CMQ Resources Inc. Announces Commencement of North Sleeper Drilling Program and Grant of Stock Options
06 Mayo 2012 - 6:15PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ CALGARY, May 8, 2012 /CNW/ -
CMQ Resources Inc. ("CMQ") is pleased to report that it has begun a
drilling program at the North Sleeper (S310 claims) epithermal gold
project in Humboldt County, Nevada. The project is being
explored under an Exploration and Option to Enter Joint Venture
Agreement with C3 Resources, Inc. Montezuma Mines Inc.
("Montezuma"), a wholly owned subsidiary of CMQ, plans to drill six
core holes totaling approximately 5,400 feet (1,645 meters).
Montezuma is targeting a pronounced deflection of the Sleeper
Fault. There is evidence in multiple data sets of a
significant north-northwest trending structural zone striking
N20-30°W that intersects the Sleeper Fault near this
location. An embayment in the gravity high is present in the
target area, and the vertical derivative of the gravity shows a low
at the location of the intersection. This is also coincident
with a magnetic low that extends southeast across the Sleeper
Fault. A deep low-resistivity zone strikes to the
southeast. Coincident gravity gradient, low magnetic
intensity and chargeability highs extend to the northwest of this
location, suggestive of a zone of major structural intersection and
intense alteration. Twenty-one sites have been permitted under a
Notice with the BLM. Project Details The North Sleeper (S310
claims) project in Humboldt County, Nevada, includes 50 unpatented
lode mining claims (1.5 square miles/2.4 square kilometers) lying 2
miles (3.2 kilometers) north of the Sleeper Mine. The targets
are bonanza-grade veins, marcasite-cemented breccias and stockwork.
Option Grants CMQ also announces the issuance of incentive stock
options to certain consultants and directors and officers of CMQ to
acquire up to an aggregate of 1,445,000 common shares of the
Corporation. All of the 1,445,000 options were granted with
an exercise price of $0.10 and expire on August 31,
2014. All of the options granted vest on the earlier of
(i) July 31, 2014 and (ii) the attainment of certain milestones
established by the CMQ board of directors. Of these options
granted, 50,000 were granted to consultants, 775,000 were granted
to non-executive directors and 620,000 were granted to officers of
CMQ. CMQ currently has 44,188,682 Common Shares issued and
outstanding. CMQ's website is located at www.cmqresources.com
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. 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. CMQ Resources Inc. CONTACT: please
contact Ryan Jennings, Corporate Secretary, CMQ ResourcesInc.,Tel:
(403) 294-6496.
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