Friday, 27th April 2007 (2405 views)

Q-Gold Resources today announced that it has staked 2,600 acres of mining claims in the Greenstone Belt of the Rainy River mining district in Ontario, Canada.

The claims are split into 65 large 40-acre blocks, most of which are adjacent, and are situated near Rainy River's Richardson township, where gold was discovered in volcanic sediment.

The company hopes to make a similar discovery in the underlying Archean rocks that comprise the new property. It will be investigating "gold-in-till" anomalies very much like those that led to discovery of gold zones at Rainy River.

Bruce Carruthers, Q-Gold president and chief executive, said: "We are extremely fortunate to have been able to acquire a sizable block of prospective acreage at Rainy River in the midst of Canada's hottest new gold province.

"This gives Q-Gold a 'second front' in the search of gold along the massive, deep-seated Quetico regional fault, to complement our ongoing gold exploration activities at Mine Centre."

Q-Gold currently stakes over 32,000 acres of gold claims and leases at Mine Centre, in Ontario.

The Mine Centre property is relatively unexplored, however at one time it contained five gold mines, two of which produced 16,000 ounces of gold in the late 19th and early 20th centuries.

 

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