CMQ Announces Commencement Of Drilling At Red Canyon
CALGARY, July 14, 2013 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") announces that CMQ's wholly owned subsidiary, Montezuma Mines Inc. ("Montezuma") has resumed drilling at Red Canyon. Montezuma plans to drill four to five reverse circulation (RC) holes in the Wall target area for a total of approximately 3,800 ft (1,160 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). Montezuma forecasts that on completion of the drill program, Montezuma will have completed the $4M in qualifying exploration expenditures and Montezuma and Miranda will enter into a joint venture agreement on a 60%/40% respective basis.
Red Canyon contains nine exploration targets of which the Wall target area will be the focus of Montezuma's 2013 drill campaign. At Wall, rock chip samples with up to 0.070 oz Au/ton (2.4 g Au/t) coincide with a geophysically inferred fault-bounded horst block that extends 5,000 ft (1,500 m) from Wall northwest through the Gexa and the Ice target areas. Montezuma's 2012 vertical hole MR12-06 was collared in the Wall target on the west side of the horst block. Although Montezuma terminated MR12-06 at 695 ft (211.8 m) without it having intersected the horst-bounding fault or the favorable lower-plate (of the Roberts Mountains Thrust) carbonate-host stratigraphy, the hole did intersect three zones with anomalous gold greater than 0.02 ppm Au (0.02 g Au/t). Montezuma's 2013 program will be directed to provide drill tests of the intersection of the horst-bounding faults with the favorable carbonate stratigraphy beneath the Roberts Mountains Thrust.
Since 2009, Montezuma performed geologic mapping, revised stratigraphic interpretations, completed soil and rock-chip geochemical surveys, and contracted CSAMT resistivity, ground magnetic, and gravity geophysical surveys. Through 2012, Montezuma drilled a total of 32 RC and three core holes for a total of 33,042 ft (10,071 m). Montezuma conducts 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.
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