NQ Exploration Acquires 100% of Interest in the Carheil Property
Tuesday, August 5th 2008
NQ Exploration Inc. announce that it now owns a 100% interest in the nine claims of the Carheil property, following the acquisition of the 94.74% interest belonging to Rio Algom Limited (“Rio Algom”), a wholly-owned subsidiary of the BHP Billiton Group, for $10,000. The property is not subject to any royalties.
When it was incorporated in November 2007, NQ Exploration Inc. acquired the non-contributing minority interest of Societe de developpement de la Baie-James (“SDBJ”) in the Carheil property in consideration of 103,746 shares of NQ Exploration Inc.
The property lies in Brouillan Township, about 120 km north of La Sarre and 8 km southwest of BHP Billiton’s Selbaie Mines (production of 44 million tonnes grading an average of 1.05% Cu, 1.98% Zn, 32.1 g/t Ag and 0.47 g/t Au). The Carheil property was sporadically explored from 1976 to 1998. A total of 23 diamond drill holes were drilled to test for copper-zinc and gold deposits, primarily by Rio Algom between 1993 and 1998. Drilling revealed two zones mineralized in zinc and copper occurring as sphalerite and chalcopyrite in veinlet and disseminated form, within an altered rhyolite structure. All the mineralization zones intersected by drilling occur at a shallow depth and remain open. The best intersections were as follows:
Hole BR76-2 0.43% Cu over 2.44 m Hole B1096 1.57% Zn over 8 m Hole B906 3.67% Zn over 2.4 m
Hole B1472 0.17 g/t Au over 3 m in an exhalite
NQ Exploration Inc. opted to acquire the entire Carheil property because it offers excellent potential for the discovery of volcanogenic massive sulphide copper-zinc-gold-silver and gold deposits.
NQ Exploration inc. is a new Junior mining exploration company with 23 exploration projects within the James Bay territory in Quebec. NQ Exploration inc. wants to take advantage of the excellent mineral potential and the favourable climate of investments in Quebec to target the discovery of new world-class gold, base metals and uranium deposits.
