth of 600 metres, where it remains open laterally and at depth. A gold-bearing zone has also been identified near the 600-metre level, in the footwall of the Ag1 zone.
David Grondin, President and Chief Executive Officer of NQ Exploration, said that: "This resource estimate is the next logical step in the development of the Carheil project. It will give us a quantitative estimate of the volume and grade of this mineral deposit. We expect to receive the resource estimate around mid-November 2012 and the technical report about 45 days later."
The following table shows all the significant results obtained from drilling programs carried out by NQ Exploration since 2009 on the Carheil project. The final column on the right shows the equivalent silver (eAg) grade calculated using the formula and parameters found below the table.
Hole
(#) |
From
(m) |
To
(m) |
Length
(m) |
Cu
(%) |
Pb
(%) |
Zn
(%) |
Au
(g/t) |
Ag
(g/t) |
eAg
(g/t) |
| CA2009-01 |
186.16 |
189.16 |
3.00 |
0.03 |
0.03 |
1.70 |
0.19 |
34.20 |
84 |
| CA2009-02 |
198.75 |
205.25 |
6.50 |
0.01 |
0.26 |
0.83 |
0.31 |
107.60 |
156 |
| CA2009-04 |
213.00 |
217.50 |
4.50 |
0.01 |
0.08 |
0.32 |
0.08 |
170.70 |
198 |
| CA2009-05 |
389.50 |
425.00 |
35.50 |
- |
- |
0.72 |
0.09 |
170.70 |
204 |
| including |
414.50 |
425.00 |
10.50 |
0.02 |
0.72 |
1.58 |
0.14 |
524.14 |
622 |
| CA2009-06 |
511.50 |
513.00 |
1.50 |
0.02 |
0.18 |
0.50 |
0.82 |
85.20 |
153 |
| CA2010-08 |
481.00 |
485.50 |
4.50 |
0.01 |
0.05 |
0.26 |
0.05 |
60.30 |
75 |
| CA2010-09 |
567.00 |
589.00 |
24.00 |
0.01 |
0.22 |
0.47 |
0.18 |
160.00 |
198 |
| including |
567.00 |
574.25 |
7.25 |
- |
- |
0.64 |
0.15 |
257.90 |
299 |
| CA2011-11 |
484.85 |
488.45 |
3.60 |
0.04 |
1.14 |
2.71 |
0.27 |
89.70 |
194 |
| CA2011-13 |
583.50 |
585.15 |
1.65 |
0.02 |
0.26 |
0.93 |
1.19 |
204.10 |
312 |
| 605.00 |
611.20 |
6.20 |
- |
- |
0.46 |
3.74 |
38.80 |
258 |
| CA2011-14 |
341.00 |
348.00 |
7.00 |
0.01 |
0.32 |
0.87 |
0.26 |
231.70 |
290 |
| CA2011-15 |
484.70 |
491.00 |
6.30 |
0.02 |
0.35 |
0.81 |
0.24 |
281.10 |
342 |
| CA2011-17 |
129.00 |
131.70 |
2.70 |
0.73 |
0.02 |
1.51 |
0.18 |
82.30 |
188 |
| including |
130.20 |
130.40 |
0.20 |
7.24 |
- |
1.27 |
0.16 |
603.00 |
1 271 |
| CA2011-18 |
48.00 |
64.00 |
16.00 |
0.00 |
0.23 |
0.68 |
0.00 |
89.80 |
116 |
| CA2011-20 |
174.00 |
180.00 |
6.00 |
0.08 |
0.03 |
0.64 |
0.18 |
58.00 |
92 |
| CA2011-21 |
310.50 |
319.50 |
9.00 |
0.00 |
0.24 |
0.80 |
0.19 |
210.00 |
258 |
| CA2011-22 |
350.30 |
369.00 |
18.70 |
0.00 |
0.11 |
0.27 |
0.03 |
77.60 |
93 |
| including |
356.30 |
357.80 |
1.50 |
0.01 |
0.41 |
1.01 |
0.12 |
447.00 |
519 |
| CA2011-24 |
685.80 |
687.80 |
2.00 |
1.38 |
0.21 |
4.43 |
0.30 |
106.90 |
337 |
| including |
686.80 |
687.80 |
1.00 |
2.71 |
0.32 |
6.89 |
0.49 |
203.00 |
610 |
| CA2011-25 |
276.00 |
277.50 |
1.50 |
0.01 |
0.08 |
0.40 |
0.49 |
82.90 |
127 |
| CA2011-27 |
204.00 |
207.00 |
3.00 |
0.01 |
0.37 |
3.24 |
0.02 |
99.60 |
182 |
| CA2011-29 |
96.00 |
110.00 |
14.00 |
0.056 |
0.49 |
2.55 |
0.056 |
71.20 |
146 |
| including |
107.65 |
109.15 |
1.50 |
0.07 |
3.35 |
17.25 |
0.071 |
210.00 |
653 |
| CA2011-30 |
228.20 |
243.20 |
15.00 |
0.016 |
0.24 |
2.52 |
0.023 |
33.10 |
94 |
1 The lengths shown are core lengths. On the basis of current information, true widths would be 75-85% of these
lengths.
2 The eAg designation refers to "silver equivalent", which is calculated using the following parameters: 1 oz/ton = 34.28 g/tonne; Copper = US $3.78/lb, Zinc = US $0.93/lb; Lead = US $1.02/lb, Gold = $1,771/oz, Silver = $34.53/oz. This value is used as a guide for exploration, and does not take into account metallurgical recovery. It shows the value of a given metal in terms of g/t Ag. Metals prices = market prices on September 17, 2012.
Silver equivalent (eAg) = (((%Cu*20*$3.78) + (%Pb*20*$1.02) + (%Zn*20*$0.93) + (g/tAg/34.28)*$34.53 + (g/tAu/34.28)*$1,771)/$32)*34.28
Pierre O'Dowd, geologist and Vice President of NQ Exploration Inc., has reviewed the technical content of this press release. Mr. O'Dowd is a qualified person under Regulation 43-101 respecting standards of disclosure for mineral projects.
About NQ Exploration Inc.
NQ Exploration Inc. is a mining exploration company with a solid portfolio of 11 mining properties in the Abitibi and James Bay regions of Quebec. The Company is betting on Quebec's excellent mineral potential and favourable investment climate to produce new world-class gold, silver and base metal deposits.
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.