QGX Discovers Large Molybdenum-Fluorite System in Southern Mongolia
IP survey delineates a classic "doughnut-shaped" anomaly over 3 km in diameter centered
upon porphyry intrusive centre
August 15, 2007 (Waterdown, Ontario). QGX Ltd. (TSX: QGX) is pleased to announce the discovery at Khotgor, southern Mongolia, of a multiple-phase rhyolite-syenite-latite porphyry intrusive centre with zoned alteration typically associated with molybdenum deposits. Disseminated fluorite associated with coarse-grained white mica ("greisen") is widespread throughout the central zone of alteration. A recently completed induced polarization (IP) survey shows a classic "doughnut-shaped" chargeability response centered on the intrusive which forms a resistivity low. This is a classic geophysical response that is typically associated with porphyry deposits. QGX believes the chargeability high is reflecting a pyrite-rich fringe surrounding the hydrothermal system. The broad chargeability/resistivity anomaly, combined with the large volumes of biotite-, greisen-, sericite-, and clay-altered rock mapped at surface, is interpreted
to reflect a large hydrothermal system in excess of 9 sq. km.
Geomaster Engineering (Ulaanbaatar) preformed the dipole-dipole induced polarization (IP) survey over the Khotgor area, Umnogovi province, on behalf of QGX during July 16-24, 2007.
Please click on the links below to view the geology-alteration map and IP chargeability/resistivity maps:
http://www.qgxgold.com/assets/PDF_downloads/Khotgor_Geology_Alternation_Map_showing_IP_Anomaly.pdf
http://www.qgxgold.com/assets/PDF_downloads/Khotgor_IP_Chargeability_and_Resistivity_Maps.pdf
QGX is currently mobilizing a drill rig to commence a three-hole program in mid September.
Paul Zweng, President and CEO of QGX Ltd., commented as follows:
"We are excited by the results of the IP survey at Khotgor. The survey confirms what the geological mapping shows-a large hydrothermal system with the potential for a significant discovery.
The first drill hole should commence by the middle of September. We are looking forward to starting this drilling campaign as soon as possible."
Qualified Person
Mr. David Anderson, Executive Chairman of QGX Ltd. and a Qualified Person as defined by NI 43-101, has reviewed and approved the information contained in this release.
About QGX
QGX is a Canadian-based company that has been exploring for mineral deposits in Mongolia since 1994. QGX's two most advanced properties are the Baruun Naran and the Golden Hills projects. In July 2007 QGX announced that an independent 43-101 preliminary economic analysis for Baruun Naran showed a net present value (discounted at 10%) of US$481 million on an after-tax basis. QGX announced in August 2007 an independent NI 43-101 resource for coking and thermal coal at Baruun Naran comprised of 93.3 Mt of measured and 159.6 Mt of indicated (252.9 Mt contained in measured and indicated) and 11.1 Mt of inferred resources. QGX filed in April 2007 an independent NI 43-101 report outlining a positive preliminary economic assessment for its copper-gold-silver project at Golden Hills. Barrick Gold Corp. holds an approximate 9% equity interest in QGX as part of a strategic relationship between the two companies.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact:
David Anderson, Executive Chairman or Paul Zweng, President/CEO
(905) 689-9442 (925) 855-0505
or visit our website at www.qgxgold.com
Renmark Financial Communications Inc.
John Boidman : jboidman@renmarkfinancial.com
Maurice Dagenais : mdagenais@renmarkfinancial.com
Media: Adam Ross : aross@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
THIS PRESS RELEASE INCLUDES CERTAIN "FORWARD-LOOKING STATEMENTS". ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, INCLUDED HEREIN, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING POTENTIAL MINERALIZATION, RESULTS AND FUTURE PLANS AND OBJECTIVES OF THE COMPANY ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENT.
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QGX Ltd.
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EXPLORATEUR |
CODE : QGX.TO |
ISIN : CA74728B1013 |
CUSIP : 74728N101 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
QGX est une société d’exploration minière de pétrole et de gaz basée au Canada. QGX détient divers projets d'exploration en Mongolie. Ses principaux projets en exploration sont KHARMAGTAI, OVOOT TOLGOI, GOLDEN HILLS, ONON et BARUUN NARAN en Mongolie. QGX est cotée au Canada. Sa capitalisation boursière aujourd'hui est 247,4 millions CA$ (215,2 millions US$, 160,6 millions €). La valeur de son action a atteint son plus haut niveau récent le 30 décembre 2005 à 5,80 CA$, et son plus bas niveau récent le 29 décembre 2006 à 1,10 CA$. QGX possède 49 587 000 actions en circulation. |