Waterdown, Ont.-based
The company sold 2.5 million shares at $1.20 apiece, compared to the 2.8 million shares it sold in late December at $1.15 apiece. All of the shares are subject to a 4-month holding period.
Proceeds are earmarked for Golden Valley, where fall drilling cut upwards of 71.4 metres of oxides grading 2.1 grams gold per tonne. A second hole returned 48 metres grading 3.79 grams, and four others returned shorter intervals of similar grades.
Mineralization coincides with a resistivity low measuring 3 km long by 200-300 metres wide. Only a third of the anomaly’s length has been drilled.
A second area, some 2 km to the northeast, yielded less promising results, though some holes returned altered and mineralized inter-bedded limestones, shales and intrusives. Also, earlier trenching had yielded up to 15.6 grams over 6 metres.
In all, QGX has 30,000 sq. km to explore.
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