CALGARY,
Nov. 2, 2012 /CNW/ - CMQ Resources
Inc. (TSXV: NV) ("CMQ") is pleased to announce the commencement of
its 2012 drill program at Red Canyon. Montezuma Mines Inc.
("Montezuma"), a wholly owned subsidiary of CMQ, expects to test
three target areas with a total of about six to seven reverse
circulation (RC) drill holes totaling about 9,300 feet (2,835
m). The project is being explored under an "Exploration
Agreement with Option to Form Joint Venture" with Miranda
U.S.A., Inc. ("Miranda") (TSX-V:
MAD).
The target areas to be drill tested include the
following:
Ice/Southeast Corridor: Two holes will
further test for mineralization encountered in 2011 RC hole MR11-01
that intersects 20 ft (6.1 m) of 0.205 oz Au/ton (7.025 g Au/t)
from 110-130 ft (33.5-39.6 m).
The Hole: This target name derives from a
pronounced controlled source audio-frequency magnetotelluric
(CSAMT) resistivity low with approximate plan dimensions of 2,000 x
2,600 ft (610 x 790 m). Montezuma interprets the resistivity
low as permissive for a fault-bounded decalcified and clay-altered
gold mineralized pipe-like body. Up to three holes to about
2,300 ft (700 m) deep will test the target.
Wall: At Wall rock chip samples with up to
0.070 oz Au/ton (2.4 g Au/t) are coincident with a geophysically
defined fault-bounded horst block that extends 5,000 ft (1,500 m)
from Wall northwest through the Ice target area. One drill
hole to about 900 ft (270 m) deep will test favorable carbonate
stratigraphy along the western margin of the horst.
Since 2009, Montezuma has done geologic mapping,
revised stratigraphic interpretations, and run soil and rock-chip
geochemical, CSAMT resistivity, ground magnetic, and gravity
surveys at Red Canyon. Montezuma has drilled a total of 26 RC
and three core holes for a total of 25,607 ft (7,805 m).
Montezuma is conducting its drilling under the Bureau of Land
Management approved Red Canyon Plan of Operations that permits up
to 125 acres (50 hectares) of total disturbance.
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.
SOURCE CMQ Resources Inc.