NQ Intersects 131 g/t eAg Over 14 Metres Near Surface at Its Carheil Project

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NQ Intersects 131 g/t eAg Over 14 Metres Near Surface at Its Carheil Project
Marketwire.com - Nov 17, 2011

LAVAL, QUEBEC--(Marketwire - Nov. 17, 2011) - NQ Exploration Inc. (TSX VENTURE:NQE) is pleased to report the final results from the summer drilling program at its Carheil project (100% owned by NQ). Hole CA2011-29 intercepted the Ag1 zone at a vertical depth of about 100 metres, where a 14.0 metre wide zone grading 131 g/t eAg was intersected. This zone contained an enriched zone grading 584 g/t eAg over 1.5 metres. See below for the Silver Equivalent (eAg) formula.
Hole # From To Length Cu Pb Zn Ag Au eAg
m m m % % % g/t g/t g/t
CA2011-28 270,60 281,30 10,70 0,02 0,30 0,97 20,8 0,08 48
CA2011-29 96,00 121,50 25,50 0,05 0,37 2,53 52,2 0,05 110
including 96,00 110,00 14,00 0,06 0,49 2,55 71,2 0,06 131
including 107,65 109,15 1,50 0,07 3,35 17,25 210,0 0,07 584
CA2011-30 228,20 243,20 15,00 0,02 0,24 2,52 33,1 0,02 84
CA2011-31 147,00 160,50 13,50 0,00 0,13 0,36 35,8 0,06 47
CA2011-32 229,50 232,50 3,00 0,00 0,04 0,11 23,3 0,04 28

1 The lengths shown are core lengths. On the basis of current information, true widths would be 75 to 85% of these lengths. True widths for holes 31 and 32 are approximately 60% of core lengths.

2 The eAg designation refers to silver equivalent, which is calculated using the following parameters: 1 oz/ton = 34.28 g/tonne; Copper = US $3.29/lb, Zinc = US $0.84/lb; Lead = US $0.86/lb, Gold = US $1,646/oz, Silver = US $31/oz. This value is used as a guide for exploration, and does not take into account the metallurgical recovery of the metals. It shows the value of all metals combined in terms of g/t Ag. Metal prices = market price on October 18th,, 2011.

Silver equivalent (eAg)= (((%Cu*20*$3,29)+(%Pb*20*$0,86)+(%Zn*20*$0,84)+(g/tAg/34,28)*$31+(g/tAu/34,28)*$1646)/$32)*34,28

Drill hole CA2011-28 tested the eastern portion of the Ag1 zone at a vertical depth of 300 metres. As noted previously in holes 26, 10 and 12, the Ag1 zone appears to weaken to the east.

All other holes were drilled near or above the 200 metre level. The Company is particularly pleased by the results obtained in drill hole CA2011-29 which tested the western extension of the Ag1 zone at the 100 metre level, some 100 metres from hole CA2011-18 which returned a 16 metre interval grading 103 g/t eAg. A hole drilled by Billiton Metals Canada inc. (B-906) returned a 2.4 m interval grading 140 g/t eAg some 100 metres to the west of CA2011-29 indicating that this near surface mineralization appears to continue westward, and is enriched in zinc, grading up to 17.25 % Zn over 1.5 metre in hole CA2011-029.

Drill hole CA2011-30, located on the same section as CA2011-29, also returned a good interval grading 84 g/t eAg over 15 metres just below the 200 metre level. This hole is located approximately 50 metres from another Billiton hole (B-1098) that returned 92 g/t eAg over 6.45 metres. The information obtained in holes CA2011-29 and 30 as well as the information contained in Billiton's hole B-906 and B-1098 appears to indicate that the Ag1 zone is clearly well developed near surface towards the west of the drilling area, at least above the 200 metre level. It is interesting to note that hole CA2009-08, drilled 400 metres below B-906, returned a 4.5 metre interval grading 67 g/t eAg. This is another indicator that the Ag1 zone is still open to the west.

Holes CA2011-31 and 32 were drilled at a low angle to the stratigraphy in order to verify if cross cutting structures, potentially controlling the Ag1 conformable mineralization, could be identified. No such structures were identified. Low grades obtained in those two holes might be related to the bad angle at which the Ag1 zone was intersected.

"The summer drilling program returned again spectacular intervals from the Ag1 zone as well as other parallel ones. We obtained 103 g/t eAg over 16 metres near surface in hole 18, 232 g/t eAg over 9 metres in holes 21, 543 g/t eAg over 1.0 metre in hole 24, the deepest intersection to date and 131 g/t eAg over 14 metres in hole 29, just to name a few. We like what we 've got so far and there is plenty of room to increase the size of the deposit"; said David Grondin, NQ Exploration's President.

The Company is now gearing up for its winter drilling program. The Company will target the western extension of the Ag1 zone as well as its depth extension below the 600 metre level. The western extension of the deposit appears to be richer in zinc while the depth extension appears richer in precious metals. An interesting gold zone will also be targeted at depth.

Assays were performed by the ALS Chemex laboratory in Val-d'Or and by AGAT Laboratories of Mississauga, Ontario. All samples are assayed using two methods: 1 – for gold, first by fire assay with an FA-AA23 finish, then for results over 1 g/t rerun by fire assay with AU-GRA21 gravity finish; 2 – for 35 elements using multi-acid ICP (ME-ICP61), then for results over 50 ppm silver rerun using fire assay Ag-GRA21, and/or over 10,000 ppm Cu/Mo/Pb/Zn rerun using the ore grade method (OG46) with aqua regia digestion and ICP-AES finish.

Pierre O'Dowd, geologist and Vice President, Exploration of NQ Exploration Inc., 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 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.

Contact Information

NQ Exploration Inc.
David Grondin
President and Chief Executive Officer
(514) 206-7727
www.explorationnq.com