Vancouver QGX (QGX-V) has cut up to 13.8 grams gold per tonne over 31.5 metres at the Central Valley Zone on the Golden Hills property in western Mongolia.
The hot hole, which includes a 1.15 metre section running 305 grams gold,came from the South zone. The newly discovered zone was confirmed with a 19.6 metre section grading 5.32 grams gold in hole 32. Based on geophysics the zone, which has been tested by 11 holes, extends for about 1-km. Results are still pending from hole 33 through 40.
“Drill results from the South Zone, combined with previous drill results from the Central Zone and the multiple new drill targets in the North Zone, bode well for our ability to define a near-surface, low-cost gold deposit at Golden Hills." Says company CEO, David Anderson. “The drills will be turning again shortly, starting in the North Zone where we have encountered our largest intersection of massive sulphides to date”, he added
A single hole tested the North Zone, # 40, yielding 131 metres of massive sulfides. QGX believes that these sulphides represent the centre of the hydrothermal system that is feeding the Central, South and North Zones. The junior aims to test for gold-bearing mineralization up dip of the massive sulphides in early Sept. Based on geophyscis the zone is 600 metres long.
Waterdown, Ont.-based company previously cut up to 71.4 metres of oxides grading 2.1 grams gold per tonne at the Central zone. A second hole returned 48 metres grading 3.79 grams, and four others returned shorter intervals of similar grades.
QGX is earning an 80% interest in the property by spending US$450,000 on the property by 2005. The junior can then increase its interest to 100% by paying US$1 million.
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