NQ Exploration Inc.: Enhanced Assessment of the Silver Potential of the Carheil Project and Initial Drilling Program Results

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NQ Exploration Inc.: Enhanced Assessment of the Silver Potential of the Carheil Project and Initial Drilling Program Results
Marketwire.com - Mar 23, 2011

LAVAL, QUEBEC--(Marketwire - March 23, 2011) - NQ Exploration Inc. (TSX VENTURE:NQE) is pleased to report the initial drill results for the exploration program on its Carheil project, and to provide an update on its new assessment of the project's silver potential.

The NQ team has carried out a review of the intersections from the holes drilled to date to determine the potential for a primarily silver deposit, and is reporting here previously unreleased drill intersections that show very high silver grades over sometimes impressive widths, the best still being Hole CA2009-05, which assayed 170.7 g/t Ag over 35.5 metres (24.7 metres true thickness), including the previously-reported section of 524.1 g/t Ag over 10.5 metres (7.5 metres true width).
Hole From To Length True Width Zn Ag Au Verti-
cal
# m m m m % g/t g/t Depth
CA2009-01 152.2 157.6 5.4 5 0.08 45.0 0.02 130
186.16 189.16 3 2.54 1.7 34.2 0.19 159
CA2009-04 199.5 231.2 31.7 19.5 0.43 76.0 0.11 210
including 199.5 205.5 6 3.7 0.4 117.0 0.11 192
and 213 217.5 4.5 2.8 0.32 170.7 0.08 210
and 226.7 231.2 4.5 2.8 1.53 95.5 0.35 220
CA2009-05 389.5 425 35.5 24.7 0.72 170.7 0.09 395
CA2010-09 567 594 27 22.3 0.45 139.2 0.18 550
640 641.5 1.5 1.2 0.91 20.0 1.49 615
CA2009-02 180 183 3 1.12 49.3 0.09 155
198.75 205.25 6.5 5 0.83 107.6 0.31 180
CA2009-06 421.5 426 4.5 3.2 0.01 29.0 0.03 406
510.5 515.7 5.2 3.5 0.49 35.9 0.27 493
CA2009-07 288.14 294 5.86 4.7 0.08 19.0 270
481 485.5 4.5 3.9 0.26 60.3 0.05 450

The Company is increasingly convinced that this is a rich silver deposit, with satellite polymetallic zones that just remain to be delineated by systematic drilling prior to a preliminary economic assessment.

The table below demonstrates the strength of the mineralized zones and potential that increases with depth, particularly for silver and gold. The intersections are shown in order of increasing depth. The Company is also assessing the potential for mineralization that extends upward to near surface, which would have previously been missed due to a lack of information; this potential is now being tested by the last hole of the current drilling program.
Hole From To Length True Width Zn Ag Au Verti-
cal
# m m m m % g/t g/t Depth
CA2009-01 162.1 340.5 178.4 166.5 0.44 5.50 0.03 190
CA2009-02 155.25 314.31 159.06 118.1 0.32 16.8 0.06 205
CA2009-04 181.5 300 118.5 73 0.4 27.7 0.08 235
CA2009-05 390.5 537.8 147.3 106 0.43 44.4 0.04 450
CA2010-09 530.65 698.25 167.6 138.9 0.32 43.23 0.14 600

The full results for the first two holes have been received and compiled. The first hole, Hole CA2011-010, intercepted the zone from 408.35 metres, and intersected a 15.86-thick silver-rich zone grading 35.7 g/t Ag. Only trace amounts of the other metals are present. This intersection belongs to a new silver zone preceding the so-called Ag1 zone. A second polymetallic zone at 437.05 metres returned an average of 0.57% Cu, 1.6% Zn, 14.7 g/t Ag and 0.71 g/t Au over a length of 4.35 metres. This corresponds to the Ag1 zone, whose silver content is lower than that of the other metals.

The second hole, drilled under Hole CA2009-05 (the hole with the best results to date), intercepted the zone of interest at 441.1 metres, with an average silver grade of 17.5 g/t along with 0.57% Zn over 48.7 metres of core. This zone contains a 4.95-metre enriched zone that returned 2.71% Zn, 89.7 g/t Ag, 0.27 g/t Au and 1.14% Pb. Another silver-rich zone 35 metres away returned 73.5 g/t Ag over 1.35 metres, along with copper, zinc and gold (see table).

The results received to date are somewhat disappointing compared to last year's silver grades; however, the zinc, copper and lead content that regularly accompanies the silver, as well as the identification of new zones, enhances the project's silver and polymetallic potential. Furthermore, improved understanding of the silver-rich zones indicates that they correspond to a late structural control that inhibits direct correlation between the polymetallic zones, the alteration chimney and the highly-enriched silver zone.
Hole From To Length Cu Zn Ag Au Verti-
cal Zone
# m m m % % g/t g/t Depth
CA2011-10 408.35 431 22.65 0.008 0.12 35.7 0.03 407 Ag1 aa
including 408.35 414.5 6.15 0.004 0.15 68.7 0.02 400 Ag1 aa
437.05 441.4 4.35 0.566 1.60 14.7 0.71 424 Ag1?
CA2011-11 441.1 489.8 48.7 0.01 0.57 17.5 0.06 440 Ag1
including 484.85 489.8 4.95 0.04 2.71 89.7 0.27 460 Ag1
511.85 513.2 1.35 0.52 0.60 73.5 0.14 105 Ag2

A longitudinal section showing the distribution of the high silver grades can be found in the appendix.

The 5,000-metre drilling program is progressing as planned and should be completed by late March. Given the assay laboratory backlog, results for all the samples are only expected by mid-May.

Pierre O'Dowd, geologist and Vice President, Exploration of NQ Exploration, has reviewed the technical content of this press release. Mr. O'Dowd is a qualified person under Regulation 43-101 respecting standards of disclosure for mineral projects.

ABOUT NQ EXPLORATION INC.

NQ Exploration Inc. is a new mining exploration company with a solid portfolio of 11 mining properties in the James Bay and Abitibi regions of Quebec. NQ Exploration Inc. is betting on Quebec's excellent mineral potential and favourable investment climate to produce new world-class gold and base metal deposits.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact
NQ Exploration Inc.
David Grondin
President and Chief Executive Officer
514-206-7727
www.explorationnq.com
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